Trade $1501 For $102,058 Worth Of Profits

Everybody loves getting something for nothing. I know I sure do... Ask me to complete a survey without an incentive and it's not getting done. Competitions are the easiest and best way to get people to give you their name and details. And building a database of pre-qualified buyers is the easiest way to produce ongoing income, because you can market to them on a frequent basis.

Everybody loves a freebie or the free chance to win that great plasma TV or that trip to Hawaii. And 90% of the time you can get someone else to pay for or donate the prize.

Just last week Jane (my favorite Florist owner) told me how she generated $102,058 in sales from an investment of $1501. A month before Valentines Day this year she approached a few travel agencies and asked for a discounted trip for 2 to Hawaii to run as a competition. The normal price would have been just over $7,000 including airfares and accommodation.

Jane's idea was to advertise the competition and 1 entry would be provided free for every bouquet purchased (minimum cost $60) within the next 60 days. The competition entry form requested their name, their spouses name, address, phone number, and birthday dates. With this information Jane could remind the Husbands of their Wife's birthday, remind both of Valentines Day, tell them about specials during the year and lots more. Jane's objective was that when they thought "flowers" they would immediately think of Jane's Florist shop.

Now Jane had calculated that the $7,000 prize would mean making no profit in the month of February but the database created from this strategy would generate about $50,000 worth of sales in the next 12 months. So it was a good investment.

Well one travel agency offered to discount the trip to $3002 and then offered a further 50% off if their name was included on the advertising!! Total cost for the Jane's $7,000 prize was $1501.

Jane advertised the competition in February and was astounded with the results. Because the condition was a minimum purchase of $60, people that had come in to spend $40 upgraded and spent $60, just to be entered. Some people that spent less than $60 still provided their contact details, because they were asked and loved the idea of being reminded about birthdays and Valentines day. People that usually used another florist came to buy from Jane, because of the competition. 5 people actually came from other towns to buy, again because of the competition.

The amazing result after 60 days was $102,058 in sales and a database of 1123 people that can be marketed to... So at an average customer spend of $200 per year and an average of purchasing lifetime of 4 years, that equates to $898,400 of lifetime value for a $1501 investment!! Jane was a very happy lady.

Jane is now running 2 competitions a year and the prizes have not only got bigger but there are 3 prizes per draw. In a short time Jane has dominated the industry, been able to hire the best staff and has suppliers and businesses competing to provide the prizes for free!!

A simple strategy... How can you apply that to your business??

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