Have you ever wondered how Steve Wynn and Sheldon Adelson can afford to build billion dollar gambling monuments in Las Vegas? They spend BILLIONS on their casinos and hotels, golf courses and canals, artwork, fountains, and volcanoes! This question is actually easy to answer because they really can't lose in the long-run. Oh, sure, guests do win sometimes. In fact, some people even win big... but only in the short-run. Over time, the odds are built for the "house" to win.
You see, casinos are prepared to win. The odds are stacked in their favor. They've done the research. They are ready for you to walk into their fantasy worlds with a wallet full of money and they will systematically take every penny from you if you let them. To casinos, gambling is not really a gamble at all. It is all about knowing the odds of a bet and knowing how their customers will react to the various sensory inputs.
So, my question to you is, if casinos don't even gamble with gambling, why do you?
No, I'm not talking about your "business trip to Vegas." I'm talking about your marketing. Every month, you roll the dice with your own money and hope that you get lucky. Everyone says that marketing is a gamble. Hell, I've probably even told a client or two that over the years. But, we are all wrong! Marketing doesn't have to be a gamble. In fact, it should be more science than art.
Here are three tips to avoid gambling with your marketing strategy:
1. Start with the End in Mind
You would think this is an easy one, but it's not. Most marketers know they need to invest, but most don't have a plan to where their efforts lead them.
- What is a realistic goal?
- How will success be measured?
- What ROI is needed to achieve success?
Before you start, know where you want to end up!
2. Stack the Deck
Casinos do it every single day. They know the odds of each and every hand of blackjack and poker. So, why don't you know the odds of your marketing campaign being successful? Properly planning your campaign will help you achieve your goals and know your odds.
Successful Marketing Campaigns Include::
- Understanding your target persona.
- Setting realistic goals.
- Knowing your customer's journey.
- Creating a strong call-to-action (CTA).
- Working within a healthy budget which reflects your goals.
- Putting your message where your target customers are.
- Tracking your efforts throughout campaigns.
3. Don’t Overlook the Importance of Content and Creative
So many times, marketers will spend thousands of dollars on a media campaign, but then just toss their creative together at the last minute. They agonize over decisions such as which medium to use, how much money to spend, and where each ad will run or air; yet many spend little time writing and planning the actual ads that will run.
Don't do it. Take the time to create content and creative that attracts your target audience’s attention. If you don't, then everything else is just a waste of time.
The next time you decide to "roll the dice" with your marketing strategy, start to think like a casino. Stack the deck in your favor.