All too often a business owner tells me a marketing option is “too expensive.” I was initially perplexed by this statement, because it’s generally made before the owner considers what revenue the marketing will generate. So, when you break it down, what does that really mean?
It’s a huge mistake to measure a marketing endeavor based on it’s absolute cost. Given two options: spend $10 and earn $100 or spend $1,000,000 and earn $10,000,000; Which would you rather choose? The first option is “more expensive,” but the second option gets you $8,999,910 more revenue (less the marketing expense). The true measures of feasibility are things like probability of success and return on investment.
If you really can’t afford marketing, I suggest you explore additional capital or reevaluate your business plan. Very few businesses can be successful at making money without spending money. Even if you are profitable, consider the potential to be more profitable, as the example earlier illustrates. Running a business is inherently risky, and being overly cautious, especially with marketing could be a costly mistake. You have to spend money to make money.