Tuesday, October 18, 2022
Here is a quick checklist of consistently successful marketing strategies that apply to virtually any business.
These seven strategies can help you stimulate new business, increase business from existing customers and build repeat business. You may not be able to use all of them in your business, but you can certainly use some of them.
#1 - A System of Frequent Buyer Rewards
Today, all major airlines and many hotel chains are using this technique to capture repeat business from their clientele. In Phoenix, I know of a guy’s car wash that uses this same idea. They issue each customer a little plastic punch card. After the customer pays for a certain number of washes recorded on the card, he can then redeem the card for a free wash, and so encourage the customer to return to your business rather than spreading his business around.
In order to make this type of incentive even more effective, you can tie it to an expiration date so that the points have to be accumulated and redeemed within a certain time.
#2 - Discounting
It’s probably the most commonly used marketing strategy in business. Just about every business in America uses discounts at various times and in various ways. One word of caution about discounting - if it's overused, it loses its effectiveness. The retail furniture industry, for example, is finding that special “This Weekend Only” sale type advertising is losing its effectiveness the more they use it.
Also, artificial discounting is very dangerous in the long run. The American automobile industry did itself great, apparently permanent damage with artificial discounting so that eventually, everybody knows that the sticker price on a car is meaningless and every price is negotiable. It's important to have a logical reason tied to a discount opportunity, otherwise you are essentially admitting that your regular prices are excessive.
Inventory overstock, an anniversary, a holiday celebration, an introductory offer for new customers, a special offer on a new product or service. These are all examples of logical acceptable reasons for discounts.
#3 - The Use of Premiums
A premium offer essentially says, “Buy this, get this free.” This is an extremely effective marketing strategy, suitable for many different types of businesses. One of the most interesting uses of premiums that I've seen developed is the use of premiums attractive to individuals, but tied to business products and services, such as a free color TV or VCR with the purchase of a certain amount of office supplies. In effect, this type of ad lets the business customer spend tax-deductible business dollars for supplies and receive free, and tax free, a gift he will use personally in his home.
#4 - Packaging of Different Products or Services Together
This is a marketing strategy usually used to increase the average purchase size in a business. If you’re looking for an excellent example of this, checkout the sales page of the my MIFGE offer - my Most Incredible Free Gift Ever. In it you’ll find lots of products bundled together to create an offer that is truly irresistible.
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#5 - The Sale of Prepay Agreements
You're familiar with this in the health spa and exercise salon business. You pay $395 for a membership that in titles you to use the facilities X number of times, or for X length of time, rather than paying as you go per visit. The same idea is applicable to many different businesses and it even presents an interesting opportunity for the small business person to raise operating capital.
With this technique, operating capital can actually be raised by customers by collecting in advance for future business. Let's take a restaurant for example. The restaurant owner could sell a membership card good for 25 dinners, anything on the menu, for $249. If purchased onesie-twosie, the average dinner might be 11.95 or 12.95, costing the customer over $300. So by purchasing the card in advance, the customer saves about $50. He can just sign his check and not have to pay as he goes and maybe get guaranteed reservations with short notice or get some other perk as well. The restaurant owner who sells 50 of these memberships collects over $12,000 in a hurry.
#6 - Regular Mailings to Past and Present Customers or Clients
I think the single most effective marketing strategy that any business can use to build customer loyalty, to retain customers and to stimulate more frequent purchasing by customers is the publication and distribution of a monthly newsletter. This is an extremely powerful cost effective marketing method. When you keep in touch with your clientele, with your own newsletter, you do all of these valuable things.
One, you create a habit on the part of your customers. They expect to receive your newsletter and they get in the habit of reading it.
Two, you stay on the top of the consciousness in your customer's mind.
Three, you can pass along useful information and ideas that your customers appreciate.
Four, you can continue to demonstrate your expertise in your field.
Five, you can stimulate word of mouth advertising
Six, you can advertise sales, special offers, new products, new services, new locations, and so on in your own publication.
Accountants, Attorneys, Dentists, Chiropractors, Medical Doctors - These professionals have learned how effective this idea is and many of these professionals put out their own newsletters on a regular basis.
This exact same idea could be used by many different types of businesses. The beauty parlor could put out a newsletter on skincare, beauty, and fashion tips. The restaurant could put out a newsletter on local entertainment, recipes and shopping tips. The office equipment company could put out a newsletter on management and efficiency tips.
I have my own newsletter program, which ships monthly and provides countless hours of training as bonuses as well as new value pieces regularly.
These six simple strategies can be creatively used in many different ways. You might want to use them as sort of an “Idea Stimulant Checklist” for regularly scheduled brainstorming sessions with your associates.
I believe it's best to use these strategies in the development of short term promotional campaigns. When you use different promotions and special offers, you keep the attention and interest of your customers and you keep your own interest in your business high.
Use these strategies and plan for it now. Confucius said, “Dig the well before you thirst.”
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