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Casual Articles - How Much Incentive Do You Need To Give Your Prospects For Them To Respond?
This literally can be the most profitable thing you'll ever do for your business and that is to understand exploiting the actual value of your customer. It's been called the Marginal Net Worth and the Lifetime Value.What is the current worth of one of your customers or prospects? It's the total profit of an average customer over the lifetime that they do business with you. That includes all subsequent sales minus advertising/marketing and y
How much should you drop it?
The best way to know is to test. You may find th
In my fundraising model, a fundraising event is the penultimate means of generating year-round support for a cause. It is the gathering place for people who may (or may not yet) have a vested interest in the goal your organization is trying to achieve. I firmly believe in the principle of bringing your supporters together in one place rather than trying to meet each of them in their own places.A fundraising event provides you with the one
I'm not 100% convinced this is an effective means of generating sales. Especially long-term sales. Here's why…
What type of people do you attract by dropping your price? Price-shoppers looking for a discount? Or future clients seeking quality?
They switch to your product or service to save $5 or $25…then switch back to your competition when the sale is over.
But for the sake of this short article, let us assume that dropping prices is a good way to win customers.
How much should you drop it?
The best way to know is to test. You may find the
Tempers flare and voices rise, but does your good customer service vanish? These are just a part of your day-to-day life in the market place in any business establishment. Customers and consumers are becoming more and more demanding. They get angry and argumentative when they are not served well by whoever is assigned to entertain them. Big and impersonal companies are sometimes finding it difficult to entertain such difficult-to-please custom
I'm not 100% convinced this is an effective means of generating sales. Especially long-term sales. Here's why…
What type of people do you attract by dropping your price? Price-shoppers looking for a discount? Or future clients seeking quality?
They switch to your product or service to save $5 or $25…then switch back to your competition when the sale is over.
But for the sake of this short article, let us assume that dropping prices is a good way to win customers.
How much should you drop it?
The best way to know is to test. You may find th
There is probably no better business model that has ever been created in the history of human commerce than the franchising model. The franchising model has been working well for governments, religious organizations, service clubs, brotherhoods and businesses for hundreds of years. The power of franchising is alive and well along with all of its hybrid models or similar type structures. Such as distributorships, multilevel marketing and licensin
What type of people do you attract by dropping your price? Price-shoppers looking for a discount? Or future clients seeking quality?
They switch to your product or service to save $5 or $25…then switch back to your competition when the sale is over.
But for the sake of this short article, let us assume that dropping prices is a good way to win customers.
How much should you drop it?
The best way to know is to test. You may find th
Owning a trucking company or logistics company (freight brokerage) can be very profitable. At the same time, transportation companies tend to be cash hungry. There are fuel expenses, employee expenses, operator expenses, repair expenses and many other expenses that need to be paid quickly. However, most customers don’t offer quick-pays and usually pay their freight bills in 30 to 60 days.This creates a major challenge. Why? You have expense
They switch to your product or service to save $5 or $25…then switch back to your competition when the sale is over.
But for the sake of this short article, let us assume that dropping prices is a good way to win customers.
How much should you drop it?
The best way to know is to test. You may find th
Many work environments now are open plan, with only a few senior managers having offices of their own. This style of work can have great benefits for team building – fostering cooperation and collaboration and can be wonderful for developing the social aspects of teams, but on the flipside, it can drive some people crazy and be damaging to productivity. Most open plan offices require large numbers of people to learn to work together in very close
How much should you drop it?
The best way to know is to test. You may find the results interesting.
Many studies have shown that anything beyond a $5 incentive has little effect on response. For example, let’s say a postcard campaign is receiving a 10% response rate with a $5 discount. Next run, you try a $25 or $50 discount, but only receive a 12% return. (Hard compensation for an extra $20-$45 profit loss.)
Why is this happening?
My experience is that certain people are moved by a discount (no matter what size). They simply like discounts.
While there are other types of customers who require other motivations to convince them to buy, in fact, discounts may well be a turn-off for them.
Either way, testin
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