Marketing takes capital. Only liars will tell you differently. They will say you can just work hard and good things will happen.
Capital will not take the place of hard work, but as yeast is a catalytic agent … so too is Capital.
How much should you budget? Even the brightest minds argue how much. I have seen figures from as low as 2% of sales up to 10% of projected revenues, depending on where you are in the business cycle.
Isn’t Markethacking supposed to be about marketing your business for low or practically no costs?
You can’t have a website if you won’t pay for a domain. You can’t go networking if you won’t pay for business cards. You may have expenses, but you have to invest some capital into your project. Ideas and effort alone will not make your business a success.
One key to Markethacking is putting the money into things that matter.
People matter. You can’t be like Tom Sawyer and con everyone into whitewashing your fence while you skip down the street. Raw materials matter. You need the elements that make your product and service.
You can’t say that you will market when you have the money. You will never have the money if you think that.
You can’t cringe and cry when it’s time to invest in the elements of your marketing. See the costs as similar to utilities. You would be lost without electricity, gas and water.
You can’t go cheap on elements of marketing when you have no experience or ability. If you aren’t a photographer or writer, hire one. Hire a good one. Don’t rationalize some half-baked effort and say “Good Enough.” Good enough really isn’t.
Take the time to invest in your future. Set a percentage of each dollar you earn for marketing: 4 to 6 cents doesn’t sound like a lot, but it could ensure that you will have the ability to create the awareness you want in the future.
There is one way to feed the future of any marketing program – fund it.