It’s why you use the computer you do. Or the phone you have. Or the car you drive, or the brand of shoes you wear. Few of those things were bought purely for functionality and price.
What do you value? How can you reveal that in your work, so that those like you can find you and buy as an expression of their shared belief?
November 22 2019
I hear this question a lot.
“If I ‘do marketing’, it should pay for itself, right?”
“If I run some ads, they should pay for themselves, right?”
“If I buy a website, it should pay for itself, right?”
These are the wrong questions to ask:
Marketing can be directly profitable, but to enforce it as a rule limits your potential:
It’s not Marketing’s job to be profitable. If it were, why would anyone use paid advertising to sell $5 books? If it had to cover its own costs directly, why would some smart brands break-even on acquisition, or run loss-leader campaigns? Treating marketing as a profitable-or-bust activity denies your important work a whole dimension of possibility. Marketing should be effective, but need not always be directly profitable.
It’s Business’ job to be profitable. A business should be profitable. With effective acquisition systems in place, a smart business can turn loss-leaders into highly profitable endeavors with effective retention systems on the back-end. Or they could acquire at cost. Or use bundles, JV and host-beneficiary relationships to create value both for those they serve and for their own bottom-line.
“Should marketing be profitable?”
Who cares, so long as it’s effective, and your business is strategic.