Thursday, May 28, 2009
If I Lost 98% of the Time, Can I Still Win?
That sounds pretty stupid, doesn't it? "If I lost 98% of the time, can I still win?" What if football teams lost 98% of the time? Where would they rank? Or basketball or baseball?
Fortunately, owning a business is much more forgiving, and yes, you can actually win if you lose that much.
Let me explain.
A business needs, in order to be a strong, profitable business, an excellent marketing strategy to win and ultimately beat the competition by large margins.
In one particular business I own, I know three very important things about my customers.
1. I know WHO they are.
2. I know WHERE they are.
3. I know WHEN they are ready to buy.
And then, I swoop down on them and turn a mighty tidy profit!
Well, Entrepreneur Chick, what exactly are you doing?
Glad you asked.
Now some people might think direct mail to be an antiquated behemoth, but it is most certainly not.
I send a direct mailing to my clients at exactly the time they are ready to buy.
I do two things to push the process through.
1. I make an excellent offer.
2. I make my mail piece so unique and different, it stands out from all their other mail and it's so compelling, they just have to open it!
I would tell you what I do to make my mail piece so incredible, because that's proprietary information, I'm afraid.
But this I will tell you- if you are a business and you can answer those three questions with a certain degree of accuracy, then get ready for a big return!
Here's how it works.
Sure, 98% of the time my mail piece goes straight to the trash, BUT, and here is where it gets really fun-
For every $1,000 I spend- I get a whopping $40.000.00 back!
Yes, you heard right. That's forty thousand. Not four thousand.
So you see, a very good marketing strategy has to take losing into account, but yet, in the end, is still a winning strategy.
This advice is something you'll have to play around with until you get it just right; but when you do, it's very gratifying.