Before he lost the majority of his fortune due to investments made to attract businesses to his beloved Bridgeport, Connecticut, Barnum successfully promoted the American tour of the Swedish singer, Jenny Lind.
In 1850, Barnum contracted with Miss Lind, for her to sing 150 performances within a one year span of time, at the price of $1,000 per performance. Plus expenses. With the inclusion of expenses, for her small traveling company, that would be equivalent to almost five million dollars today.
Moreover, it established Barnum as a legitimate impressario, or entertainer, rather than a mere huckster. His share of the profits from the Jenny Lind tour was over a half million 1850 dollars, or almost fifteen million in today’s dollars.
Promotion and marketing went hand in hand for Barnum. He was a natural at it because he was good at numbers. Numbers, and the constant monitoring of his numbers was the key to his marketing. He monitored what he was promoting, and matched it to his daily sales.Promotion and marketing went hand in hand for Barnum. The constant monitoring of his numbers was the key to his marketing. Click To Tweet
On April 7, 1891, he asked about the box office receipts for the day; a few hours later, he was dead. He was monitoring his marketing results right up until the very end.
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