What a shock – companies are trying to save money and do more creative work in-house. But do they know exactly how much money effort they’re wasting in the process? Chances are, no they don’t. So I’ll help out a little. Columbia University led a study with over 20 additional universities that concluded how businesses are losing millions each year due to time spent at the drawing board coming up with ways to increase sales and improve their company’s image.
“Our study showed that companies, in fear of draining money out of their budget, decided not to outsource written material such as press releases, copywriting material, and editing services, which would all increase sales and improve their image,” said David Harper, Ph.D, professor of economics and business marketing at Columbia, who headed the 24-month long study. “Instead, business owners decided to do the work in house, but ended up spending too much time in planning sessions, which in the end, cost them more money in the long run and still achieved the same results they had before entering the planning sessions.”
Harper said the final results of the study showed that outsourcing written material, such as sales copy, news releases, and proof reading services to professional firms increased businesses sales, return on investment, and image by 210 percent.
210 percent? That’s more than you’ll get from a high school coach’s half-time pep talk! Hopefully, you can share this research and help stop the madness. It’s not a frivolous expense to hire a marketing expert – a company’s sales may very well depend on it.