What is Your Marketing Strategy Costing You?
Everything has an opportunity cost.
Don’t know what opportunity cost is? It’s the loss of potential gain by going with one idea or action over another.
Opportunity cost, overall, is about weighing your options and deciding which one will deliver the greatest value in the long run.
In marketing, this opportunity cost could come from not only deciding on a specific tactic or strategy to use over another, but which ideas you decide to spend your time (and how much of it) on developing. There is also a cost to not weighing your options at all and getting stuck in your marketing.
Shiny New Object Syndrome
When people experience “shiny new object syndrome,” which is learning something new and thinking it’s the solution to all our woes, the implementation of our strategy can become shortsighted.
In other words, we see one tactic, such as Instagram marketing, as the end-all-be-all, rather than just one of many buckets that empty into your marketing funnel. We often go into a new tactic blindly and with high hopes that it will be the one thing that brings the biggest return on investment (ROI).
That shiny tactic could be a valuable solution. Without proper evaluation, you could miss out on identifying and using other tactics that could have been just as good, if not better.
False Conclusions are a Pitfall
If you choose to do only one form of marketing, you’ll come to the false conclusion that that specific tactic works best. Without other types of marketing to compare it to, how could you really know that tactic works best?
Making Better Marketing Choices
Ask yourself what you are spending your time and money on in your marketing. Then ask what you are missing out on because you are focusing solely on that one tactic.
Why? Because if you evaluate the opportunity cost of every marketing tactic and strategy, you will be better situated to take advantage of those opportunities that will give you a greater return on investment.
So if you are only on Instagram, consider branching out to new channels, such as TikTok, a blog, or email marketing. If you have only ever used one tactic, try experimenting with other tactics. Don’t be afraid to make mistakes or try something a bit out of the norm for your brand.
Once you have tried a handful of different ideas, you are then ready to gain real insights into your audience’s behaviors. It’s only then that you can decipher what truly works best and you can garner real marketing wins.
Weigh Your Options with an Invested Partner
Attuned Marketing is different from other marketing firms. We are willing to explore all your marketing options before committing to a strategy. We weigh the options and their cost opportunity, selecting the ideas that will garner real results. We help brands break through with transformative marketing. Contact us to start exploring your new marketing strategies today.