I’ve been overhauling a section in the Mags2Riches program explaining how to get your customer database set up so that you have accurate information and can use it to put marketing programs in place.
In the process of doing this I had a bit of a tidy up of my own databases, one of which is of course my own magazine advertiser base. After the tidy-up I was able to do an analysis of my current advertisers and particularly how long they’d booked for.
Now I’d always known we have a very high retention rate, but this analysis showed that 83% of my advertisers are on a continuous booking. That means they’ll advertise every month without question unless they call me to cancel. And a further 4% repeat year after year but being in the gardening business only advertise in the summer months.
So if you had 50 advertisers, over 41 of those advertisers would be pre-booked for the following month too (assuming the lower rate of 83%). Well that’s not bad is it?
So whether I’m working at home, working away from home, or on holiday I’m still going to have a good chunk of my income assured. That’s why this is such a fantastic business.