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Always follow the money
Just to expand from last chapter. Prior to accepting any idea, concept, or procedure. Ask who's trying to sell me this idea – and, what's in it for them?
This idea applies in many settings both micro and macro.
Outside of our industry. For every medical discovery and every great news article ask yourself who really stands to benefit the most from this research, discovery, or new drug. Did they fund the study? Are they a big advertiser with this particular news outlet?
In almost every institution whether it be government or private funded ultimately there is a political and a financial agenda. For every new opinion, statistic, and discovery look underneath to see who is pushing the concept and where the funding came from before buying into that news story, statistical report, or medical breakthrough.
Within our industry keep in mind who's making the suggestion and what's in it for them:
| An advertising agency: |
They usually get paid a % of your budget. Therefore to them some advertising is good, more is better, a huge amount is fantastic. When it comes to results they will remind you of the IMAGE you are building, the BRANDING that you are accomplishing, and the RECALL of your ads. All of that Jargon can be translated as follows:
“We didn't help you sell anything but you should keep spending money because one day you might”
or, more accurately:
“We want to suck as much money out of your wallet as possible, as quickly as possible, for as long as possible – everything else is secondary.” |
The above applies as well to everyone who wants to sell you advertising including newspaper advertising, Yellow pages, radio, television, val pak, etc., etc.
Remember – to them you tracking your results is a negative. It means that they have to perform and that you will hold them accountable.
| A billing company: |
“It's illegal to accept cash up front for your lessons”
“90% (60%, 70%, 80%) of your revenue should be monthly billing.”
Translation:
“We want to make a percentage on as much of your revenue as possible.”
”EFT won't work”
Translation:
“We don't want you to do that because you can cut us out of the loop too easily.”
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| Consulting or Billing Company: |
“This new ad is fantastic. It's tested – you can't go wrong it was developed by an expert!”
Translation:
“We hope that you are impressed – so that you'll want us to keep sending you stuff like it.”
Or,
“That college kid is an expert on his Mac – he thinks the ad looks really nice. It will be tested – by you! – let us know!”
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Now, don't take all this and get too skeptical. There probably are LOTS of people who know more about their area of expertise than you do. Listen to their ideas – and, make them count. However, always filter their ideas by their predisposition – follow the money.
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