‘How to Own Up and Cut Down Your Marketing Spend’ – ‘Entrepreneur’ Blog
John Arnold says, “There are two types of budget cuts: the ones you have an obvious reason to make and the ones you’re afraid to make. “Obvious reasons” might include the cash crunch your company is facing, for example. But if you’re a growing startup with cash at hand, and you still don’t often think about reallocating or making budget cuts, you may be allowing surplus and unnecessary cash burn to creep in.
Then, if you let this excess spending go on too long, you might lower your growth potential and make it harder to attract funding or outlast the competition.
Marketing is all about leverage, so spending money is important. But you need to have more gut than glut to grow a business. You need to own up to your marketing spend, and that requires “defending” every dollar to yourself before you can “defend” it to your company. You also need to think about revenue growth across the whole organization“.
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