How to financially empower your Regulars, giving them a vested interest in the growth of your sales
Have your best Regulars share in the bounty of the new sales they generate
People need incentives. Even your Regulars, who already love and support your business!
Since your Regulars generally account for 80% of your revenue, they wield a lot of power. If each Regular, for example, brought in 2-3 people to your store or website this week, you could dramatically improve your sales.
But people are busy. We get it. That's why The Regulars exists to give you the tools and strategies to continually nurture, incentivize, and empower your Regulars in new ways so that they can become the effortless marketing force your business deserves.
Here's an experiment. Take your top 10 Regulars. Ideally meet with them all in one place. Ask them if they'd be willing to be your on-demand brand ambassadors (Thanks Paul Jansen for the term!), and explain what sorts of continuous perks you're prepared to offer. It may be a free X on Fridays, or a perpetual 20% discount. Offer something juicy to your brand ambassadors.
Next, see if your top 10 Regulars are willing to collaborate to generate as many customers as possible through their personal and professional networks over the next 30 days. Any person or group recommended to the business will receive a discount or perk in the name of the Regular ambassador who made the referral. For example, Jason, a Regular, refers his friend, Sarah, to the store. When Sarah arrives, she'll say that she's coming for the "Regular-Jason" deal. Your business staff will take note of the purchase amount (and the fact that it was referred by Jason).
At the end of the month, add up all the sales that were generated by your Regulars. You may decide to share 10% of the new sales among them. Or maybe even 20%.
This strategy is potentially powerful for your business because it creates a community among your Regulars, empowers them financially, brings in new customers, and provides you with valuable data on what sets of incentives can truly work month by month. The key is to keep experimenting. Regularly!
If your Regulars do the work, share the wealth.
Let's propose this...
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