With vacation and business travel it has been difficult to post to the blog regularly, however a 15 hour flight to Mumbai gives you ample time to reflect (and sleep, and watch a movie or two…!)
This week I will be presenting at MarketingSherpa’s B2B forum a case study on how to do more with less. I will post the slides through SlideShare after the event but a quick preview.
In today’s economy, it’s ever more important to think about the opportunity cost of all of our investments in marketing. A quick reminder in case it has been awhile since you took an economics class: for every dollar you spend, or good you make, there is something else you can’t buy or a good you cannot make as a result. This good or service that is foregone represents the opportunity cost of your investment. In marketing that simply means that ever dollar counts twice: once for the activity we are going to run, and the second time for the activity we can’t do as a result.
When budgets are flush this math is less important. But in times like these, it’s extraordinarily critical. And it often leads to planning paralysis because we have so many great ideas on what to do, we get overwhelmed by what we can’t do. In that moment of indecision crucial time is lost.
One way my team helps break through this is by looking for ways we can “force multiply” our spending. This means we try to run programs that have multiple threads attached to them. For example rather than doing your own podcast, partner with a publication to run the podcast and secure a lead guarantee and name generation campaign to help feed the top end of the funnel.
When you start stringing some of these multi-threaded concepts tighter into a campaign you can stretch your dollars dramatically even without a huge staff to execute on multiple fronts. Look for more details and results of how we did this at Ness soon.
I am also interested in how YOU have done managed your opportunity costs as well. Send me your ideas by commenting here or to my Twitter account @ajdun and I will happily share your ideas with my MarketingSherpa audience.