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By Ethically Mad
False economy. Let me explain.
No one likes paying for things they don’t have to. This is especially true in the early stages of a business when revenue is low (or non existent).
However, there is a big danger that in cutting costs you lose more than you manage to save. In some cases it actually increases expenses too.
Common examples of this includes accountants (who should not only save you a huge amount of stress, but save more than they cost), and of course marketers.
All too often we find clients who have tried building their own website, or hired the cheapest person they can find, to try and save money. Rarely a good plan.
Many business owners think of a website like a car. A car (so long as it is working) will get you from A to B no matter if you paid $2,000 or $200,000 for it.
Like a car, a website does takes a person from one point to another. Unfortunately, how well it was designed (which is different from simply looking good) will dictate what percentage of people who start at point A make it to point B.
Business owners who save a few thousand in the short term end up losing far more in long run. It usually takes very few extra sales to cover the cost of building a site well. And a good site will always generate many more sales than a bad one.
It is not just your website though…
We find many Google Ads clients come to us after months or years of managing their account themselves, or paying someone ‘technical’ to manage it for them. We almost always find that the campaigns have been managed badly, and they have thrown away far more than they have saved.
The truth is, setting up a Google Ads campaign is easy. Doing it well is not; and managing it takes time over several months, or even years. This time costs money, but it is a small amount compared to the profit that can be made when done right.
Just about every business owner I have ever met is short on time. Yet they look at getting Google Ads managed as a cost, and think their time is free. So what happens? They try to manage their ads themselves, underestimate the time it takes to learn and to implement, and end up with a campaign that loses money.
Then one of two things happens. Either they realise they are losing money, blame Google Ads for not working, and give up on it; or they don’t realise it is losing money and they keep throwing their money away month after month.
Madness. If they simply hired a professional to do a proper job they would not only saves themselves a lot of time (and most likely money too), they would also make a lot more.
Another area we see false economy thinking is with marketing advice. It never ceases to amaze me how many people get their marketing advise from friends and family who have zero qualifications or experience in marketing.
As the old saying goes, the most expensive advice is often free advice.
I have said it before, and I will say it again… 60-90% of offline business starts with an online search. Marketing gets you found while your site helps make the sale. Do you really want to trust the lifeblood of your business to cowboys or amateurs?
Getting professional advice, and having real experts manage your website and marketing efforts is an investment, not an expense.
Even though I personally know how to set up and manage Google Ads far better than most, I still don’t do it myself. Sure, I could save money if I did. However, it is far better for my business if I pay one of my team who is even better than me.
Keeping up with any one discipline, be it web design, Google Ads, SEO, or any other form of marketing, is a full time job in itself. Each can take months or years to master. Yet the majority of business owners still try to take short cuts, then wonder why they are struggling to compete.
Sure, as a marketing consultant I am biased. I get that. But, even if you spent $5,000 on my services, if I helped you make an additional $10,000, then you doubled your money. Good luck getting those returns from a bank!
The truth is, good marketing advice, professional marketing services, and a high converting website design can all give you much better returns than this.
Here’s the bottom line; if you want a professional business, then hire professionals.
Choosing the cheapest possible website or marketing will cost you far more than you save, preventing your business from growing anywhere near as fast as it could.
Be warned. False economy cripples businesses.
If you would like some expert advice for free, then head to www.EthicallyMAD.com/consulting and use the coupon code UN450 to get a free initial consultation. (Valid for 1 week).