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Every marketing decision is a wager. Investing in something you think will bring good returns is like buying stock, but it's never a guarantee. Many companies lose everything on a bad marketing bet, yet others are able to hit it big. Why? What distinguishes the winning and losing bets?
You can always follow these five steps to make marketing bets with a higher chance of success.
Money and reputation are related to risk. Revenue, user adoption, or traffic are some of the metrics tied to reward. You don't want to waste money or ruin your reputation, and anything you put effort into needs to fit within your company's top goals. There will be no chance of a big win if you risk something. Find the happy medium.
If you lose money and your pride takes a hit, look for marketing opportunities. Everyone keeps their jobs even if this idea tanks. You can move your primary metric significantly in the right direction if you are able to 10x your revenue.
Go for it when you discover these opportunities. If an idea isn't mission-driven and low-risk, it should be put down. It is not worth it right now.
Bad bets are shy bets. It takes a lot of research and planning to do this. Take the time, spend the money, and bring in the agency.
Many marketing bets fail because they were tried on a budget and turned off before they had time to flourish. You want this to succeed? Give it 100%.
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Big picture strategies are not levers to pull that instantly fill your pipeline or move your North Star Metric where you want it to go.
It takes time for customers to see what you are doing, to care about it, to feel the need to talk about you with their team and peers, and to make a purchase decision. That's okay. Stay on the course.
It could take a week, six months or a year for a campaign to start seeing results.
As you prepare the campaign, make sure stakeholders understand how long it will take, but also pay attention to signs of progress. Engagement, traffic, fewer customer objections, and people telling you they liked it can all be signs that you're on the right track.
Are you happy with your results so far? Thank you! Double down on it. Do more and hire more.
Your job is to find out when the best campaigns stop. Be careful not to go too fast. Instead of going from 10 to 100 overnight, go from 10 to 20 to 50 and so on, as long as it is still working at each new level.
Base hits are more like home runs than home runs. When you have a campaign that is working consistently, you should write the playbook on how to keep it running and bring someone else in to run it. You work on the next bet.
The secret sauce behind successful companies is a combination of effective marketing campaigns.
There is a reason why you should treat your marketing budget like a poker bankroll.
One of the most frustrating truths about marketing is that you never know how something will perform. You're going to be wrong. Your plans will fail. It's okay if it was low-risk, high-reward and mission-driven. You need to scrutinize why it didn't work and learn from it.
You should immerse yourself in the data. Customers and industry peers should be talked to. Receive feedback and insights. Look at the stages of your funnel, process, messaging and product to see where traction fell off. Failing and ignoring it is the worst thing you can do. You will be better off if you lean into failure.
You can use these steps as a rubric for measuring marketing campaigns. It will help you market your business more effectively.
Sales, finance and product teams all have an easy time buying into low-risk, high-reward and mission-driven bets that are tied to clear metrics and have a plan for what to do in case of success or failure. You will be the one leading the charge.
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