We’ve all heard time is money. I’m not sure many people actually believe it. If they do, assigning value may be tough. I’m a business owner and have learned key areas that you may need a value reminder on. These include: Services, Advertising and Sponsorships.
I call these areas, appropriately, SAS. This is because most individuals have very strong opinions on one or all of these investment areas. I do too, and here’s why. I run a professional services company that does marketing and advertising. I also publish magazines. Normally, I wouldn’t talk about these things in my column, but I’ve had interesting conversations recently and now is the perfect time.
There are a lot of companies that offer by-the-hour services that have most of the overhead built into human capital. That’s right. It costs a lot to employ people and give them benefits including a decent place to work, computers, supplies and health care. We must charge for time. That’s what we sell: ideas and service. It could be graphic design, public relations, plumbing, accounting, etc. Remember, when you’re working with a services organization, just because they are not selling widgets (something tangible), there are many costs that need to be covered for them to succeed.
I can’t tell you how many people we run into who start a new organization, project or campaign without considering the true investment needed to get results. It’s a pain point I’ve witnessed. I know it’s hard to plan for the investment since it’s usually the last item of the budget. Many organizations are disappointed at the result because there wasn’t a fleshed-out integrated strategy to bring results. Consider traditional (including print) and digital. I’m always amazed by those who want to be covered in a print publication but don’t believe in advertising in one. It’s bizarre. Publications cannot cover the community without advertising support. Period.
There are so many wonderful organizations out there doing great activities that support the community. When companies connect with those efforts and help move them forward through sponsorships, it says something about the company. For me, it makes a powerful statement regarding what the organization believes in. And I think stakeholders respond to that message. Sponsorships should be a part of an integrated strategy. And I’m happy to say there are sponsorships available for any area that you might be interested in. As purchasers, we should pay attention and support those organizations that invest in activities we care about.
We’re in the month of love, and I can say that I love SAS and our community and – of course – all of you. Happy Valentines Day!