Don't Keep Flogging a Dead Horse: How to Avoid Sunk Cost in Marketing

As a holistic marketing strategist, I see a lot of brands especially online store owners make the same mistake: they keep investing in marketing strategies that don't work for them. They're afraid to give up on something they've already invested time and money into, even though it's clear that it's not producing results. This is known as the sunk cost fallacy. The sunk cost fallacy is the idea that we're more likely to continue investing in something simply because we've already invested in it, even if it's not a good investment. In marketing, this can lead to a lot of wasted money. You might keep running ads that aren't converting. You might also keep working with a marketing agency that's not delivering results… because you've already invested so much in that direction.  If you find yourself in this situation or know someone who is, this is a must-listen for you. I hope you enjoy the episode. Let's dive in! Links mentioned in the show:  Megan's Instagram - https://www.instagram.com/meganwinter/