If marketing is an expense, it's something that should be minimized. If it is an investment, well, that makes you look at it differently.

From a friend and client in the financial planning business, here are some fundamentals of investing. See if your marketing activities sync with this.

1. Accurately assess where you are today.
2. Clearly define where you would like to be (goals, objectives, etc.).
3. Identify the course that most effectively and efficiently get you there (remaining flexible in the process).
4. Align yourself with a professional familiar with that course to serve as your guide.
5. Allocate resources to areas or items that have historically helped others reach goals similar to yours.
6. Understand risks and rewards.
7. Maintain a proper time horizon in the realization of your goals.
8. Patiently stick to the plan and make slight adjustments as the industry or marketplace changes.

The only thing he left out was the principle of diversification. I will be speaking to him about this omission.

Of course, I am biased towards #4. #5 is also a favorite, but only once #1 & #2 have been established. All these things must mesh together.

The way financial investing works is very similar to the way your marketing investments work. If your money simply goes away, it's an expense; if it returns to you, it's an investment.

Make sure you're making an investment, not just paying an expense.

Labels: management, marketing, planning, strategy