Are you marketing on a shoestring budget? STOP NOW
Ian Bosler
I've been helping self-published authors, coaches and consultants to package, monetize and market their unique stories and knowledge since 2004. See my ABOUT section
This morning I saw an article on how to market your business on a shoestring. On the surface the premise seems to make sense until you start to think about how stupid the concept really is.
I’ve been involved in Marketing for over 30 years and in that time I’ve had to deal with large and minuscule budgets but never have I resorted to “shoestrings”. To do so is just plain dumb.
The only way I can see shoestring marketing having any relevance is If your doing marketing wrong. If your marketing efforts are an expense then by all means use a shoestring budget, but if you operate this way why not save the “shoestring” money and cut out marketing altogether…chances are your expense based marketing isn’t working anyway so you may as well save the dollars and invest in a good bottle of red (or single malt).
If you’re doing marketing right it will be an investment in future cash flow generation while building the asset or realisable value of your business. Why any rational business person would want to destroy their business’ value by “shoe stringing” this vital function is beyond me.
Good marketing is measured and accountable. Done correctly you can easily determine the return on investment of every marketing dollar. For example if your marketing is returning $1,000 for every $100 you invest why would you want to cut this back to $1 to return $10? For me I would be looking for ways to invest more; $1,000, $10,000 even $100,000 while at the same time trying to lift the 10x return to 15x or even 20x.
Put simply shoestring marketing shouldn’t enter your thinking for a nano-second. If your caught in the shoestring trap…STOP NOW
Join the conversation and help convert Marketing from an expense into a value generating investment
Retired
8 年I agree - the last thing you want to do is be unable to build your business by limiting you ability to
Business Development
8 年Its great to have Disruptive technologies out their in the market making services more affordable for small business owners.
Green Economy Conference Ops, Community Builder, Program Management, Product Manufacture, Sales and Distribution, Founder Extended Health Span Index & ExO Angels, VP Compliance Agility for ESG/SDG
8 年I agree! This should be a prerequisite to open any business.
Founder and CEO specializing in Emotional Intelligence, Leadership, and personal development coaching using the Kolbe Index. AI consultant and strategist to business, educators and government.
8 年Well said Ian. I agree with your point of view, and perspectives. Thanks for the article.