Golf Math: How Much Less Would It Cost To Do Business On The Links?

Yes, you read it right… LESS!

My favorite expression I hear often and love to debunk is when a business owner tells me they want to golf more but it’s too expensive. My second favorite is when they say they don’t have time. I’ve helped hundreds of business owners grow their business and it just isn’t true – unless, of course, you’re a complete idiot and after 4 hours with you no one ever wants to see you again.

As a matter of fact, I would challenge anyone to prove that they have a better conversion rate anywhere else.

In corporate America, I can leverage similar examples around building teamwork, making critical decisions, getting key decisions turned in your favor and even raises.

Being in a beautiful environment where you can’t rush, there’s lots of downtime to be human, and you have people’s undivided attention is a gift. It helps us decide if this relationship is a good fit for you or not. Rather than me spewing hundreds of statistics about how you’ll earn more – do a simple Google search.

Despite all of the research done on the topic – there are those who still don’t believe. I’d like to fix that today.

Let’s look at your last sale. Chances are you probably spent time and money trying to find a lead that was right for you. Lead and brand marketing? Networking to get to the person you want to know? Phone calls and pre-meetings before you got actual time with them. If you use Gary Vaynerchuk’s boxing metaphor, minimally, it’s a ‘JAB, JAB, JAB, Right Hook.’ (For those who don’t know this strategy, Vaynerchuk says you have to give 3 times before you can ask for the sale.) All that giving takes time. Why do you have to give? Relationships fuel sales and it takes time to build relationships.

I might argue that in 18 holes you can build 3 solid new relationships at one time. Seems like a productive use of time – nevermind being a better way to spend everyone’s afternoon.

So let’s use a real example:

Bob is a client. Bob spent $23,500 on marketing last year and acquired 14 new clients. This did not include travel, entertainment expenses or time spent. On average, this averaged about $950 per client. This brought his average client acquisition cost to $2,629 and doesn’t account for the time spent romancing prospective clients and managing his sales funnel.

Bob and I looked at his acquisition costs together and asked, “What if he had leveraged Network&Golf?” His first response was, “Well then I’d get back out in the field and sell, too!”

We did a little golf math and he strongly believed he could cut his acquisition cost in half! Bob also believed that they would not have wasted their time with a couple of clients who they ended up losing money on had they played golf with them first.

It’s hard to fake it for four hours.

Turns out, by the way, when we asked his 3 salesmen, the one with the best results always golfed with his clients and accounted for half of the company sales and had the lowest expenses.

Here’s Bob’s math:

Today’s COA (Cost Of Acquisition): $2,629/per client

After looking at his top salesman’s results and the Network & Golf program, Bob believes he can:

  • Cut his marketing costs by 60%
  • Add 10% of what he saved to his travel/entertaining budget to now have meaningful conversations with twice as many clients each year more simply
  • Have a happier team who produces even better results.

Bob also decided he would leverage Network & Golf internally to plan team building events and hold monthly business statuses with his sales team. Our favorite line?

I bet we start seeing leads come to us just because some of these guys know we’re going to bring them out on the links to talk business. Everyone needs an excuse to golf more!

Based on industry sales and marketing statistics, this quick chart will show you how golf can actually save you time as well.

It shows how much time the average sales rep spends from acquisition to close (of course there are exceptions, but this is based on national averages.) Think of all the networking meetings and handshakes. Add in phone calls, coffee meetings (and travel back and forth) and trips to their office. Now compare that to using Network&Golf to capture a meeting and then having a relaxing 18 with 3 potential clients at a time:

The math adds up. Doing business on the links is not a luxury, it’s a savvy strategy to build better relationships and grow your business.

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