It Doesn't Take Money to Make Money

Given the tough economic times, a lot of business owners are in the "it takes money to make money" rut. This line of thought is forcing many owners who see their bottom lines shrinking to pull back on marketing efforts.

From a marketing perspective, now is the time to get out of that rut.

Recall that money is not the only currency in marketing.

You can do a lot with time and energy. Arguably, you can do more with time and energy than money alone.

A wise investment of energy, for example, can lead to greater creativity, a fresh look at an old idea or a new way to leverage resources.

But energy doesn't produce itself. The First Law of Thermodynamics teaches us that energy can neither be created nor destroyed. It can only change forms.

So don't think that you can energize your marketing by just sitting there. You can't just create an energy and buzz around your brand. But you can change its form.

Think of ways to divert the energy and attention towards you and your business. Use your own energy to convert it into different energy like new customers, repeat business or referrals.

Instead of sitting in your rut of "I need money to make money" get out there and drive the energy bus. Move your business to the next level with pure energy: go the extra step, ask for that close, create value, uncover new partnership opportunities, feed the "word-of-mouth" buzz, deposit referrals into the Golden Chain of Referrals. Marketing energy alone can go a long way!

Take inspiration from Chris Farley and Adam Sandler that created comedic energy from a couple tables full of food in their famous "Energy Brothers" skit on Saturday Night Live.

You don't need money to make money, but you do need energy.

3 Currencies of Marketing

"Slash your marketing budget" is one of my favorite recommendations to small business owners.

There are many ways to market your business that don't require significant financial resources. Here are four no cost marketing initiatives.

The key to these initiatives is the understanding that successful marketing is funded by three separate currencies: money, time and energy.

Money is obvious. It takes money to make money. It takes money to hire a marketing consultant, advertise and otherwise get your name out there.

But money alone does not make marketing successful. In fact, some of the most powerful messaging can be created without spending a lot of money.

For this reason, I recommend small business owners consider investing time and energy into their marketing. Allocating time and energy to a marketing challenge often times results in greater return on investment than money.

Take time, for example. I generally recommend that businesses dedicate at least 10% of all revenue to marketing initiatives. What if business owners spent 10% of their time on marketing? That's really only one hour a day for most.

A lot can be accomplished in one hour: post a blog, give a presentation, cold call, network, optimize other marketing communication or strategically plan your Marketing DNA.

But don't look at time as simply punching the marketing clock. Energy is as valuable as time when it comes to marketing investments. So dedicate energy as well as time.

Investing your energy will allow you to think through your marketing challenges and it will ensure that the time you allocate is well spent.

One great way to invest energy is to generate referrals for other businesses. The Golden Chain of Referrals should start with you, and this strategy generally requires much energy to know the businesses and know to whom to refer their services.

In all, marketing doesn't need to cost money. Time and energy are equally valuable currencies to move your business to the next level.