I often times have written of a marketing technique where, if it’s possible, that you give your product away free.
Today I want to share with you an experience I had at my local jewelry store. There are actually two lessons I want to share with you.
I just got back home after being away for three months and in opening the mail I noticed a flyer from this store. I don’t know if you are familiar with the Pandora line of bracelets and charms, but the line is designed to keep you coming back over and over again every time a special occasion occurs in your life. The problem was that the sale was the week before I returned. When I called to see if they would make an exception, the saleswoman stated, “No problem, we will still honor the sale.”
Here’s what the flyer stated. “You are invited to our Pandora Event. Come into the store and choose from our large selection of Pandora jewelry, charms, necklaces, and bracelets. Get a FREE Pandora Lobster Claw Bracelet with every $75.00 Pandora Purchase.”
So I went with my wife. The saleswoman stated that we could upgrade to any of the other bracelets, of course at a higher price. I won’t go into the one we chose, but then we purchased what they call spacers, and of course, a few charms to make it look good. I spent a total of over $5,000.
Now here’s the kicker and the great part about this lesson. Remember the sales said,” Get a Free Pandora Lobster Claw Bracelet with every $75.00 Purchase? That’s 66 bracelets.
All of a sudden it dawned on me. I now can give a bracelet to a lot of people. For those that I’m always purchasing something during the year, it now gives me an opportunity to purchase a charm or charms for that person on their special occasions.
When I asked the owner of the store about the bracelets, he stated that the company Pandora gives the bracelets to them for free.
Anyway, I now proceeded to spend more money. How? Because I upgraded 4 bracelets for my granddaughters, and of course had to purchase spacers and a charm for the first occasion. Just because they gave me the additional 66 bracelets, I spent an additional $3,000. No, I didn’t upgrade the bracelet to a gold one, but the silver one looked really nice also.
Here’s another part of this lesson I want to share with you. Unfortunately, I had to give them this idea. They should have come up with it first. I asked them if they had a database of their customers and they said yes they did. I asked them to put my granddaughter’s birthdate, my wife’s birthdate, and also my two daughters’ birthdates, to remind me that I needed to come in to purchase another charm for this special day.
If any of you have daughters and grandchildren, you know they have at least 3 to 4 special events happening each year. Regarding my wife Barbara, she has special events all of the time.
In my book, “How to Get Customers to Call, Buy, and Beg for More,” I go into an entire chapter on how to double your business in one year, and the concept is often referred to as “The Bump.” It’s all about creating ways to get your customers to continually come back and purchase from you over and over again.
You can let your imagination run amok and determine how much they just made in profit, plus how much more they will make in the future.
Let me know if you can implement this concept, or if you have already done so. This is so powerful that I would like your comments about it.
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