Brand New From Harvey & King Inc.
"The 'Million-Dollar' Profit Center Nearly Every Jeweler Overlooks"
How to Generate Risk-Free Profits From Past Customers...
...Even If They NEVER Buy From You Again
Joe Puskar MBA
Harvey & King Inc.
From the desk of Joe Puskar MBA
In the next 4 minutes, I’m going to share how you can generate profits from your past customers without ever selling another piece of jewelery.
This works great during slow times of the year or if they’ve recently made a big purchase from you.
Look, every jeweler faces three big problems:
1. Competition is getting stiffer and the battle for your prospective customers' attention has never been more fierce.
2. This means it's getting more difficult and much more expensive to get qualified (and loyal) buyers in the door, and
3. Even your best customers aren't coming back month after month making big purchases from you.
Most of your customers probably come in once a year to buy something new or they're coming back for special life events like birthdays and anniversaries, etc.
A large chunk of your customers probably only ever come in ONCE. Maybe to buy an engagement ring or even a nice watch. And then you never see them again.
So, you've got to find innovative ways to increase the value of every single person that walks through your door (and if you're clever, even the ones that don't).
This a major problem when it comes to marketing your store strategically.
You’ve, no doubt, spent 10’s or even 100’s of thousands of dollars in marketing and advertising to attract all those customers.
You’ve spent years building trust and goodwill in your community.
You’ve invested heavily in building relationships with your customers.
You've already made the sunk cost investment to acquire all those customers. But every day they don’t come back and buy (from YOU) is money coming right out of your pockets.
It's like buying stock in a company that goes out of business. You made the investment, but you’re no longer getting the return.
I think that’s a shame. Especially when generating profits from those people is just so simple — if you can open your mind to a new perspective and see the logical connections.
What I want to share with you now is a simple strategy to extend your business by a huge margin...to continue to generate profits from all those people you already paid to acquire.
►►It will cost you almost nothing to put together.
►►It won't increase your overhead.
►►It won't take away from anything you're currently doing now.
►►In fact, it actually has the great side benefits of increasing customer satisfaction, reactivating old dormant customers and generating a flood of new referrals.
Over time, you might even find that you make more from doing this than you do in your primary business.
Most companies have established a high level of trust and credibility with their customers and clients but they very rarely use these relationships to their full advantage.
Just because your customers are not currently buying from you, it doesn’t mean they aren’t buying lots of other things.
We call this "Expanded Interests".
You share a common customer with hundreds of other great businesses. And those other businesses are spending boatloads of money on marketing and advertising to reach the EXACT same people that are just sitting there in your customer list — producing NOTHING for you.
You have the power to not only bring incredible value to your customers but to also save those other businesses a king’s ransom in ad costs.
What I am proposing here is a few simple joint venture promotions.
A joint venture is nothing more than two or more companies coming together to achieve a common purpose, where the success of one business is tied to the success of the other.
Jay Abraham, the world’s #1 business-growth strategist calls joint ventures, “the most powerful business-building strategy there is.”
Here's an Example:
People may not be buying a lot of fine jewelry in the summer but they’re most definitely buying lots of other things.
Why not figure out what those things are and team up with those business owners?
After a deep examination of your customer base, you may find that your customers are very interested in med-spa services.
But, on their own, your clients are left to the vagaries of the market. Which spas to trust?
You could solve that problem for them. And bring them a special benefit and advantage that they just can’t get on their own.
So you would put a deal together with the spa where you either send a series of emails or mail a letter to your customers recommending the spa.
Get the spa owner to give some sort of special offer available only for your customers. Maybe a big discount or a special package not available to the public.
In exchange for getting her business promoted to your customer list and piggy-backing on the years of financial investment and relationship building you’ve made, the spa owner would share back with you a portion of the profits your promotion generates.
Fifty percent of gross profits is a good starting point, but you can structure the deal any way that makes sense for all parties.
If you’ll be creating the sales copy and paying for the mailing — and taking all the risk — I’d probably ask for a lot more.
And remember, the other company gets all the residual sales. [For more info, check this out: “What EVERY Small Business Owner Ought To Know About Marketing”]
This type of joint venture is called an endorsed mailing.
Where mailing an offer to a cold list may generate only a 1% to 3% response, we’ve seen these types of offers pull over 30%.
[It’s important to note that you’re NOT giving away your customer list. No one sees your list except for you (or possibly someone like me who does this for a living). Your customers are buying from these other companies anyway. The only difference is that you’re not getting any of the goodwill or profit from those transactions.]
So, what’s possible?
Let’s say you have 10,000 people on your list and you get a very conservative 5% response.
And let’s say you earn $225 for every cosmetic package sold.
That’s 10,000 x 5% = 500 x $225 = $112,500 in extra profits.
And you didn’t have to sell a single piece of jewelry.
►►You have zero fulfillment costs.
►►You have zero inventory costs.
►►Zero insurance costs.
And on and on.
And this was just one promotion. If done correctly, you could easily repeat this process 6 or more times per year.
That’s 6 x $112,500 = $675,000 in pure profit.
Remember when I said earlier that you might make more doing this than in your primary business?
The sales you make from your primary business contain all the costs of marketing and all the costs of doing business.
Your joint venture income is pure windfall profit. Even if we overstated our numbers by 10X. That's still $67,500 EXTRA dollars in your pocket.
That’s all newfound money that you can use to open a new location, expand your facility, pay down debt or if you’re wise...invest back into more marketing.
You could use that new money to massively grow your customer list and front end profits.
The bigger your customer list is, the more profits you’ll earn from your joint ventures — which gives you more to reinvest back in to more marketing.
What you’ve done is increase the Lifetime Value of each new customer.
When YOUR customers are worth more than your competitors’ customers, you can easily afford to outspend them to acquire new customers.
This is how you steal market share and it’s the difference between average businesses that always seem to struggle and great businesses that thrive in ANY economy.
All for leveraging an asset that almost every business owner completely overlooks.
[My business partner, Sohail Khan, sold his video training course to a company that sold computer training programs. He generated $1.5M in 30 days with ZERO marketing investment!]
Are you starting to see the opportunity here?
You could do this over and over again for years — with dozens of different businesses — generating profits from customers even if they NEVER buy from YOU again.
Believe it or not, you'll actually get a BETTER response every time you run a promotion like this. Your customers get used to it and actually wait around for your next 'special deal'.
Imagine having your customers eagerly checking their inbox and looking for emails from YOU.
Here's Another Example
A great way to find partners is to look at what your customers buy immediately before and after they do business with you.
As a jeweler, you're in the PERFECT position to make this strategy work.
The engagement ring is often the first purchase in the wedding process. But once that ring is purchased there's a whole avalanche of purchases that come next.
According to an annual survey done by "The Knot", the average cost of a wedding in the U.S. as of 2016 was $35,329!
Wedding dress, bride's maid dresses, tuxes, shoes, venues, invitations, hair and makeup, alchohol, dj's, florists, limos, honeymoons, photograpy, caterers, etc. This list is a mile long!
But you're not seeing penny of that 35 grand. Even though you spent the money to attract that very same customer.
You could put joint ventures together with all these businesses recommending them to your new engagement ring buyers.
And earn a cut of every sale you help your partners make.
And if you really want to ratchet up the sophistication (and profits), you could put together a package of Gift Certificates from each of these businesses.
Bundle them all together and give it as a special "Thank You" gift to anyone that buys an engagement ring from you.
Any time someone uses one of those gift certificates, you earn a percentage.
You could save a couple a TON of money on their wedding. (That could be a good sales tool to increase the ring budget too, wink wink.)
Put yourself in your customers' shoes... Why would they go to another jeweler when they could buy from you AND get a bonus worth thousands of dollars (a bonus that costs you NOTHING?)
[This is something we're currently building out in several markets across the U.S. We're putting together the entire deal, packaging the gift certificates and then promoting that package through Facebook Ads....and the jeweler gets all the credit and exposure -- and a lot of new business. Here's an example landing page to give you some ideas: www.CharlestonWeddingSource.com]
So let me wrap up this letter by giving you the three core principles to turning your customer list into cashflow. While these principles are easy to understand and they apply to any industry, their combined power can be leveraged to quickly and easily gain substantially more market share in your community.
Principle #1: Customers who buy any product or service are not just customers for that product or service alone – they also have a strong interest in dozens of related products and services
Principle #2: The key to ethically selling more of these products and services to your prospects and customers is being of service by only offering products they truly want and value.
Principle #3: It doesn’t matter whether the additional products and services that your customers want are your own or those of other companies. (Think about it, most of the products you sell in your store aren't yours either.) But either way, you can benefit from selling more of these products and services to your own prospects and customers.
If you do this right, great things happen. Your CUSTOMERS win because they get access to new products and services with special advantages they could never get on their own.
Your PARTNERS win because they get to piggyback on your new distribution system and access markets they may never have been able to penetrate on their own.
And YOU win through increased profit, customer satisfaction and brand loyalty.
How To Get Started
- Identify your typical customer.
- Look for products and services they buy immediately before and immediately after they buy from you. Also, look at demographic and psychographic similarities.
- Identify the BEST business in each category.
- Contact your prospective partners. Most won’t understand the value you’re offering. You’ll most likely have to educate them on things like the residual value of a customer.
- Design an irresistible offer.
- Create you marketing piece. The better your sales copy the better your response will be. Don’t skimp here.
- Segment your list to generate the maximum response.
- Set up tracking mechanisms to track the sales from your promotion.
- Mail your offer.
- Stay in close contact with your joint venture partner throughout the entire process.
- Optional (but smart): Reinvest your profits back into more marketing to grow your primary business.
Or, you could simply CONNECT WITH US and not only will we turnkey generate your joint ventures for you so you can focus on running your business -- we’ll do it on a purely performance basis.