So often, we as marketers get caught up in the one-time cost of distributing a sample or demonstrating a product through a mobile campaign. In some cases, "Cost per Sample" can reach upwards of $30 a customer. But if you look at it from a standpoint of the total value of winning regular customers who buy repetitively at regular prices, the return on investment suddenly begins to strike a chord.
Think about it. If a consumer really likes the product sample or service demonstration they received at the mobile marketing event, they are much more likely to purchase that product or service. And if they connect the product to an aspirational experience during their initial trial, they're likely to buy that product on a regular basis to recapture an association with that experience.
Now how valuable is that? If you're a brand manager, that's a big time score: "A happy customer, who buys the product on a regular basis at the regular price."
Word of Mouth
Here's still more...happy consumers talk.
Just like pass-along readership, when you make a favorable impact on a consumer via face-to-face marketing that customer is likely to tell at least three others about their experience. Again, that's a brand marketer's dream creating 'Brand Advocates' who spread your message in their respective social networks.
How do you forecast/evaluate the impact of repeat purchases generated by mobile marketing?
In evaluating the potential ROI of any mobile initiative, it's important that you consider two things:
- The benefit of elevating perceived value and driving sales at regular prices
- The long-term "Compound Impact" of earning repeat customers who buy and motivate others to try your product
Bob Lewis, President/CEO of Mobile Media Enterprises explains:
"We're living in an 'Experience Economy' where consumers are looking to buy a product or service based upon their 'Personal Experience' associated with that brand or product. It goes back to the story of 'Free Range Chicken'... people are willing to buy a product based upon the benefits presented by the 'Brand's Story' or the 'Brand Experience'.
Provide consumers with a 'Branded Experience' or product demonstration that is engaging, educational and emotional, and chances are that you will have established a deep enough bond to motivate not just one sale, but the potential for multiple sales--and at regular prices! This is 'Compound Impact'".
Value Added
"'What's a customer for life worth?'" continues Lewis, "When you use the Compound Impact Sales Model, it's pretty straight-forward. I can show you that a well-planned mobile marketing strategy will pay for itself in a short amount of time, just by estimating the revenue generated by one happy repeat customer over the course of a year. If you take that annual figure and multiply it by a percentage of the total consumers reached by your event marketing program, you quickly begin to see that a customer for life is easily worth his or her weight in gold and that the ROI on your Grassroots Marketing initiative has far reaching potential."
In Closing...
To have a Compound Impact Sales Model developed for your product, Bob Lewis invites you to contact him directly at 770-225-0793.
In the meantime, Good Day and Good Marketing! |
