In an article in USA Today, the cost of the XXX Olympiad is estimated to be between $15 – $38 BILLION. ($ or €…does it matter?) What’s interesting is the original cost estimate made by the British Government was $3.8 Billion. They only missed it by a factor of five to ten. Sound familiar?
Obviously the world is focused on the British Isles and the wonderful people and traditions of England, Ireland, Scotland, and Wales. The City of London has shined in the eyes of the world, and the NBC Coverage, while criticized, have seen record ratings. Consider the following question:
What has all this done for the British Olympians?
As of this writing, the medal count is as follows:
- China – 30
- United States – 30
- Japan – 17
- France – 13
- Germany – 13
And we find Great Britain in the #9 Spot with 10 medals.
Often the home nation gets a good bump in medals, but this has not happened to-date in the Games of the XXX Olympiad. One can ask with some justification if the money spent – invested – was for show or for dough. While it is far beyond the ability of this writer to answer that question, the following question can be asked with some degree of credibility:
Is YOUR spending for marketing and client events for show, or is it for dough?
Too often marketing and client event dollars are spent to look good, not to provide value. Value to clients means education and information, and a deeper relationship with the advisor. Value to the business means increased growth in number and quality of clients, as well as client retention. Ask yourself five questions:
- Does our client event marketing provide mutual value, improved relationships, and more referrals?
- How do we measure the ROI of our marketing expenditures?
- What do we need to start doing that will increase ROI?
- What do we need to stop doing that will increase ROI?
- What do we do well and need to keep doing with our marketing plan?
Work Hard & Have Fun!™
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