For comparison, consider an ISC West. Divide the cost per booth visitor and it is in the $100 range. Only factor in new leads and real prospects and it is hundreds of dollars per.
So $50 to a targeted lead that likely gets a very high response rate is not crazy at all.
I didn't vote because I don't think it is good nor bad - though it is certainly unique. My spam mail never contains cash.
Customer acquisition costs are always a factor in growing a business - I kind of admire the directness of this approach, though I'm not sure how effective it would be in the long run.
As an up-front, splash scheme (especially in any smaller industry with few large players) I could see validating the up-front spend... however, if you are gonna offer cash just to get people to listen, what you say better be pretty convincing, yes? :)
Chesapeake & Midlantic | 07/19/16 08:32pm
I'm wondering what the ROI on this campaign ends up being.
After reading that there is one thing I now know... from this point on, I will not toss junk mail out without opening it first. Heck who knows, I may find a fifty dollar bill in it!
I like the bit recommending 'donate' or 'give' away, without even the option of keeping it for yourself being given.
This is to reduce the feeling of being 'bought and paid for', which might make one uncomfortable and avoid the meeting even after taking the money.
I don't think I would want to be a customer of a company who gives $50 bills away.
Pro Focus LLC | 07/20/16 01:46am
I see it as a clever way to grab attention. I don't care who you are, cash is king and will always elicit a response. It doesn't matter if you have tons of money, you always want more.
I have 3 managers in the crestcom program. I believe it is very good value. The cost is 6000 per manager. Govt education grant has underwritten 70% of that cost.
The program was recommended to me and I didn't get the $50. I think it is a good way to get appointments from qualified leads.
Lots of options available.
I like the format of the program. 1 Education session per month (4hrs) with other managers. Program is 12 months long. The education consists of watching videos of experts on 2 topics each month. The student has to do 3 ROI projects that impacts the business. They have a mentor (an executive) in the company to help with their development and remove roadblocks. They also have a monthly check-in with the facilitator and the mentor and review progress of the project and the lessons learned in the education session and action plan. I have sat in on the check-in and observed the managers and mentors are very engaged and the peer managers are giving good feedback to each other.
The success is probably related to the skills and experiences of the facilitator. Classrooms in college may not be the best environment for attracting participants who are already doing the job and have real world issues that could make the learning practical. A formal curriculum may not provide the same experience.
Doesn't look like I'm going to see a note from Ulysses S. Grant anytime soon the way Ms. Busch explains her $50 program:
...one of the questions posted to the update: "Does she send random $50 letters to everyone?" Heck no! I'm not crazy!
What I know from experience is that CEOs with small to medium sized businesses appreciate the $50 and often use it to recognize one of their employees, or take their team to Happy Hour.
My belief is founded on seeing the results myself. And if that means sending a few $50 bills to Presidents and CEOs that I think I can help, I’m willing to take that risk! And when it leads to a decision to enroll their team in Crestcom's leadership development program, they thank me for taking the risk.
So, remember you should thank her for giving the $50 and also thank her for risking the $50...