29 Apr Orchestra Bankruptcy Could Have Been Avoided with Marketing
Recently the Philadelphia Orchestra, an institution in the City of Brotherly Love, announced that it was declaring bankruptcy.
According to Newsworks.com, orchestra president Allison Vulgamore said, “We actually have not marketed our concerts very well, and not spent sufficient funds on marketing.” The article continued to say that “Insufficient marketing is one of many elements causing the orchestra to come up short” and that “…organizations such as the orchestra tend to focus their marketing dollars on subscription sales because it’s more efficient, but they will have to change with consumer patterns.”
Can you imagine waking up one day and realizing you have to shut down your business because you didn’t tell anyone about it? That’s what happened to the Philadelphia Orchestra. It, like many other organizations and businesses, “saved” money on PR and marketing but eventually disappeared in the public’s eye. It’s like an athlete wanting to save water and then realizing on race day that she’s not hydrated enough to compete.
If you’re in a situation where you’re having to cut budgets, think carefully before you eliminate monies for PR and marketing. If done right, PR and marketing can help businesses achieve their goals, including making money. Invest in efforts that connect your business or organization with your consumers in the right way at the right time, and those efforts will pay off.
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