3 Ways To Leave Money On The Table, and 1 Unique Solution
Let’s get this one out of the way right now. Number 3 in our countdown is Don’t Forget To Leave A Tip. THIS is the ONLY time you should ever leave money on the table.
It makes no difference whether you are dining at George’s Steak House, or at Olive Garden, or at Julie’s Cafe. It makes no difference whether you are spending $5 or $5,000. Waitstaff depend on tips for their livelihood. So it’s common courtesy to make sure you compensate them for their service. Even if their service was not the best, leave them something and let them know why.
It also makes good business sense. More money in the local economy is good for everyone’s business…especially yours. Being a generous tipper in your local market is good for your reputation. What goes around, comes around. It’s not a cliche, it’s honest truth.
So please, when you dine out, Leave Money On The Table. And don’t be quisling about it. Be generous.
But remember, this is the only time I’d encourage a business person to leave money on the table.
After all, you’re already leaving plenty of money on the table every single day in ways you do not realize.
For example, there’s #2 in our countdown:
You don’t mean to ignore your current customers. After all, you truly appreciate their continued business.
You’re pleasant. friendly, and always happy to see them return to your shop. restaurant, or professional practice. Surely, you think, you’re not ignoring them.
But the fact is, without you even realizing it, that’s precisely what you’re doing. You are leaving money on the table if you aren’t actively and consistently engaging them in your business.
So stop leaving money on the table and try a few of these things. It’s a not a comprehensive list, but here’s three ideas to get you started:
- E-Mail — Everyone hates spam email. But are you inviting your customer to sign-up for or subscribe to your newsletter? A email list is a simple way to keep in touch with your customers. You can send them a monthly newsletter, or weekly coupon offers, or update them on new menu items or services. Keep it simple, fun, and don’t overdo it. A little goes a long way. And always let them know they can unsubscribe if they choose.
- Facebook — Facebook can help you stay engaged with your current customers. Offer your current customers an incentive to Friend you or Like you on Facebook. You can keep them updated on your business, daily if you choose. And that’s the catch: to use Facebook effectively, you need to update your page several times a week to keep it lively and engaging for your customers. It’s take more work to do it right. So be prepared to do more work. But if you do it right, it will pay off.
- Mobile Marketing — There really isn’t an app for everything, yet. But there are some ways you can use mobile marketing to reach your current customers. The best way, if you have a webpage (you do, right?), is to make sure it’s responsive and displays easily on a mobile phone. But if you want an app for your own business, and are willing to invest in one, you can make it easier for your current customers to do business, order food, set up an appointment and so on with you rather than your competitors. Mobile apps are not for everyone, but it’s another way to cement your relationship with your customers and not leave money on the table.
I have a client in Janesville WI who recognizes the value of his current customers. I helped him build his business up to capacity, and now he maintains and grows his business by actively engaging his current customer base for more business.
It’s such a simple and obvious thing to do. But it’s easy to overlook.
So don’t leave money on the money by ignoring the value of your current customers. Invest the time, effort, and money to engage with them on a regular and consistent basis and your investment will be returned many times over.
And now, for the #1 thing you are doing to leave money on the table:
Hopefully I’ve convinced you not to ignore your current customers.
But I’m afraid I have bad news.
You are still ignoring 2,000-10,000 potential new customers everyday. And you are probably ignoring most of everybody else as well.
“But Michael,” you say, “I’ve got an ad in the local newspaper and on the radio, along with a billboard out by the Interstate. I’ve got a Facebook page and a Google+ page. I’ve got a 1/2 page ad in the monthly coupon magazine and I’ve got a direct mail campaign going. Not to mention my Google ads, and Bing ads, and my Yellow Pages ads, and the ads in the local church bulletin. I’m doing a lot to reach my local community.”
And I say, “No you’re not.”
The only thing you’re doing a lot of is spending a lot of money just to leave a lot of money on the table.
Simply put, the methods you are using are not reaching everyone who has money to spend with you. And the ones you are reaching aren’t being reached frequency and consistently enough to maximize your Return on Investment.
You are leaving a lot of money on the table.
For example, there are a lot of people with money to spend who don’t use or even own a computer, or have an email address, or have a smartphone. If you are only using Facebook or an SEO optimized webpage or a mobile app, or Google ads to reach them, well, you aren’t reaching them.
You’re leaving their money on the table.
Your ad on the radio goes in one ear and out the other, but it doesn’t reach the people with money to spend who listen to other radio stations, or don’t listen to radio at all. Plus, your ad on the radio reaches people outside of your local target market who will never do business with you anyway.
Your newspaper ad never reaches people with money to spend who rarely if ever read the newspaper. Your billboard never reaches people with money to spend who don’t drive by.
Starting to see a trend here?
You are leaving a lot of money on the table.
So, what’s the solution?
Well….there’s no magic potion that will work for everyone.
But I can think of one intriguing solution:
Of course you don’t.
Why would you want to if someone just called out of the blue? After all, you’re all set. You’re all tapped out. And guess what else.
I don’t want to sell you a register tape ad anyway.
If you want to leave money on the table, that’s up to you.
Instead, I’d like you to consider an intriguing solution to the problem of how you can effectively reach everyone in your local targeted market with money to spend so you you don’t leave money on the table.
I would much rather help you reach everyone in your local target market who is not your current customer regardless of whether they have a computer, a smartphone, an e-mail address, or not.
One place you will find everyone in your local market is at your local grocery store at some point every week….they shop on average 2-4 times a week. You will find a guaranteed audience of 2,000-10,000 potential new customers shopping there every single day. Those are amazing numbers compared to the numbers reached though other media such as local internet search and direct mail.
What should be more amazing to you is that you don’t miss out on anyone in your community, because everyone, internet or smartphone savvy or not, needs to eat food.
So if I happen to call you some day….and I just might….if you want to stop leaving money on the table, then we probably do need to talk.
Call me before I call you.
And stop leaving money on the table.
Tags: advertising, customers, marketing, profits