Bet Big to Win Big with Your Small Business Marketing
The thought of having to create several “marketing campaigns” each year as a small business owner can be overwhelming.
The good news is, it doesn’t have to be.
In fact, when it comes to marketing your small business, sometimes less is more. Running a few big campaigns a year versus many smaller ones can have a greater impact.
During this year’s FutureM conference in Boston, I attended Harvard Business Administration Professor, Anita Elberse’s keynote where she discussed her new book, Blockbusters. The key take away from her presentation was about building a business around big “blockbuster bets” to achieve long-term success, similar to the way the entertainment industry has framed their business model for decades.
“The notion of smaller bets being safer is a myth.”
Professor Elberse noted in her keynote, “You don’t win in the long tail category.” A cautious strategy of spreading out your overall investment into a large amount of projects is likely to have a mediocre result. Yes, big bets are risky, but when successfully executed, they yield a much higher return than several safer, smaller bets. This same idea can be applied to your yearly small business marketing campaigns, content, or social media strategy. By focusing a significant percent of your resources, time, effort, and money, on two large campaigns a year, or likewise two social media channels, you will on average have a higher success rate.
How can you successfully execute a big bet?
- Take the time to determine what your customers actually want.
- Develop a well-thought-out strategy from start to finish.
- Determine what your goals are and what you will measure to determine the success of your goals.
- Let everyone involved in your business (employees, family etc.) in on the details and importance of your campaign.
- Map out all of the ways you can communication your campaign — email, social media, signage in your store, your website, a local newspaper or radio ad.
Big bets become self-fulfilling prophecies. When you decide on your “big-risk” marketing campaign, the effort you put into making it a success will be emulated in the way the campaign is executed.
Starting your own business was most likely a big bet for you. Embrace that same risk when it come to marketing your small business, and make a few huge marketing bets a year.
What big bets have you made lately? Tell me about them below.
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