Regardless of what you’re up to, there’s a certain amount of time and money required if it’s worth doing at all. Some people think that you can just throw money at it, and that will solve the problem. And others think that if you put enough time into something you should be able to reap the rewards.
Marketing your business, however, requires a commitment to both. If you put no time into it, it isn’t likely to produce much in terms of results because there was no real connection on your part. Without taking the time to plan out your strategy, determine who it is that you work best with and uncover what it is that they need to know about you, you’re probably wasting any money you’re spending on marketing your business.
If you commit time only, without any money, your results are also likely to be somewhat dismal because you’ll still have limited reach. It takes money to join various professional groups and associations and to attend conferences, and educational and networking events. It takes money to reach a more specific audience, but it’s money well spent when you’re speaking to those that actually value what you do.
And don’t forget about the opportunity cost of your time. If you charge $150 an hour for your services, and you spend several hours on activity that has limited reach or benefit, that hourly fee you’ve forgone needs to be figured into your budget.
It takes time and money to reach the quality people you want to reach. Even if you’re talking about a networking event, it takes time to go to the event and it takes money to get in to the event. Frequently, a higher price ticket means a better quality audience to connect with. Regardless, the point is that you have to look at your investment in both time and money.
You can always make more money, but time will forever be limited. Is it time for you to sit down and look at your marketing investment?