ESTABLISH A “WOW” BUDGET
A Thoughtful Gift Has Great Impact.
Every one of us likes to experience a “WOW”. A WOW is something you talk about, something that you will remember for a while. I have experienced many WOW’s; a few include a gift of a cruise to Alaska with my wife; an apple watch for father’s day; tickets to a play; a gift basket in a hotel while on vacation. I am sure that each one of you can make a list of memorable things that you received. It isn’t so much the price but the uniqueness of the gift and the method of delivery that counts.
A few other WOW’s may include:
- Delivery of a birthday cake to a client’s office.
- Sending a small birthday gift to a clients’ child.
- Sending a bottle of champagne on an anniversary
- Sending snail mail birthday and anniversary cards.
- Delivering a box of macadamia nuts when you return from your Hawaiian vacation.
- A duck for my duck collection.
- A copy of an article that pertains to a special interest.
- A magazine subscription
Referrals and return clients should be the lifeblood of your business; they provide the food and care for your family as well as the ability to grow your business. I can think of no better way to grow a business than to establish a drip system of “WOW’s”.
Establishing a marketing budget is a must to insure small business growth and future profitability. From your data base, select your best referral partners and past clients. The US Small Business Administration recommends that you spend 7 to 8 % of your gross revenue on marketing.
No “I can’t afford to do that” excuse is acceptable. Take 8 % of last year’s gross revenue and divide it by the number of people you want to WOW. You now have a budget and can select the “WOW” factor that fits your budget.
The secret to any marketing effort is the perseverance that is required to follow through on this type of commitment. As always, the ball is in your court.
A LITTLE SOMETHING EXTRA GOES A LONG WAY!
Advice and tips by Nick Petra – CFP, Mentor, and founder of BizQuack and StrategicDuck
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