Back to the subject of Marketing. In this post, I want to discuss the second part of The Marketing Formula first so that you can develop a better understanding of the importance of the first part. The second part of The Marketing Formula is: “Communicating With Your Customer List In The Right Way At The Right Time”. Here’s what you do:
- Get potential customers to express their interest in your product or service by offering them something that is valuable, important, interesting, and meaningful to them for free. Your free offer can be a special report, a free e-Book or book, a CD or DVD, a sample, or anything that is relevant to your product or service and a problem your potential customer is having that they desperately want to resolve. Your “payment” is the prospective customers contact information and permission to have further communications with them.
- On an ongoing, non-negotiable, no-excuses basis, use traditional ways (direct mail, email, press releases, advertisements, etc.) as well as new and creative ways to present your free gift offer to as many prospective customers as you possibly can.
- At an appropriate interval (weekly, bi-weekly, monthly), send useful, helpful, valuable, and interesting information to your contacts. At the bottom of your communication piece, extend an offer for a product or service that is fairly low cost – say in the $20-$50 range. Ideally, you’ll have a number of offers in this low-price range so that if one offer doesn’t grab your potential customer, another one will.
- As soon as a prospective customer buys one of your low-price offers, he or she immediately move into a new list where you start promoting bigger, similar, related, or more advanced products that cost around $100.
- As soon as a customer purchases your $100 product, they immediately move into a new list where you start promoting bigger, similar, related, or more advanced products that cost around $200.
- As soon as a customer purchases your $200 product, they immediately move to a list where you are promoting a $500 product, and then a $1,000 product, then a $1,500 product, then a $2,000 product. The ceiling to how high you can go is limited to only your creativity and your ability to provide value. There are programs that members pay $1,000,000 per year to be a part of. And, these people who pay these membership fees feel it’s worth every penny they pay to be a part of them.
Now, I’ll acknowledge that it’s sometimes quite difficult to develop a progressive customer relationship like this and that some businesses are more suited to this type of progression than others. But that doesn’t take away from the importance of structuring your business this way – even when you don’t think you can, you can… if you’ll get creative. God gave you the ability to create. God gave you the ability to think. See The Thinking Formula and The Thinking Formula – A Reprise.
If after your best efforts, you aren’t able to come up with a way to structure your business, products, and services in a progression like I’ve described above, then you at least want to structure it in a way where your business repeats itself over and over.
Maybe it’s a membership program. Maybe it’s a new “product every month” kind of program. Maybe it’s a “maintenance” program where you are paid on an ongoing basis by your customers so that they always have the latest and greatest product or service from you or they always have you to care for them when they need you to take care of something for them. Maybe it’s “royalties” or “licensing fees”. There are many different method that I may get into in a later post.
What’s important for you to grasp right now is that you are looking for Residual Revenue – money that keeps on coming to you, on regular and repeated intervals.
© 2010 – 2015, MillionairesForJesus.com. All rights reserved worldwide.
Permission is granted to reprint this article ONLY if a link is included with it as follows: