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Marketing

Share Your Point of View

Last week, we asked, "Are You Promoting a Show or Lifestyle?" This week we're highlighting the benefits of having a point of view. For example, what values are you promoting and/or taking a stand for? At Goldstar, we think life gets better when you go out, sit or stand in a room filled with other people and experience something new (or fun or familiar). If your company believes in certain values, then most likely, your customers do, too. In her Xeim article, Molly...

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#MondayMotivation

#MondayMotivation: Cost is your problem. Price is theirs.

Looking for a little #MondayMotivation? We’re pulling out past stories that are still just as relevant today. Here’s a pearl from Jim: Ticket Buyers Don't Care About Your Costs. That sounds a little harsh, but it’s essentially true. When it comes time to evaluate what they are willing to pay to see your show, ticket buyers do not care what you are spending to create that show. Cost is your problem. Price is theirs. This is a confusing subject for people, and my goal here is to...

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#MondayMotivation

#MondayMotivation: People Value Live Experiences More

Looking for a little #MondayMotivation? We’re pulling out past stories that are still just as relevant today. Here’s a pearl from Jim: The Value of Live Entertainment: Still Growing. The value people place on live entertainment continues to rise. I don’t understand why people in the live entertainment business obsess so much about the increased cost of delivering live entertainment and think so little about the crazy upward trend in the price the market is willing to pay. By looking back a few years,...

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#MondayMotivation

#MondayMotivation: You Could Be Missing a Lifetime of Value

Looking for a little #MondayMotivation? We’re pulling out past stories that are still just as relevant today. Here’s a pearl from Jim: A Customer’s Value Doesn’t Stop at the Checkout Screen. Once or twice over the years, I’ve mentioned the term Customer Lifetime Value. I thought I’d dwell on it for a moment because some might not be clear what it means in marketing terms and why it’s important. What it means, perhaps obviously, is the total economic value of a customer to...

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Marketing

Five Reasons Why Word of Mouth Matters

When it comes to promoting your event, your patrons can be your best sales people. Why? Because people trust their friends' and family's opinions over ads and even social media recommendations. Trust is just one of the reasons why chatter matters. Read more about the value of word-of-mouth marketing in the infographic below, posted on MarketingProfs, from Convince and Convert’s Jay Baer and Daniel Lemin: Read More: Pro Tip: Brand Voice With Kristen Giordani Pro Tip: Customer Service With Shaunelle Curry ...

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#TBT

#TBT: Funny How Supply and Demand Have Nothing to Do With It

Happy #TBT! Here’s an oldie-but-goodie post from Jim: Funny How Supply and Demand Have Nothing to Do With It. [This article was originally published in 2009.] I recently read an article that, though I hesitate to be unkind, is incredibly shallow. Here’s a key tidbit: “Who is responsible for the high prices consumers have to pay to see their favorite artists? Three culprits jump to mind.” The author then goes on to list them. You might want to sit down for this so...

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#TBT

#TBT: Every Marketing Program Begins With the Same Question …

Happy #TBT. To celebrate, we’re sharing an oldie-but-goodie post from Jim: Every Marketing Program Begins With the Same Question ... “What is the intrinsic value of the product or service?” So says Lynda Resnick, creator of POM Wonderful pomegranate juice, as quoted by Harvey Mackay in one of his articles. What does intrinsic value mean? In developing your product and your way of talking about the product, Resnick says you should, “recognize above all that consumers aren’t stupid. They are looking for value, honesty,...

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#TBT

#TBT: Why Are Tickets More Expensive? Because It’s All About Being There

Happy #TBT. To celebrate, we’re sharing an oldie-but-goodie post from Jim: Why Are Tickets More Expensive? Because It’s All About Being There. A few days ago [April 2010], Duke Law professor Richard Schmalbeck wrote an op-ed for The New York Times whose central thesis I would paraphrase as this: In the past, tickets were much cheaper, and the most important reason they are now expensive is that high-priced skybox tickets are partially deductible by businesses as tax write-offs. As uninterested as I...

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Marketing

What Motivates Your Patrons to Buy?

Customer satisfaction may be king, but this Harvard Business Review post makes the case that an emotional connection is the most effective way to maximize customer value, because you tap into their fundamental motivations and fulfill their deep, often unspoken emotional needs. Based on HBR's research, "on a lifetime value basis, emotionally connected customers are more than twice as valuable as highly satisfied customers. These emotionally connected customers buy more of your products and services, visit you more often, exhibit...

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Marketing

Make Your Best Patrons Happy — for a Lifetime

A customer's value doesn't stop at the checkout screen, Jim wrote on this blog. He went on to explain Customer Lifetime Value. "What it means, perhaps obviously, is the total economic value of a customer to an organization for as long as that person is a customer. It’s not just the transaction at hand, but all future transactions, if any, and all other ways that person may create economic value to your organization, not just on that first trip through...

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