In the age when organizations dealing with expiring members or subscribers are looking to increase retention while drastically reducing costs, many are feeling the pressure to implement "creative" strategies to fuel growth and reduce attrition.
“The sales of companies who had kept advertising during (a) recession had risen 256% over those who had not.”
— McGraw-Hill Research
In tough times, it’s easy to put marketing on the back burner and then wonder why more revenue isn’t presenting itself. From our experience and numerous accounts from our clients and other business owners we’ve spoken with, one thing is for sure: the more you market, the more your revenue will remain steady and eventually go up.
I became aware of a very successful business person in the same industry and was shocked to learn that his income was cut in half from $20 million to $10 million this year. Of course, when asked what he does for marketing his common reply? “Not too much, just have a website.” Unfortunately, we see this frequently.
Many organizations don’t know the positive effects of continually and consistently marketing – they only see money going out. Of course, it’s imperative that you market to the RIGHT prospects. You must know who your target market is. Do you know your target market? If not, you need to find out or your marketing is just about as effective as dropping a stack of flyers in the street and seeing who buys from you.
The great advertising tycoon Morris Hite said, “There is more money wasted in advertising by under spending than by overspending. Years ago someone said that under spending in advertising is like buying a ticket halfway to Europe. You've spent your money but you never get there."
I challenge you to put this concept to the test in your organization. “The more you market, the more business you’ll get.” It’s not too late to strengthen your revenue this year. Whether you market with traditional direct mail, email and/or social marketing know that marketing does bring results when done consistently.