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Kerching! Stop Treating Your Marketing Spend Like It’s Duty Free

23rd October, 2019

Kerching! Stop Treating Your Marketing Spend Like It’s Duty Free

I’m off on holiday soon and I can’t wait. I get excited before I even get on the plane. It all starts in Duty Free at the airport.

 

Did you know that money spent in Duty Free isn’t real money?

 

Seriously, it’s true!

 

£50 on a champagne breakfast? No problem – I totally deserve it!
£100 on a pair of one-size-too-small heels? Such a bargain!
£25 on 2 magazines, a bottle of water and some Malteasers? So worth it!

 

It’s a bit like international waters – normal rules don’t apply. I’m in holiday mode and it just doesn’t feel like real money.

 

We once had an 8-hour delay in Gran Canaria airport – I hoovered up everything from designer sunglasses to a donkey-in-a-sombrero figurine.

 

But of course, in the cold grey light of England, faced with my credit card statement, I had serious buyer’s remorse.

 

Because, when I’m not blinded by the bright lights of Stansted Airport, I like my purchases to be useful and meaningful. To spend my money on things that I use every day and don’t just stick in the back of a drawer (damn you donkey).

 

And it’s the same with my marketing spend.

 

I only spend it on activities that bring real value to my business and that I can measure.

 

All too often I meet new clients who are unintentionally frittering away their hard-won money on a whole range of random marketing activities.

 

And they have no idea what’s working and what isn’t.

 

They’re acting like they’ve got money to burn – like it’s not real money.

 

So, if you suspect you’ve got the marketing equivalent of my donkey in your drawer, gathering dust, have a quick review of your marketing activities and ask yourself:

 

  • what results you’re trying to achieve (not just vanity goals like likes or followers but real goals that push your business forward)
  • how you’re going to measure success
  • over what period you’ll measure it
  • when you’ll review your progress and decide how to continue

 

Because our money is always real money, whatever we want to believe. (Note to self: leave credit card at home this holiday…)

accenture
UBS
Ricoh
Euromoney
University of Cambridge

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