I’ve been guilty of random acts of marketing, and maybe this new endeavor is one of those. We shall see. When I released my book in March, part of my promotion was guesting on podcast to discuss it. I tried to match with podcasts that I thought were talking about related subjects to people that would find the book valuable.
But after I did a dozen podcasts, I realized that there was no one I could find that was having the conversation that I think needed to be had, how to turn Passion into Profit. So I did what every crazed entrepreneur does, I started one.
I realize I am late to the podcast game, but I don’t care. I feel like the message needs to be heard, and if it only impacts a few that’s ok! Which leads me to tie this podcast thing into Profit First. How do you make decisions on where to spend money, when you are unsure of the outcomes?
One of the best tools I’ve found for these type of decisions is Cameron Herold’s Decision Filter. It requires me to answer some fundamental questions about what my expectations are and what are the possible outcomes. What is the worst case and best case scenario? These answers give you a great framework with which to make the decision.
Can you accept the worst case scenario? Is the best possible outcome worth the risk? In the case of the podcast, the investment in time and money was relatively low, and although I’m unsure of the best possible outcome, I thought it was worth the risk, and it was in-line with our overall marketing strategy.
I’ll end on this idea, which I believe is a critical decision that I failed at for many years, you have to have an overall marketing strategy. Knowing exactly who you are trying to reach, and what you are trying to communicate is key. If your actual marketing activities don’t align with that strategy then you are just guessing.
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