Page 87 - Duct Tape Marketing

71Chapter 5: Goals, Objectives, Strategies, and Budgets

Your money or your time? How companies decide

Some businesses decide not to invest signifi- attention of potential clients. The agency’s
cant dollars in marketing programs. Instead, marketing investment involves a donation of
they determine that they can best meet their time (pro bono) and checks to the creativity
goals by dedicating time to sales presentations, competitions.
networking efforts, or charitable and social
events where they meet prospects. That ߜ An attorney wanting to attract regional cor-
doesn’t mean they aren’t investing in marketing. porate clients may serve as board member
They are investing time (plus dollars for enter- and volunteer counsel for a community non-
tainment, charitable contributions, and invest- profit organization, knowing that this will
ments) rather than money on traditional generate working relationships with fellow
advertising vehicles. Here are examples of rely- board members who fit the target client
ing on time investment rather than money: profile.

ߜ A small ad agency may set as its goal to ߜ A regional ski resort wishing to attract
add two accounts to its roster. It may decide more families from the local market area
that the best way to do this is by handling might decide to offer free ski lessons and
the campaign of a high-profile charity pro rentals to all fifth graders as a way to estab-
bono. It invests in industry creative contests lish relationships directly rather than via
to showcase its pro bono creative work to marketing communications.
win industry accolades and, ultimately, the

Why a static budget is headed downhill

Every year the cost of advertising, personnel, consultants, and virtually
every other element of marketing go up by at least the cost of inflation. So if
your budget remains static from year to year, your ability to market it is cut
back by whatever percentage the rest of the business world moved forward.

You can cut your marketing budget and reap an extra $100, $1,000, $10,000, or
even $100,000 in the bottom line. But you’ll realize that savings only once.

But if you leave your wisely aimed marketing budget intact, it can positively
impact your bottom line well into the future. Marketing investments keep
delivering even after the ad is finished or the sales call has long since ended. If
you wonder about the truth of that statement, finish this sentence: “Where’s
the ----?” Wendy’s hasn’t run that campaign for years. But the company’s
investment in the slogan Where’s the beef? still pays off all these years later.

You must dedicate time or money, or both, if you want to market your busi-
ness from where it is to where you want it to be.