Thursday, August 9, 2007

Make More Money Promoting

I want to let you in on a secret about promoting that you'll
only find out once you get big in this business....

Once you get big, once you become a "big-time promoter"--
(and this will happen when you promote more and more parties
and become a big name in YOUR nightlife scene), you're going
to get busier and busier.

Wait, before you get too nervous--when i say busy, i mean,
you'll be attending more parties, restaurant openings, sponsored
events, etc, etc.

....All cool stuff.


But if you're going to be out hitting up celebrity events or
hosting grand openings, you're going to be away from your day
to day business.

Trust me, this happened to me. I never realized this would
happen but i kept on getting invitations to amazing events
that i just couldn't pass up. The more events i attended,
the more invitations i got to other events. Soon i realized
i was a guest at more parties then i was THROWING!!!

And unless you're looking to make less money each week, (and
I seriously doubt that you are) you have two choices...

A) Work Harder

or

B) Work smarter

My Choice? Of course, B: I rather work less hours that
are more productive.


Sure you could always put in more hours during the days,
nights, or weekends to make up for the time that you are
away from your business when you are out attending these
other events.

And You could also skip these cool events altogether, but
i honestly wouldn't. They are a lot of fun and they are a
big perk of the job.

Not too many jobs allow you to go to red-carpet events
with models, celeb's, an open bar and free food--so i say
enjoy it!


Personally, i just rather work smarter...use the time
i do have to be much more productive.

There are a million ways to be more productive with your
time and I'll save most of those for the time management
experts...

But there is one time saving method I did want to discuss
because I'm a BIG fan of it and i use it when doing business
EVERY SINGLE DAY!

The method I'm talking about is the 80/20 rule of business,
and i strongly recommend you apply it to your daily promoting.

If you are unfamiliar with this method, here's how Wikipedia
defines the 80/20 rule: "The assumption is that most of the
results in any situation are determined by a small number
of causes".

************************************************

Basically this means that 80% of your business

is going to come from 20% of your clients.

************************************************

So, if you know that the majority of your money (80%) is
only coming from your bigger clients (these 20%) then
why not spend your valuable time focusing on these clients?

Here's the big question...and I'm answering it before you even
ask it....

How do you know who falls into this 20%?

Here are some questions to ask yourself to help figure out
which clients fall into this 20%:
**Who comes to your parties on a consistent basis?
**Who brings lots of friends to your parties?
**Who stays at your parties the longest?
**Who celebrates all their big occasions at your venues?
(birthday's, graduations, promotions, engagements, etc, etc)

Once you identify who your key clients are...the 20% that
are going to bring in 80% of your money...then you can
focus your time with these clients and spend less time on
the other 80% that will bring in much less money (By no means
should you IGNORE that other group---they still are paying
customers that can put a lot of cash into your pocket!)



Here are 3 examples of ways that i use this 80/20 Rule to keep the money coming in every single week...

1) When i make my weekly phone calls to personally invite
people to come to my party, i will call the key 20% group.

I only have so much time to make calls so I rather spend
that time on the most important clients. I don't use it
to call my best friends, a guy that might come with one
other person, or even that cute girl that I'm hoping comes
back. (Well, maybe I'll call her if i have some extra
time).

Instead, i use this time to make sure the guys that buy
bottles of Grey Goose are coming. Those are my big hitters
and i want to make sure i have them in my lineup for the
night.


2) Handing out drink tickets or comps:
I only have a limited amount of these tickets to pass out
to clients so i make sure that they go to people that are
on my list of better clients.


3) My VIP Room:
In all my venues i like to have a VIP room or VIP area
for my better clients to feel, well, VIP.

I go into a lot more detail about this in my book, The Party Promoter Guide, but having a VIP area is a great way to make clients
feel like you appreciate their business, WITHOUT you

spending any money out of your pocket.

So, I fill this area with good looking people and all
of the people on my top 20% list.


There are many, many other ways to apply this method to
the promoting business (or any business for that matter)
so start thinking who's on your "Top 20% list" and focus
on them to maximize your time and profits!!!