Should you divulge your project budget to your marketing agency? Darn right you should. And here’s why.
A very wise person once said to me, “Anything can be accomplished with enough time and money.” Indeed, the possibilities are endless. Unfortunately, time and money typically are limited commodities and must be dealt with as such.
Your aim should be to get the absolute most out of your available resources. The question is not whether your agency will spend your budget, but what will you get for that spend. It does both parties a disservice if this number is kept a secret.
Imagine telling a builder you’d like a new home, but give them few specifics (don’t want to curtail their creativity) and no idea of budget, hoping they hit the mark with their plan. What are the chances they’ll give you something that can actually be built that you’ll like and can afford?
Giving out your budget is a matter of trust – which is key to any successful business relationship. It’s not a license for larceny, but rather a realistic framework within which the agency can work to get you absolutely the most bang for your buck. The best agencies do the most with the resources they’re allotted. That’s a big part of the smarts and creativity you’re paying for.
You won’t be over-directive or hamstring the creative process by divulging your number. Instead, you’ll be freeing your agency to focus on the most effective and creative solution to your marketing challenge within your limits of time and money.