Thankfully we’ve done really well over the past few years with FB ads.
They have definitely slowed down, become more expensive, etc.
While we still use them but the writing is on the wall.
Everything goes in cycles. The same thing happened with Groupon several years back.
I’ve known for years that it’s always a good idea to have multiple poles in the water.
That means you need to have multiple streams where potential clients (e.g. leads) are coming from.
For that reason, we’ve decided to go “old school” and get into the community again, guerilla marketing style.
One of the things we’re doing is getting involved with a couple of local fairs within the next couple of weeks.
I was just about ready to push the “order now” button for a branded tent to have at the fairs.
The total was well over $500.
I made a smart decision and called an “accountability partner” to ask if she thought this was a good decision.
After talking it through, here is what came out:
- We already have a nice table and banner which would work really well
- We could always buy the tent down the road once we start doing more of these fairs
- We could take just $100 or so and get some things which would help bring attention to our spot
I decided not to spend the $500 and am glad.
I honestly don’t think it would make any difference in terms of our goals (i.e. meeting prospective clients).
I’m certainly not against branded tents but I think many business owners (including myself) buy things where they would be wiser investing that money somewhere else.
I remember reading in Darrin Hardy’s Compound Effect that he recommended only buying things that had a 10X return. His reason was that if you invested that money for the long-term, it would pay dividends and you’re sacrificing that return by spending the money now.
Even if you don’t agree with that I think it will at least cause you to think twice before “investing” your hard earned money.
Here are 2 things you can do right away to save at least $500.
First, come up with a system for how you make bigger purchases. This could and should be for both business and personal. Choose an amount, say $300. Any time you are considering spending $300 or more you’ll follow some sort of system. You might always wait a week and decide if you still really need the thing. This will prevent any impulse purchases. Another wise thing is to consult with someone you trust like a spouse, friend, or coach.
The other thing you can do is:
- Print out an expense report for the last few months
- Use a red pen and go through each one.
- Put a star next to anything that isn’t bringing you any value (e.g. some software or subscription you don’t even use)
- Circle anything that you must have and can’t do without
- Underline anything that you might be able to negotiate (most things are)
- Immediately cancel anything with a star
- Start negotiating
Let me know how you make out with either or both of these steps.