How To Make More Revenue In Your Local Business Using The AAR Method 3 Video Series Part 1
Hey Lindon Talbot here, CEO of TLC Media Group, and we specialize in helping small local businesses like yours grow. Now today we’re, going to be talking about three ways to make money in your business.
Now, really, there are only three ways: now it’s the AAR method, it’s not a scientific, complex method, It’s, flipping easy, but hardly any local businesses are doing this. Now, this is going to be over three videos.
Don’t want them going over three to four minutes, because people will lose focus and you need to be focused on these three methods. Now we’re, going to be talking about restaurants as an example in the videos, but this is the same for any business.
All businesses are the same at the core, just think about your business, and you know what you are, what we go over and just think how you can implement um this in what whatever business you’re in, okay, now, the first A from the AAR method is for acquisition now acquisition, this is the hardest and costliest of the three methods now yet this is what 90% of businesses concentrate on and it’s the lowest conversion rate out of the three, with conversion rates as low as around 5%!
They do say 5%-20%, but really, I think it’s lower, like I said, 5%, it depends on what business you’re in, of course, but acquisition, this is getting new customers and you’re paying to acquire a new customer.
You may be doing Facebook ads, Instagram ads, putting flyers out with your menu on, ads in the paper or on the radio. However, a lot of businesses don’t even like to spend any money on advertising and marketing! They say word of mouth is how we get new customers and that’s it.
Well, let me tell you now if that’s all you’re going to rely on in today’s market you are going to be dead in the water guys, yet you need word of mouth, all businesses do, but you have got to be doing other forms of advertising and marketing, especially, as I said in today’s volatile market.
Now you get your business doing some kind of advertising and marketing apart from word of mouth and believe me, you’ll be way ahead of your competition. Now, as it’s so expensive to acquire a new customer, you’ve, got to make sure you’re, collecting the data from each and every customer that comes in, or you have a company that can do it.
Most businesses don’t collect names, phone numbers and emails, now you may be a certain type of business like a hair salon or so, and you have the phone numbers and the email. So you have got that info. The problem here is that businesses that do collect the data from customers very rarely do anything with the info, mainly because they don’t know what to do with the info and because of this, the money they spent on acquiring a new customer really does work out expensive.
Now, a lot of the time it can cost you more to acquire a new customer than what you’re going to make of them on their first visit or you may break even, now, this is okay because you concentrate on serving them, make their experience a really good one, so they will come back again, and this is where the money is on their second visit and third visit.
Now, okay, this is going to lead us into the second video of the three and it’s, going to be the second way that you make money in your business now make sure you don’t miss this because, instead of like we said 5%-20% conversions rates, this is way more.
This is like 60%-70% conversion rate, so yeah you don’t want to miss it guys.