Ian Stirling of Objectives Reached is a full paid up member of:
As a business advocate of the LEP, we can provide additional advice to clients with help from the monthly emails we receive containing useful information that can benefit companies across Norfolk and Suffolk.
This case study looks at companies that sell concert/event tickets and packages. Their main issue was that their costs of advertising were too expensive, and ate into the profits.
The owners of the company in question could easily see that if they did not advertise, the tickets to their events would not sell. More often than not, the costs of their adverts exceeded the revenue gained. They notably said, “we cannot afford to advertise, and we cannot afford not to.”
Because the company operated coaches to the events and shows, they were then committed to the number of tickets that they needed to sell in order to fill the coach seats. This meant, that with cost-efficient advertising they would be able to generate the needed amount of sales and recover their expenses.
At Objectives Reached we understand this scenario well, as it is often seen in the travel and hotel trades.
When you are in this situation, every day counts. Because our first consultation is free, it costs your business nothing to let us examine it and confer useful information. From there, you can then decide if you are able to implement these changes yourself - or if you would require our services to turn your business around. During the consultation however, there will always be some hard truths that may be difficult to accept - especially in the cases of family-run businesses that have been operating a certain way for years. The most common questions you will need to ask yourself are:
On average, are my packages making a contribution to my overheads?
Is my product priced competitively, but not under-priced.
Once the situation is then understood, a plan will then need to be formulated using clear aims. Of course, the ultimate goal will be to increase sales while minimising the costs of marketing. Objectives Reached can achieve this in many ways, with some being as simple as examining your existing contacts, network and regular customers. This is because these are often the most cost efficient route to gaining sales. After this, new markets will then be ready for exploration - which Objectives Reached can often assist with, through the use of websites and newsletters.