Many business owners are attracted by the idea of marketing at low cost or even no cost.
I think that is a mistake.
Because marketing is tough, spending money is seen as risky.
Spending a lot of money is very risky.
Unfortunately past marketing mistakes tend to make these owner-managers shy away from repeating the mistake. While that is common sense, the solution is sometimes twisted:
- Away from spending money on marketing
- Towards low cost high time marketing techniques like social media marketing
- In preference to finding ways that making marketing more successful.
Unfortunately new business owners are seen as easy prey for marketing media sellers who persuade these eager entrepreneurs to buy expensive websites and advertising campaigns without offering any kind of guarantee of results or satisfaction.
A better approach than trimming marketing costs to the bone is to look at ways to maximise the difference between the costs of acquiring a customer and the lifetime value of that customer.
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