Stop Wasting Money!

"Money is plentiful for those who understand the simple laws which govern its acquisition." - George Clason

A common mistake I see is companies wasting money in an effort to give equal resources to different parts of their business that may NOT deserve investment.

For example, when I first took over the marketing for a big resort in Michigan they had two distinct seasons, summer and winter. In the summer they marketed golf, and in the winter cross-county skiing and snowmobiling. While the marketing budget for the winter was smaller, it was still significant. But there was a problem. In the summer, with room rates higher, and people playing golf and eating and drinking, the average guest was spending $300 a day. In the winter, with room rates at rock bottom and rooms filled with snowmobilers who were out on trails all day, the average take was less than $100. A $200 difference in income.

After using direct mail and print ads for the first couple of winter seasons, we decided that the winter market was best left to email and the website, and that all the print and direct mail money would be redirected to increasing the summer business where margins were massively higher. It was hard for the client to accept, but to their credit they went with the new strategy and it paid off. (Of course, summer visitors become prospects for the winter season as well.) Another resort was losing money in the winter, so we told them to shut it down for two months in the winter. Again, a difficult decision for the owner but one that realized $300,000 to the bottom line with very little effort.

Don’t spend time, money, and resources in relatively unimportant parts of your business.

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