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.
Iâ€™ve been involved in Marketing for over 30 years and in that time Iâ€™ve had to deal with large and minuscule budgets but never have I resorted to â€œshoestringsâ€. 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 â€œshoestringâ€ money and cut out marketing altogetherâ€¦chances are your expense based marketing isnâ€™t working anyway so you may as well save the dollars and invest in a good bottle of red (or single malt).
If youâ€™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 businessâ€™ value by â€œshoe stringingâ€ 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 shouldnâ€™t enter your thinking for a nano-second.
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