Bet Big to Win Big with Your Small Business Marketing

Bet Big to Win Big with Your Small Business Marketing image Roulette 600x399Bet 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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