The most common objection we hear from potential clients centers around cost. Many businesses and individuals either don’t have the money or do not want to pay for marketing services. Some have even gone as far to say paying for marketing services is a waste of money. We obviously disagree with that statement, but in general we think businesses focus too much on the money costs without factoring two other types of cost that could be applied to marketing: time and opportunity. Fact is even if you are not cutting a check for someone to manage your marketing efforts, you are still paying in some way.
You can assign a value to money and time, however there is not way to give value to lost opportunity.
How You Might Be Paying For Marketing
Just like there is more than one way to skin a cat, there is more than one way to pay for marketing. Here are three ways you might be paying for marketing:
- Money: You might hire a marketer internally, choose an outside marketing company, or going with a combination of the two. This is the most explicit form of payment as it directly impacts your finances.
- Time (opportunity cost): You might choose to handle your own marketing. This saves money, but prohibits you from doing other things to improve your business.
- Opportunity (market/growth): This form of payment is the one most overlooked. Marketing allows you to gain a larger profile and grow. If you don’t take this opportunity one if your competitors (local or national) will and eventually you will lose market share.
Depending on your goals and resources, paying for marketing with time and/or money are acceptable. Sacrificing your place in the market or losing out on the opportunity for growth are not acceptable forms of payment. If you choose not to market your business you are paying with opportunity. And the worst thing is you most likely will not notice until it is too late.
Small or Large, All It Takes Is ONE Step to Get Started
The second most common objection to marketing is not knowing where to start. Here are some ways to get you going:
- Evaluate your resources: Understand how much time, money, assets (images, photos, videos, etc.), you have available to to devote to marketing your business. This will help you make the best choice for your current situation.
- Set goals – Defining your goals will help you understand what actions you should take to get the most out the time, money, and effort you devote to marketing your business.
- Make a plan – Goal setting is a part of developing an overarching marketing strategy which details the intersection of your marketing and business strategies. This ensures all aspects of your business are aligned.
Marketing is something every successful business must do. Paying in either money or time are acceptable depending on your resources. What is not acceptable is paying in lost opportunity because it is impossible to know just how much you have truly lost. Often times the hardest step to take is that first step, but it may also be the most important.