This is a dangerous topic.
Of course, we all want to get customers without spending a dime.
But there’s an old saying that comes to mind:
Be careful not to be penny wise and pound foolish.
So, there are two important points here:
- Always work on figuring out ways to increase your KPI (key performance indicator) performance that also increases your overall ROI.
- Factor in the costs of time AND energy when operating low-cost activities. You may have found a cheaper way to do things, but is it too time-intensive? Does it become too laborious and start to eat away at your morale? Do the results hurt or “cheapen” your brand in any way? Look at all types of costs. Try to quantify them if you can.
Sometimes, spending a bit more money to get things done the right way can improve your ROI, ultimately. But, at the same time, get creative and try to find ways to stir up business for next to nothing. A good book to get your brain swirling with ideas is: Guerilla Marketing: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business.
And while we’re on the topic, check out the infographic below to get some ideas you can try today!