Create Alternative Solutions in a Time of Uncertainty
The market tumbled 777 points yesterday, underscoring the unpredictable and chaotic nature of the market. We should expect this situation to continue for many months, if not for several years. This will have a negative effect on membership.
As the point person for building the membership numbers, what is your response?
I suggest that you develop several alternative strategies to implement at a moment’s notice. This is how.
At its simplest form:
- Identify at least three different economic scenarios, each with different assumptions regarding the impact of the economy on member acquisition and retention.
- For each scenario, identify a marketing strategy that addresses your assumptions.
- Run the numbers for each strategy:
- Impact of lost revenue if scenario occurs
- Cost of new marketing strategy
- Cost/Benefit comparison
- Have your treasurer/CFO check your numbers
Remember, problems breed opportunities. Have a backup plan before it is needed. Actions like this get you into the boardroom. Remember my goal (presented at the 2008 PCMA conference) – for you to become the key solution provider at your club.
Please respond with your questions and ideas, and bring your acquaintances at other clubs into this conversation. And keep me posted here or at don@metznik.com.
