Money is one of the hardest subjects to talk about.
This applies in business just as much as in your personal life. Just like it feels weird to talk with your friends about money, many businesses feel reticent to be transparent with an outside partner or agency about the real budget that is available.
This is because a budget is seen as a negotiation tactic. When discussing the budget, this is something we often hear from clients coming through Credo:
“We want the best agency we can get for the best price possible.”
Unfortunately, this mindset and answer are not helpful. In fact, this answer may actually be counterproductive to your project’s success. The most successful projects we have seen involve both sides being transparent with each other from the jump.
In all relationships—working or otherwise —transparency is trust.
And let’s put this plainly: the vast majority of marketers are honest, only benefit if you benefit, and are not looking to take advantage of you. It doesn’t behoove them to shortchange you.
Of course, there are bad actors who might try to take advantage and make as much money as possible for as little work as possible, but should you focus your hiring on those bad actors instead of on the good ones? Absolutely not.
Be transparent with your budget limitations. Most providers (and all of them that we work with on Credo) are not out to take advantage of you. Starting off by withholding information and playing power games is not how successful partnerships begin.
This page last updated on January 17, 2023 by John Doherty
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