Today, we're going to talk about five marketing expenses
that you shouldn't be cheap on.
So building on the last episode, the number one thing that you
shouldn't be cheap on when it's, when you're hiring talent.
Okay.
Neil and I have learned this over the years, trying to nickel and dime
to save, a few extra bucks is just not worth it at the end of the day.
If someone knows what they're doing, they know what they're worth,
and you should just pay it if not pay them a little more, because
if you want a good job done you.
You pay the people that know what's going on.
So the analogy I've used in the past is if you're going to hire someone
to redesign your home, or I guess even more extreme, you've got to
hire someone to do surgery on you.
You want to have someone that's a specialist, that's done it
a lot, because it's a very high stakes type of thing.
And if you decide to go cheap this is broad across the board.
You know what.
You're gonna have to pay the price for that.
Long-term because the time that you lose is actually more
expensive than the dollars that you're trying to save.
Neil, number two, branding in marketing, everyone thinks
about ROI, spend a dollar, how much more I'm going to make.
I want people to start thinking about a, spend a dollar.
My right audience may sees me.
They may not buy for me.
That's okay.
In the long run, I'm building a brand.
What do you think about.
Products that you buy on a regular basis from toothpaste
toothbrushes to toilet paper.
A lot of it's related to brand, even things like your laundry
detergent, even when you buy things that are infrequent like a car,
you're not always Googling best car to buy, a four-door sedan more.
So you're just like, I want a BMW.
I want a Mercedes lot of that is related to branding.
So don't be cheap on brand.
Yeah, number three, we talked about events in the last episode.
I think going cheap on events is actually going
to hurt you quite a bit.
So when I say events, I can mean a small dinner or even hosting
a larger event with 50, 150 people or thousands of people.
Neil and I have spoken to a lot of different conferences
around the world, and we've both been to conferences
where they go cheap on it.
And you can tell when they go cheap on it it actually becomes
a conversation and it actually hurts the brand to Neil's
point talking about brand.
When you think about conferences, don't try to go cheap, make sure it's
an amazing experience, not just on the speakers and the networking side.
You have to make sure the entire thing is top-notch.
Same thing for dinners too, right?
If you're gonna invite people to a dinner, what I would recommend
personally is if you're able to afford it, you gathered the people
and you just cover the bill and make sure, you just make sure it's a
private room and that's gonna already be an amazing event cause you're
putting together and you're paying people or you're paying for the meal.
If you put, I've been to dinners before where it's not exactly the
best dealing when I get invited to a dinner and then I'm asked it's not
like I can't pay for it, but when I'm asked to pay for it and we're asked,
I'll take our credit cards out.
It's not exactly the best experience.
So don't try to go cheap because people will actually talk about it.
And it's actually going to have a negative effect longterm.
Number four content is king.
I recommend that you produce a lot of content.
What you'll find is in marketing, producing blog, content, social
media content, the videos, the audio content like podcasts.
It's really hard to track the ROI and generate a massive return on
it, at least in the short run.
But the thing is you're building that community.
The future of marketing is owning your audience.
Kylie Jenner didn't end up creating a billion dollar company
because she created a makeup.
I think it was it makeup or lipstick?
Either way.
It was a beauty brand and she didn't do it by creating the beauty brand.
She did it by building an audit.
And then leveraging the audience to sell products.
If you created the company first and then her brand, after
it wouldn't have done well, she had to build the audience.
First audiences are worth the arm and a leg.
So create the condos that you can build on.
Yeah, number five last but not least.
This one, you have to be a little careful with, but obviously you
don't want your software expenses to compound uncontrollably.
So you want to be managing it.
You can use a tool like Brex that's B R E x.com.
Or you can use ramp.com to manage employee expenses as one kind
of shut things down on and off.
But.
What I found over the years is trying to go cheap on
critical marketing software.
So it might be like a CRM is not exactly the best move, because the
CRM actually provides a lot of value.
So I think if you're starting out, yes, absolutely.
Let's just use CRM as an example, and use a pipe drive or use
something for free, right.
That can be, even use a spreadsheet, but as you
get bigger and bigger yeah.
Actually shelling out the dollars to pay for like a HubSpot or
like a, even an active campaign.
As an example, they're becoming a CRM.
That's going to actually pay off for you because you should look
at it as are you getting a four X, five X, 10 X return from this.
So again, if it's critical software, don't try to go cheap on it.
I'd say for other software, make sure you cut ruthlessly.
So you gotta be careful there.
That is it for today.
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All right.
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