Description

In this episode we're talking all about the ECONOMICS of marketing (it should come as no surprise that Meg is a total nerd about this stuff 🤓).
But don't worry, there won't be any supply & demand charts here ... just a conversation about making choices with limited resources.

Here are the five economic principles discussed in relationship to our marketing:

1. Tradeoffs: Every yes is a no to something else -- where one thing increases, and another must decrease
2. Opportunity costs: The cost of something isn’t just money, it’s also what you give up to get it (including your time, your energy, and your mental load)
3. No such thing as a free lunch: In 1973, the artist Richard Serra coined the phrase, "If something is free, you're the product." At the time he was referring to television, but the same holds true for social media ... your data is being packaged up for sale to advertisers.
4. Sunk cost fallacy: We have a tendency to follow through on something if we have already invested time, effort, or money into it, whether or not the current costs outweigh the benefits.
5. Money is not wealth: All the money in the world will still leave one starving if goods and services are not available. So what does wealth look and feel like to you? 

Quote:
The more money we have to spend, the more we spend. The more time we have, the more of it we spend working. When we give ourselves less time, we also need to figure out where to focus the remaining time. It’s not about doing more with less. It’s about doing less with less to achieve more. You need to do the right tasks with your restricted time and have other people do the right tasks with their restricted time. - Clockwork, Mike Michalowicz

Homework:

• Imagine your ideal day or week → What could you be doing instead if you spent less time on your marketing or your business? 
• What assets do you already have that you could reuse, repurpose or optimize? → You don't always have to create something NEW to be effective.

Next steps:

• If CONTENT MARKETING + SEO (ie getting traffic from google for your website, blog, podcast or youtube channel) is a strategy that you want to embrace as part of your 2023 marketing, we’re starting our Attract & Activate program on February 6. 
• Register to find out more at loveatfirstsearch.com/webinar to get a full live overview of what you can do over the next 4 months to get started or improve your search traffic.
• Find out more about the program at attractandactivate.com

Support the Show.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit loveatfirstsearch.substack.com