Today, I'd like to share with you the first marketing roadblock...
the REAL, BIGGEST, HIDDEN cost of marketing.
I speak with golf clubs every week and when I ask the question,
"what's your biggest marketing cost?", I get answers like:
- Marketing wages
But every one of the above costs, even totalled up, aren't nearly as big as the true, hidden cost of marketing...
What is Opportunity Cost? It's the value of the sales you would have made IF your marketing had been brilliantly effective.
Let me share an example with you...
Last year, if you had signed up 50 new members, what would that have been worth to you?
At near 100% margin, that’s likely to have made a huge difference to your bottom line.
But that's not all. What about if you'd got another 500 green fees last year? Again, at near 100% margin!
In fact, if you add up all the opportunity costs i.e. the total of all the sales you didn't make last year, it's likely to be a very substantial number.
A number much higher than the cost line in your P&L. And yet although it doesn’t appear on any financial statement, it doesn't mean it's not real.
Now imagine half of those extra members and green fee golfers kept coming back for 5 years. Wouldn’t you like to see that money in your P&L?
Real cash in the bank. And not just last year, this year...EVERY YEAR.
You’d sleep better at night wouldn’t you?
Here's the thing, when you understand the true cost of marketing, you realise that anything that isn't massively effective at bringing in more sales is very, very costly to your business.
Golf Marketing University