They don’t even know why their own customers are buying.
The last several years have seen huge increases in the admission prices for philanthropic events. For instance, it’s now common to ask for $100K per table admission from hedge fund managers, to attend black-tie affairs in New York City.
The Juilliard School, a private school that specializes in the arts, also in new York City, is now underwriting their benefit tables for close to $1 Million dollars, up from “only” $100K a few years ago.
And all around the country, the cost to attend charitable events is going through the roof! What used to buy you a table of 10, now buys you a table of 8. What was once $5,000 dollars is now $10,000 dollars.
But what’s interesting is that the people hosting these events aren’t even aware of the full power of what they have to offer. They believe people come to these events because of a “certain snobbery.”
And while this may be true in a small minority of the attendees, the host here are missing the boat! Do you really think hedge fund managers, who live and die by the dollar, are cutting checks for $100K exclusively to feel elitist? No way, Jose.
They go to these events for the networking! They know all they need is a few tips or tricks added to their arsenal, or an introduction to someone they’ve been trying to meet, and that $100K “charitable donation” gets paid for many times over, rather rapidly.
Not understanding this is actually preventing these charities from getting even more money, by hosting niched events in different industries.
Just another opportunity cost of not knowing why people buy. For instance, in my business, non-buyers think people come to me for copy — but nothing can be further from the truth. Buyers come to me for strategy — copy is just the mechanism of delivery for those strategies.
That’s why I try and absorb as much as I can about as many different strategies as I can — and then I try and figure out what I can do, to improve on things.
Make sure you’re not making this same mistake that the charities are making. Understanding why people buy from you adds dollars to your bottom line. And in a case like this, what you don’t know, most definitely costs you.
Now go sell something, Craig Garber
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