Good Luck Marketing. Play to Win!
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I happen to live in Las Vegas, where slogans such as “You can’t win if you don’t play,” define our local gaming community. I have to admit it’s hard to argue with that logic, Who can win at slots, poker or blackjack without opting in to play? Bystanders don’t reap any rewards. Only those who are willing to put up the cash and potentially lose it, have the chance to win and win big dependent upon the size of their bet. Most don’t win big but some do; some break even, while others lose.
The same is true when it comes to marketing. Without it, you are like those bystanders, watching your competitors play. With it, you are risking your company’s precious resources in the hopes that the message you communicate motivates purchases. Contrary to some beliefs, it’s very difficult to tie a direct correlation from any one marketing activity to sales revenues. While a coupon code might indicate that an ad generated a certain amount of sales, it is unclear which of those sales were the direct results of the ad alone, or a culmination of previous efforts that ended with the ad being placed.
Marketing is not a sure thing, if it were no company would ever fail. Marketing is the willingness to risk company resources; the tenacity to not give up; and the confidence to play like you’re in it to win. So how do you win the game of marketing? That’s about as easy to answer as how to win at roulette, but let’s break down the principles behind the gamble and see if we can hedge our bets.
It’s a Risk
The first lesson one must accept and embrace when gambling or marketing, is that risk is involved. Parting with lots of money will not guarantee success in either situation. One of the biggest and most expensive marketing failures was that of the launch of “New Coke” in the ‘80s. Coca-Cola spent millions on research and development to create a product to compete with the sweeter tasting Pepsi. They launched New Coke in July 1985 with lots of fanfare. However, despite all their research, advertising and PR, they pulled the product a mere 79 days later.
Even experienced and established companies like Coca-Cola can lose. What’s important about losing though, is taking to heart the lesson that comes with it. For Coke, they learned that what made them special is the unique taste of their product and trying to emulate the competition proved a huge mistake. Today Coca-Cola is one of the most well-known brands in the world.
Success Improves with Practice
When you hear “breakfast of champions” or “just do it”, I’ll wager you know which slogan relates to which brand. Wheaties and Nike didn’t get to that level of brand recognition by placing an ad here and there. No, they inundated us with messages from advertisements, PR, packaging and more, all working together to reinforce their message and positioning.
The key here is the consistency in the message as well as the consistency in the frequency with which it was delivered. Think about a song you hear. The first time you may think, “I like this.” By the fifth time you may be singing along. By the fifteenth time you are singing it without the assistance of the radio. The same is true for your brand presence in the minds of consumers. With the first impression they may like it, by the fifth they are fairly familiar with it, by the fifteenth it comes to mind when the need arises.
Practice getting your message and brand name out there and you’ll find that the more you practice, the more likely you are to experience success.
Hope for a Little Luck
I would be remiss to negate the influence of luck on business success. We tend to think that some companies just have it all together and therefore their success is directly related to their superior business management and marketing skills. While these skills certainly work toward success, a little luck never hurt anybody; and for those companies that planned for such a scenario, the rewards are even richer.
My favorite example is that of Ugg. This footwear company enjoyed modest success for over two decades before being featured as one of Oprah’s favorite things several years in row beginning in 2000. It was that stroke of luck that took Ugg from a brand enjoyed by surfers and select celebrities to a household name. Thankfully, Ugg had the infrastructure to respond to the “Oprah Effect” on their brand and were able to take that notoriety and run with it. Luck favors the prepared.
So What’s Your Wager?
Want to win in the game of business? You need to play. Are you willing to take some risk? Risk is scary and can be unsure, but it’s the biggest risks that lead to the biggest rewards. If you think you can muster the courage to take on some risk, commit to it. One ad here or there, one press release a year or a neglected Facebook page will not work toward success for your business. Remember, consistency and frequency will hedge your bets. And while you can’t make luck, you can certainly plan for it. So, if you find yourself in a position to realize a rare opportunity, grab it with both hands and run with it. Best of luck with your business!
About Insights Discovered
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Based in Las Vegas, Nevada, Insights Discovered was founded by Penny Redlin in an effort to share her professional expertise within the children’s product category. The company’s mission is to give every mompreneur an opportunity for success. Insights Discovered exclusively services children’s products brands. The specific industry focus demonstrates a strong dedication to the unique needs of children’s products companies. Insights Discovered offers strategic planning, market research and traditional marketing services.
For more information, visit www.insightsdiscovered.com or call 702.218.5707.
