For Small Businesses, By Small Businesses
One of my buddies from business school, Max P, responded to my previous post with some excellent marketing advise. Max, I’m just saying, David Bell would gave you an A this time if he didn’t the first time around! (He happens to be one of our best catering customers too). Max makes a strong point that we should carefully calculate the likelihood of customer acquisition, as well as the resulting profit gained and compare that to our customer acquisition cost.
Rather than just respond to Max’s comment (which you should read in the comments area), I thought I’d post a follow up to shed a little more light on some new era, small budget marketing resources that feel right to us (we will go through Max’s process to be sure the numbers work too!) We are working with a fellow Wharton VIP alumni company called Coupon Kong. Coupon Kong will create email campaigns on our behalf, designed in our brand imagery, which will give consumers the chance to create their own customized coupon for CdT. The details of our deal have yet to be worked out but the brilliance behind Coupon Kong is that we can measure actual sales that come from the coupons that the emails generate and we will only pay for the service when consumers make those purchases! (Well, again, we have to work out the details).
I recently had a conversation with another local start up company called Chattersource which seems to be taking the Yelp concept to the next level with reviews of services and housing, basically a combination of Yelp and Angie’s List. They are in the process of accumulating users and content and we offered to let them email out CdT discounts to encourage potential users to sign up for their website. This is the ultimate “you scratch my back, I scratch yours” in marketing – a win-win for us both, and a unique way to get our the word out and generate sales at the same time. We’re also hoping that people will start using Chattersource and giving us good reviews there! (Right now, it has mostly a Philly college kids user base).
Max, keep dropping the wise knowledge and a free taco is in your future (even though you’re not a NEW customer!)