It’s that time of year again when the ladies frock up and the gentlemen don their suits to watch the race that stops the nation.
As you prepare for an afternoon of live racing, bubbles and fascinators, keep in mind these hot-to-trot marketing tips learned from the Melbourne Cup.
Have a plan! The race that stops the nation may only run for a few minutes, but jockeys, horses and their trainers spend many months preparing before they hit the track. Likewise, it’s important to prepare and plan for marketing your small-business. Before you dive into your three-course luncheon, do your business research, read the form guides and know your target market.
Running a business may not always be ritzy cocktails and sweepstakes. However, it’s important not to loose your entrepreneurial passion in the daily run of things. A small business owner with a warm smile and a genuine passion for their business is set to be a winner every time. Always present your business at its race day best, and if that fails, try offering endless glasses of champagne!
Just like putting all your money on one horse is a huge risk, so is investing everything in one type of marketing. Diversification is key. Put your money each-way on multiple marketing channels and spread your risk. Rather than just betting your marketing dollars on the favorites, aim for a more well balanced marketing mix. Also, the marketing channel that’s the favorite of the day, may not be the one that connects with your target market.
As a small business owner, never underestimate what your competition may have up their jockey’s sleeve. Your game plan should identify current and potential competition. By knowing what your competitors are up to, you can analyze their strategies and identify areas where you can stay ahead of the pack.
It might be ok to hedge your bets and juggle your odds on a horse, but you can’t always rely on that bringing you a lifetime of financial glory. Don’t gamble on your marketing strategy. Seek professional marketing advice from someone with a solid track record that will give solid odds for your small business success.
Marketing is not a lucky door prize, it requires strategy and planning. Don’t get left in the last place. Follow these tips and your business is certain to be a sure-thing.