Denny's Zinger: M-G-M (Member-Get-Member) Is Alive and Well
Back in the 1960's and 1970's I ran book clubs for Meredith (Better Homes & Gardens), Macmillan (lawyers' and school administrators' clubs) and Grolier (children's clubs).
The most profitable new member acquisition medium was space advertising.
The second most profitable was M-G-M's.
The 5 Steps to Successful Marketing
- Start with a list of suspects—basically everybody.
- Perform database wizardry and turn the suspects into prospects.
- Turn those prospects into buyers (customers).
- Baby the buyers into becoming multi-buyers.
- Persuade the multi-buyers to become advocates.
In other words, make them love you. And when you ask them to tout your products or services to their friends, family and business colleagues, they are happy to oblige.
For starters, it's probably six times cheaper to invite a friend of a friend into your private pond to land a prospect/buyer for you than go fishing for total strangers in open ocean.
For starters, a customer suggesting you to a friend is a personal testimonial.
What Triggered This Column
Check out the first image in the media player at upper right and M-G-M from an unlikely source—Fidelity Investments.
The second image—from DirecTV—is all over my television screen.
Both offers turn you into a benefactor by promising gorgeous goodies to your friends, family or business associates.
And both offers reward you handsomely for your referral.
Takeaways to Consider
- If you want to grow your business, test an M-G-M.
- "The right offer should be so attractive, only a lunatic would say no." —Claude Hopkins
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