Yesterday I had a coaching call with someone who was wanting to know how to get more new members.
Let’s call him Jack.
Jack wanted to find out how to get more new members and increase his revenue.
So, I asked him, “How much does it cost you to get a member.”
He began to tell me that he’s marketing on Facebook, LinkedIn, he’s doing some direct mail and continued to tell me how well they’re doing.
I told him, “Great! So how much does each it cost you to get a member on Facebook, on LinkedIn, and direct mail.”
He said it costs him, “a lot!”
I told him that wasn’t good enough.
The TRUTH is:
You have to know how much it costs to get a member.
And you need to know how much it costs for every avenue you use for marketing.
You see, everyone wants to get new members. But you need to maximize your marketing by knowing how much it costs you to get a new member.
Knowing what it costs to get a member will:
1. Let you know what media (email, Facebook, LinkedIn, direct mail, etc.) is most effective.
You may think that just because you’re getting more leads from Facebook that Facebook is most effective but not if those leads aren’t converting to members.
Not only do you need to know which media is most effective but what ads on that specific media. You may have three ads on LinkedIn but do you know which of the three is most effective?
2. Enable you to leverage your most effective marketing piece.
Knowing where you get the most members will allow you to invest more in that source.
That marketing piece will enable you to have a control that you will be able to test against and try to outperform.
3. Cause you to reconsider the message of your least effective media.
If you know you have an ad that is under-performing then you can evaluate the copy and message from that source so that you can get better leads.
Not only can you reconsider the message of that ad, you can also evaluate the target audience of that ad.
In order to have a highly effective ad, my friend Dan Kennedy says you have to have a match between your market, message and media.
So, let me ask you – “Do you know how much it costs you to get a new member?”
Even better – Do you know how much each ad is costing you to get a member?
