Every business owner and marketing professional has come face to face with the Goldilocks Equation of Marketing. It’s the answer to what’s just right; not too much and not too little.
Too much, too little and just right isn’t a constant. It’s a variable. It changes from moment to moment. In fact too much or too little isn’t the pivotal part of the marketing equation. Too much and too little balances the equation which is a variable of needs, time and market.
The Goldilocks Equation of Marketing shouldn’t begin with “I have this much money. What can you do?” It’s the first question a car salesperson asks and the last you want to answer. It just feels wrong so let’s just plug budget into the last part of the equation.
Budget also isn’t a limitation. Your budget may limit you from buying a Ferrari but it doesn’t limit you from buying a car.
The equation begins by assessing the business needs, customers, competition and current assets and abilities. Don’t overpromise and set yourself up to under-deliver. Keep it real.
Let’s look at a real world example. A client has an existing website that they don’t like for many reasons. It’s too complicated to make basic changes or add a post. It’s broken. Some pictures don’t show. The contact form doesn’t work. It doesn’t fit their brand. It seems messy. This is a common story of small business. They paid thousands of dollars for a website years ago or got a favor from a friend. For whatever reason the client is no longer happy with one of their marketing tools; their website.
So the solution would seem to be a new website, perhaps an embedded video and stock or, better yet, custom photography but it adds up and the Goldilocks Equation of Marketing tips out of balance towards too much. A web coding professional could be hired to fix the problems but this tips the equation towards too little. Trying to make the equation balance by plugging in money first doesn’t work.
So where is just right?
Just right begins by assessing the business needs, customers, competition and current assets and abilities. Don’t overpromise and set yourself up to under-deliver. Keep it real. Work with a marketing professional who wants to work with you at your level and with what you have. They will strive to understand your business, present alternative choices and build options for future growth if they are doing their job correctly.
The Goldilocks Equation of Marketing needs to be revisited often. Your business changes with time. The direction is refined. It grows. You learn. Not every business has the budget to create slick marketing tools but every business has the ability to invest wisely to make the best of what they have and take smart steps to grow. Balancing the equation is the combination of all the facets of your business in the right order.
The real world example does exist and yes we photoshopped our way through the client’s smartphone photos but they now have a website that fits their brand, works for their business message, is much easier to update and has improved SEO. It balances their Goldilocks Equation of Marketing for their needs, who their customer are and what the budget was for this moment in time.