Slash Your Marketing Budget

Slash your marketing budget. That’s right. Don’t just shave it. Cut it.

What? Cut your marketing budget? Isn’t that the last thing a marketing coach and consultant should recommend? Perhaps, but hear me out on this one.

Businesses, small and large, cut marketing expenses when things are tight. Nothing out of the ordinary.

In fact, it is something I hear from clients and prospective clients all the time. Just the other day, I initiated a conversation with a local surf shop owner and his exact words were “I can’t afford any marketing.” These words should come as no surprise.

The surprise, however, lies in my response. Most clients expect me to argue why they should increase their marketing expenses and invest in some initiatives. Instead, I floor them when I agree with their strategy.

You see, successful marketing—much like anything—requires a wise investment of resources.

Notice I say “resources” and not “money.” Marketing is more than throwing money at an ad or a website.

Marketing requires three resources: money, time and energy. If you cut out the money part, you still have to dedicate time and energy. So go ahead and cut the money part. Or significantly reduce it. Instead, focus your marketing investment on time and energy.

Get creative.

Think about marketing initiatives that do not require money. Partner with another local business to share resources, pay for event sponsorships in products or services, leverage social media to create some buzz. In other words, put the pocketbook away and instead spend time and energy to get your name out there.

After all, if you prescribe to the Seth Godin view that marketing is everything (which I do), you already invest significant time and energy into your marketing every day.

So do what most businesses are doing now and slash your marketing budget. Just be sure you compensate with more time and energy.