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In marketing and life, don’t worry about sunk costs

Let’s do a thought experiment together: What is the last item you purchased that you consider an investment?

Is it that new-to-you car? A bag of Doritos? A self-improvement book recommended by Oprah? An engagement ring for your one and only?
Only you can determine what makes it an investment.

For some, the higher the dollar amount, the more perceived value. For some, if it’s personal and sentimental, then it’s worth it. For many, it’s the hope of what it will yield later. Streets are paved with discarded lottery tickets.

If you’ve invested money in marketing in the past and have felt ripped off or like it was a waste, it can be discouraging. It’s no small thing to put your trust in someone else and feel like you haven’t gotten the results you’re looking for. When you feel hesitant about trying again, reflect back on what you learned. No matter what you gained insights — what you liked and disliked about the process; what yielded results and what didn’t; what’s important to you and what isn’t.

It can help inform your future decisions, and that’s where you need to focus your attention. That past investment is actually irrelevant to your future. It doesn’t matter if it was a dollar or a million dollars — it’s gone forever. Imagine it floating away into the sky, never to return. That can be difficult to accept, but emotions aside, you got exactly what you were going to get from it. In the end, it cost what it cost.

Your question right now is what will help me reach the goal that I still have for myself?

Going forward in your business, when making a choice between two options, only consider what’s going to happen in the future, not which investments you’ve made in the past. Instead, focus on what is going to be the biggest benefit for you in the next month, year or decade.
If you spent $1000 on a sign that has a word misspelled, and that misspelled word is the name of your business, you need to spend another $1000 to make it right. In the long run, it’s a better investment. You don’t want your customers confused.

If you tried a social media manager and they didn’t get you the followers or results you wanted, hire another one. If you still have the same problem, then it doesn’t matter what you spent in the past. It only matters that it gets corrected in the future.

At SNR Creative, we are big believers in doing it right the first time. Our clients rarely feel like they made a mistake. We work very hard to make sure your investment is focused in the right place. If you come to us for several services, and during our assessment, we determine you only need one service to reach your goals, that will be our recommendation. We’re thinking of the future and want to be with you through every new level you reach.

Request a consultation today and let’s see what your best next step is together.

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SNR Creative is a boutique marketing and business development firm that specializes in helping business owners develop and execute winning marketing strategies and programs to scale and achieve greater results.
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