April 20, 2014

Monday Morning Memo: Customer Profiles

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By Roy H. Williams (go to MondayMorningMemo.com to listen to this memo.)

I’ve never seen a business fail due to reaching the wrong people. But if you listen to advertising sales reps, “reaching the right people” will solve all your problems.

And guess who has exactly the right people for you?

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Low Rent Strategy

We’re always telling our clients that rent money and advertising dollars are interchangeable. Our partners down under offer proof!

3 months ago, a local NSW coastal business owner made a decision to relocate his surf clothing store after staring down the barrel of a 34% increase in rent.  The original location was on the esplanade of a high tourist area… lots of restaurants, lots of shops, lots of apartments, lots of feet.  The move took him just one street away… just one street… but thousands of feet from his original location because nobody wanders behind the resorts on the Esplanade.

What happened next?  Sales plummeted by $115,000… and are still going down.

YIKES! Have you calculated your ad budget lately?