First we need to do a little research and ask ourselves some questions to determine how much a golf member is worth over the lifetime of the membership.
What is the lifetime value (net worth) of your golf member?
How much will they spend upfront at the point-of-sale to become a member of the golf course?
How long does the average golf member keep his/her golf membership?
How much, on average, will the golf member spend over the duration of the relationship?
Now that you know the residual value of your member, find out what you can afford to spend to get him/her in the door.
It’s important to look at both “golf prospects “and “golf members”, so you will know the value of both.
What is your closing percentage, i.e., how many golfers that come into your golf course commit their loyalty to the golf course?
For example: Ten golfers come in and ask about a golf membership, what is the percentage of the ones who will be pledging their loyalty to the golf course by procuring a golf membership, sports membership or social membership?
Let’s say your closing percentage is a dismal 20%, which means you need to get 10 prospects (golfers) to your door to sell 2 golf course memberships.
You already know the value of the golf member, now what does it cost you to lock-up the relationship?
Add up your entire marketing budget for the past 3 years and you will be able to determine how much it has cost to capture these new golfers. You will also learn if your marketing efforts were effective and if so, which mediums and golf marketing campaigns were the most productive giving you the greatest ROI.
The nice thing about doing this research is you will now know what you can afford to invest into acquiring new golf members. The goal is to invest into results; not just advertising.
Know the monetary value of each golfer and you will grow your golf course, the game and your golf career.
For more free tips on growing the game, increasing rounds through golf course marketing, golf marketing, golf course campaigns, golf campaigns, professional golf membership sales and advancing your golf career visit us today @ www.golfmarketingmmc.com or call 904-217-3762.