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The cost of doing nothing

When it comes to marketing, the cost of doing nothing significantly outweighs the cost of investing in marketing.
BY Paul Houston - October 15, 2019

 

When you buy a product, in most cases you have something tangible in your hand and you’re able to instantly visualise the value for money. 

Buying a service on the other hand can often feel like a big leap of faith. Take marketing for example, whether you hire an in-house team or partner with a marketing agency - it doesn’t come cheap. It’s not instantly tangible and depending on your current position you may need to make an upfront investment to get the foundations right before you start seeing a return. 

This can deter businesses from investing in marketing, even though they want to grow their business. However, the cost of doing nothing is much greater.

1. Competitors outperform you

Staying still doesn’t work in todays climate. We all know of market leaders such as Woolworths, Blockbuster, HMV etc. who have made this mistake, but it can happen to any business that operates in a competitive market. 

Whilst you’re just thinking about marketing rather than actually implementing it, chances are you’re going to get left behind.  If your competitors take action to increase their awareness, fill their pipeline and win new business - it's only a matter of time before their new clients are your current clients.

2. Missed opportunities 

“Don’t let fear of the time it will take to accomplish something stand in the way of your doing it. The time will pass anyway; we might just as well put that passing time to best possible use” Earl Nightingale

The longer you do nothing, the more opportunities you are missing.

3. Doing what you've always done

“The most dangerous phrase in language is we’ve always done it this way”.  Grace Hopper

This can be very costly to a business and can be as bad as doing nothing. If you continue to do the same thing you’ve always done and expect a different result - you’ll be throwing good money away. 

4. Chasing your tail 

It’s always tempting to do something ‘quick and dirty’ to try and fix a lull in leads and, to be honest, there is always a place for marketing tactics that drive quick wins. However, if you don’t invest the time to create and implement a sustainable marketing strategy that will help to deliver a consistent return, you will always be chasing your tail.

 

Now you’re ready to take action, you’ve got the mammoth task of selecting a marketing agency.

Before you do:

 

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