Marketing and social media consultants hear this a lot “Your services are expensive”, never mind when you are a consultant with extensive traditional and digital and social media marketing experience
When considering the quotes from marketing or social media consultants, a lot of factors come into play.
A Major part of every business (small or large) success is the ability to implement an effective marketing strategy.
That becomes even more important when you look at the constant and fast evolution of the digital/social media landscape.
Keep in mind that marketing, traditional or digital is not a magic wand, it does not work overnight, it requires perseverance and commitment.
Not all platforms will work every time or for every case, it takes know how, testing, measuring. Keeping up with the developments, especially in the social media field takes time, takes keeping up with trends with what is done, what has worked, what has not worked, not a time commitment most small businesses that takes time.
In my experience, most small business owners want to focus on the big picture, on their business, on what they are passionate about, not marketing. At the same time most small businesses cannot make the financial commitment for a full time marketing department. Continue reading
Basecamp’s co-founder doesn’t obsess over valuation
How much are we worth? I don’t know and I don’t care.
I was recently speaking to a class at a local university and the topic of valuations came up. One student asked me what our valuation was. I gave her the honest answer: I haven’t a clue.
How is it possible that a successful software company today doesn’t know its worth? A valuation is what other people think your business is worth. I’ve only ever been interested in what our company is worth to us.
Startups these days are bantered about as if they were in a fantasy football bracket. Did you hear Lyft raised another $150 million at a $2.5 billion valuation? But Uber got tossed another $2.8 billion at a $41.2 billion valuation! Then there are the companies barely off the ground getting VC backing with 25x valuations, despite having no product or business model.
Entrepreneurs by nature are competitive. But fundraising has become the sport in place of the nuts and bolts of building a sustainable business.
The last time I considered Basecamp’s valuation was nearly a decade ago. We’d been approached by dozens of VC firms looking to invest. But with a solid product, a growing consumer base, and increasing profitability, we didn’t entertain any offers.
Then, in 2006, I got an email from Jeff Bezos’s personal assistant. Jeff wanted to meet. I’d long admired him for what he was building at Amazon, and how he generally sees the world. I took the meeting.
After a visit to Seattle and a few more calls, Jeff bought a small piece of our company. I didn’t take the cash out of some fantastical desire to turn Basecamp into a rocket ship. Instead, his purchasing shares from me and my co-founder took a little risk off the table and gave us direct access to the brain of one of today’s greatest living entrepreneurs.
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