Stop Wasting Your Business Resources
Stop Wasting Your Business Resources
Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
- What do people really want to buy from me?
- What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores.
The basic concept is this:
You want to find existing businesses who have the customer profile that you are looking for to market your products/services to.
Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses.
As a result, you have an audience to market to and they generate an added value from their current base.
So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success.
LV = (P x F) x N – MC
Here’s what it all means:
- LV is the life time value of a customer
- P is the average profit margin from each sale
- F is the number of times a customer buys each year
- N is the number of years customers stay with you
- MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers.
So, here’s your step-by-step process:
- Find companies who already have the customer base you are looking for.
- Negotiate an incentive for them to share that customer base with you.
- Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.
It is our mission to help small business owners grow a better business, find more leads, close more business and increase their bottom line! Successful Business learn how to “Stop Waisting Your Business Resources” and build Joint Ventures with other companies to ensure greater success!
Joining a formal networking organization is another way to ensure greater success as a business owner. We have an option for you in our local business success chapter called Business Empowerment & Marketing: personalizedservicesinternational.com/bsni/business-empowerment-marketing-chapter or we an help you start a chapter in your city. We combined small business coaching, marketing and networking together to help small business owners achieve greater success and build Multi-Million Dollar business! We help business Stop Wasting Your Business Resources and help them receive more leads via a formal networking process, coaching and networking. Our Business Networking Partners in our Chapters get access to our $50K coaching services and $6,000 in weekly group coaching for $97.00 per month, which is less than a cup of daily coffee!
Contact us via our corporate website: www.PersonalizedServicesInternational.com to learn how to start a Chapter in your city!
