Jul
29
Follow The Money…
Filed Under Marketing | Author: Gerald Smith |
Whenever government or business suspects fraud, auditors never rely on testimony, hearsay, or opinion; instead they follow the money trail. Follow the money and you will find the motivation. Does your marketing motivation reflect your investment?
Sure, we follow Process for effective campaigns, but in the end after much discovery, diagnosis, and a prescription, you will still ask, “did we make the necessary investment for success?” A client of mine used to always ask me after establishing his annual budget, “what would the next thousand dollars buy me”? He understood buying power, and recognized that the last dollar always buys more than the first.
If you’ve ever built a house you understand this fact. Once the foundation, walls, and roof are complete, the rest is aesthetic. But it is also that which we receive the most daily enjoyment from. And as you would give caution to ‘over’ building in your neighborhood, similar caution should be given toward establishing your marketing budget.
The good news is that we can follow historical industry benchmarks for determining an appropriate budget. The bad news is that these same industry benchmarks include data from companies who have failed to spend appropriately and ultimately may have returned poor results.
The answer begins with effective Discovery. Begin every campaign with the due diligence necessary to identify the options for accomplishing stated goals. And just a little reminder: effective Discovery always begins solution-neutral. Self-diagnosis is the ‘cardinal sin’ we most often see committed by new clients. When you are consumed by the latest trend, every problem seems to require a trendy solution.
- First, make a commitment to honest Discovery.
- Second, trust the experts to Diagnose the symptoms.
- Third, commit to what the experts Prescribe.
- Fourth, Evaluate regularly and react to necessary change (p.s. expect change).
“For where your treasure is, there your heart will be also.” (Luke 12:34)
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