Here is a scenario. You have a choice of two options. You can either:
1. Keep $100 dollars, and lose nothing
2. Invest in a company, with a 60% chance you will double your money, and a 40% chance you don’t, but don’t lose money.
Pretty simple, right? Most people will probably choose option 2.
Now try this one:
1. Keep your $100 dollars, no matter what.
2. Invest in a company where you have a 40% chance of receiving $1000, but a 60% of losing everything. What would you choose?
Interesting enough, those same people who picked option 2 in the first one, may change their mind and pick option 1. Why?
As a young business owner (and marketer) I have noticed that more people are incredibly risk-averse when it comes to opearting a business. If you are so afraid of risk, how in the world did you get into the world of entrepreneurship?
Who knows, but the fact is you are, or know someone who is, and they are currently holding tight to the cash and assets they have as they lose money.
Yes, you read that correctly. This is one of the only arenas where the adage “if you don’t use it, you lose it.” But why is that?
A product or service can only sold if an audience knows about it. A simple marketing principle, we’re not going to make anyone’s mind explode from that fact. But if one is just sitting there doing nothing to attract customers, how are you going to move your product or service? It’s tough out there folks, and people aren’t walking the streets throwing $100’s at every business they walk by. What I am trying to say, is that if you are sitting there doing nothing, not only are you losing business, but it makes it more expensive for you to STAY in business.
Marketing solves that problem. Last week I had the privilege to be a Company Advisor for Pennsylvania Free Enterprise Week (PFEW) and one of the speakers there affectionately called marketing the “voice of business.” Makes sense, right? Why else would a business talk if it’s not trying to sell something?
I know the economy in Charlotte is worse than many other areas, but closing the purse strings and shutting the purse in a sound-proof lock is not going to help the situation.
Nor am I suggesting to spend copious amounts on marketing (as much as I would want to, simply not realistic) but to be smart and look at the many channels your organization can use to improve your organization’s awareness.
Spend it and gain business, don’t throw it away and lose business.