August 31, 2023

Heading Into Fall

In the 70s, your Labor Day Weekend might have been dominated by watching the Jerry Lewis Labor Day Telethon. Would they get over $30,000,000? There was only ten minutes to go and they were at $28,000,000 ... then they got to $29,200,000 with five minutes to go ... then $29,800,000 with three minutes to go ... and then WOW they got to $31,300,000 ... THEY DID IT!

Yeah. The stone ages.

The 1976 telethon drew 85,000,000 viewers. As a percentage of the population more people watched the 1976 telethon than watched the Super Bowl last year.

Those were the days of a monoculture.

You don't run a business that operates in a monoculture. You have your customers and your zealots and virtually nobody else has ever heard about you or cares about you. You can run a $200,000,000 business with the average customer spending $100 per order buying 2 times per year and that means you have 1,000,000 annual customers out of a population of around 330,000,000 individuals. A huge business ... a tiny fraction of the population.

Based on your comments, a big focus for the rest of the year is nailing down what 2024 will look like. You want to know how much to spend to achieve the size of business and amount of profit that your Owner or Board of Directors or CEO aspire to. Some of you are growing nicely and want to measure your upside. Others are struggling. Either way, you need forecasting guidance.

I am working on one Marketing Budget Experiment in September and another one in October. I can perform about three of these per month, to be honest. So if you need forecasting help for 2024 that aligns with how many marketing dollars you should spend annually to achieve sales/profit objectives, contact me now and let's get busy (kevinh@minethatdata.com).

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