How to Survive Marketing Trends That Fail
Past successes and failures, current marketing trends, and influential forecasts all go into developing an analytical model for the future of your brand’s marketing strategy. Looking ahead is always the smart move in business and particularly in the competitive digital marketing world. But what happens when you look at the market from every angle, create the perfect strategy, implement it… and then find that you were wrong? Let’s take a moment to discuss how to survive those inevitable misses by reducing loss.
Weighing Risk Versus Reward
The weatherman can’t always be right and neither can predictive marketing. That being said, the weatherman doesn’t get fired when there’s an unexpected afternoon shower. So the question here is: When it comes to market predictions, how wrong is too wrong?
Without risk, you’re never going to produce that Slam Dunk campaign that every marketer and brand strive for. Fear of being wrong will hold you back from success. But, you have to critically consider what your company can stand to lose. If you put all of your social spending into one account, and that social media format doesn’t last, that’s a big oops. If you try something less risky, like introducing a new hashtag, and no one jumps onboard, you wipe the egg off your face and create a new approach.
Reducing Room for Error
A good way to ensure that high-risk tactics succeed is to test them in a low-risk environment. Are you worried that offering a discount on lifetime memberships will result in a lifelong loss of revenue from those customers? Sometimes it happens.
For example, someone may pay for a $150 lifetime membership who would have been willing to pay $10/month for the next couple of years. That cuts $90 off the value of that customer. How can you test this theory? How about trying discounted one and two-year memberships before adding a lifetime membership to the options. What happens? Do you get new customers who wouldn’t pay a monthly fee, or do you simply lose monthly customers to cheaper annual plans?
When it comes to predictive marketing, most mistakes are due less to human error than to the changing nature of business, technology, and the like. The marketer’s goal is to track marketing trends as closely as possible to produce the best campaigns.