Good? Fast? Or cheap? Pick Two.
Here is how I approach the Good, Fast, or Cheap paradigm for my own marketing decisions.
The good/fast/cheap paradigm is well known by most businesses, especially those in marketing. Basically, you can only have 2 of 3.
But I also think through it when making my OWN decisions. Here is my approach to this paradigm when making decisions.
3 Steps to apply the Good Fast Cheap paradigm to your marketing decisions
First, I ask myself – what does a “good outcome” look like to me? What do I want to achieve?
Once I answer that, I ask myself how long I would give me or my team to reach those outcomes. That solidifies the “fast” part of this equation.
Finally, I’ll ask myself how much would I be willing to pay to achieve those results in that timeline?”
Once I have that, I have a clear picture of where I am on the good/fast/cheap spectrum.
Then, I pick two. Usually, I want a good outcome, so my options are either fast and expensive, slower and less costly.
Sometimes I will go for fast and cheap, but sacrifice the “good” part of it, if I am testing a new idea or just need to get something out there.
And that is one tool I use to make decisions, especially about our marketing.
You may wonder why I’m sharing this with you. Well, maybe you can implement it yourself when making decisions! Listen, most of us are small business owners – and we’re in this together. If I can share something like this to help you grow your business, I’m happy to do so.
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