by Jaynell Hogan
We all go into business pretty much for the same reasons: freedom to work our own schedule, freedom to make our own decisions, freedom to do exactly what we love doing, and on and on.
But what we sometimes forget is that freedom has a cost. We have to invest in our business.
It's strange to me that so many business owners and entrepreneurs look at the expenses of marketing their companies as just that... an expense. It seems to me that spending your hard earned money on marketing is just as important as hiring a great team to work for you.
Redefining your thought process about business expenses vs investments is an ideal debate to have with yourself. We all know that we have to invest our salaries into our retirement accounts for the future but we don't think about that same idea for our businesses.
Developing an annual marketing plan with specific objectives, defined goals, measurement objectives and a defined budget is by far just as important as making a deposit into your own personal 401k accounts.
The basic investment principle that we've all learned applies here as well: when the market is down invest a bit more, hold your position and wait for the corrections. If you've planned ahead and set your priorities properly for the year you shouldn't have to make the big correction... cutting your marketing program if the market changes or perhaps the dynamics of your business.
We've all made some poor investment choices, but investing in your company by developing your points of differentiation, creating your company brand, and growing it over time is the same as managing your portfolio.
It must be done, you must have a plan and corrections can be made but over time the best thing to do is to make that oh so ever hard decision and invest in marketing your business every year. It's a deposit in an investment account that you can take to the bank.
If you’d like to talk with Gazillion & One about making the most of your marketing investment, contact us online or call (616) 842-7000 to get the conversation started.