“I cannot afford to do that”, this is what most business owners say, when it is suggested to them, to give something away for free.
It is said “To receive we must give first”. This is 100% true when you are doing marketing.
In marketing this is called a lead magnet – you give something away for free in exchange to get their contact details, a return visit, or a sale.
Most times it is a sale in the future.
The best one is a contact detail, this way you can contact them again and again.
Tina and I have visited a restaurant, come lunch shop, come takeaway, the way they have set this up is fantastic, it is run by a husband-and-wife team, the wife has great social skills and makes you feel very welcome, she is the face of the business, husband sits behind and is the manager and marketer of the place.
After talking to them they have had a number of food places, they set them up from scratch get them going and have them operating profitable and then sell them for a cash windfall.
This is something you could do if that is in your plan. You may love your place and want to keep running it, that is perfect if that’s your plan.
No matter what you do the one thing you must do is make a profit, why not make a larger profit than a smaller one.
They husband and wife team by using systems and marketing are doing just that.
Yesterday Tina received a gift card for $20 on the next visit, are you asking yourself why I would give away my hard earnt money!
You’re Not, they did not do this if they thought they would lose, this couple are savvy marketers, they are getting back a customer that has not been seen for some time.
Let’s look at the figures, last time we went there we spent around $75 if you were making a profit of 30% this equals $22.50, they are still making a small profit, and if we bought along a friend or two, then there is more profit to be made.
They now have an old customer coming back again, and again.
They may not make a large profit this time, but they will in the future.
Keeping and turning their older customers into future repeat customers.
Remember it is a lot cheaper and easier to get an old customer to return than find a new customer.
The grandfather of modern marketing stated one of his biggest mistakes in getting a new customer was “ not going negative at the start”