Massive Impressions has to raise prices for online marketing and advertising services. This was caused by marketing that’s too good, and a reputation that created too much demand. We hate having to say No, but that’s what has been happening as our economy has begun to heat up in 2017. Do you want marketing that will let you do that? Do you want to find out how we created too much demand?
What happens if a business does too well with their marketing?
Suppose a business invests years in developing a positive reputation, and focusing marketing and advertising effort in the right directions. They succeed at reaching new audiences. All of a sudden there’s a lot of people knocking at the door, and they all need work done at the same time. Suppose it’s a business that had very competitive rates to begin with, some of the lowest rates for the high degree of experience and success rate they bring to the table, but client budgets seem to be getting bigger.
How can you tell if your marketing is too good?
- New clients keep calling and contacting you.
- Old clients keep you in mind and ask for new work.
- The quantity of the work coming to you increases.
- The work you’re being asked to do is more of what you want to do.
- You’re having to turn work down.
- You’re telling more of your least profitable opportunities “No”.
What should a business do when it’s got marketing that’s too good? Try to grow faster than possible? Say No? Both those things don’t help the new clients who need help the most. Both those things can leave the business and its clients with less fortune. Instead the logical thing to do is follow the law of supply and demand, setting the cost higher by virtue of demand when the supply can’t be expanded rapidly.
We’re in a heating up economy. Time to move is now.
This is one of those periods of economic expansion in the USA. Not only are there incredibly big transformations occurring across industries, but audiences are maturing into levels of awareness and expectation faster than ever before. Keeping up with these unprecedented opportunities means focusing expert attention to get the first-mover advantage in expanding markets. Digital hunger for new dimensions of interaction and the smartest SMEs are expressing themselves not just with messages and media, but with profit generating digital plans that accelerate ideas faster and faster. Audiences want more and more. This is no time to hesitate.
We apologize for having to raise prices.
Our old price list had prices based on $85/hr. This new price list has its prices raised to $125/hr. This is still highly competitive although it is a 1.5x difference. Doing this makes it possible to keep our quality as high as clients expect it. Our costs have gone up. The inexpensive tactics of yesterday have become over saturated and fresh new tactics are required. Many of which are pay-to-play, highly commoditized and subscription based where before they free, widely priced and able to be acquired via one-time fees. We can’t use the tactics of yesterday and pretend, we have to use what’s going to work tomorrow, and be honest when even best efforts fail.
Do other marketing companies talk about raising their prices like this? There aren’t many. Google it. We couldn’t find many talking about having to raise prices. Maybe their marketing wasn’t so good they didn’t have the same problem we did.