Making our first large commitment on the marketing side, how did you find peace with the spend and risk?

by kgargs. Posted on Sep 13, 2020    1    9


We have been profitable and bootstrapped for 3-4 years successfully and never done any outside sales or marketing... and so we've hit a point where I feel that we have proven that we have a service that works. I now see the possibility to grow the business and find more clients.

We are about 3 days out from signing a contract with a monthly, recurring, marketing spend and it's bigger than I would've imagined.. and the runways on marketing need to be considered to find your pipeline and get traction.... so I really want to see it through.

And emotionally I keep fighting back the 'what if the work dries up what if we spent more than we should what if we should've saved the money' anxiety around all of it.

How did you find peace with this stage of your business?


Comments

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  kgargs 2

> From what I am gathering, you're hesitant to sign the dotted line, and you're looking to have one of us sell you. Stop it.

No to most of what you're saying.

EDIT: I can see how you got here, I didn't share much, I don't feel that this is my case. For the rest, I've stood feet away from Seth at marketing conventions, his book is on my shelf, I'm a part of a paid, closed marketing group, I was an exec @ a marketing company.

This isn't a hail mary to a marketing agency, it's my business starting to build out a marketing team and I'm finding it hard (even if it's right).

I'm looking for brother/sisterhood shares on making big investments back into the business as you shift from 'we hoard our profits into the warchest' to 'our expenses/COGS are growing as we invest in the business'.

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  kgargs 2

Thanks for weighing in! It was a good gut-check on those topics as well!

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  kgargs 1

There's no 'big hold up' financially. It's progressing and we'll sign a contract this week.

It's the nerves of pivoting the business from a lifestyle profit scooping entity to 'let's grow this and it may fail'.

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  kgargs 1

SAP staffing / engagements. (Niche IT consulting basically)

We have done 7 figures 3 years in a row and have not done any marketing / sales efforts.

I’ve added to the business in my partner and we are stronger and feel like we can take on more.

I’m the founder / president so making big decisions like this as well as making sure clients are heard and sometimes I’m in the mix on vetting talent.

SirAndyO 2

The runway isn't going to get any shorter, so marketing now makes a lot of sense. It sounds like you're in a very good position, and your timing sounds right on.

I make the mistake of marketing when I'm at the bottom of the market, when I really need the work, and so my pipeline is a roller coaster. In contrast, your timing to market now should help fill in the low spots in the future.

And, there's really no room for saving money for a rainy day - you should always be investing profits, and that's what it sounds like you're doing.

Bravo -

With a large marketing investment, spend the runway time getting your framework ready for the increased workflow. Rinse and repeat!

I know one firm that struggles with an over-successful marketing department. Their facility and their staff are perpetually maxed out and they're known for lack of focus and staff burn through.