I was just reading my recent copy of The Circular (Issue 168, page 27) from the Entrepreneur’s Circle and had to chuckle at this smart little growth hack.
Nick Jenkins who founded Moonpig.com was telling EC members how he had grown his business from £2.5M to £45M.
He was looking to scale and had discounted TV advertising as too expensive. But he noticed one of his competitors was using TV.
So in a nutshell by placing a regular order for a greetings card from the competitor and recording the order number he was able to get a good estimate on the number of sales they were doing. (Because most companies accounting systems use a sequential ordering number.)
| Did you find this content useful? |
|---|
| Sign up for my free Marketing Hints, Tips and Hacks email newsletter every Tuesday at 11am. => Sign up here <= |
And from this and making informed assumptions he was able to work back that the average cost per customer was £10, which was the magic number. And so this gave him to confidence to throw £50,000 into a TV advert. And the rest as they say is history.
This is just one example how over the past 5 years the EC has made me a smarter entrepreneur and positively impacted on my business growth – try for yourself and take a look at The Entrepreneurs Circle, they even do a free trial.
Get a free copy of my book - The Entrepreneurs Marketing System
The Entrepreneurs Marketing System has been written by myself and Nigel Botterill and has taken the best part of 10 years to hone, refine and test and is the foundation of the Entrepreneurs Circle coaching system.
It gives SME business owners a proven step-by-step system to get and retain all the customers they'll ever need.... Rhythmically & consistently - just like clockwork.
You'll need a deep understanding of the Entrepreneurs Marketing System if you are going to use it in your business and this is exactly what our new book provides. If you would like a copy you just pay the postage and packing.
>> GET YOUR FREE COPY <<
