A professional investor acts like a professional.
She has a checklist to measure an investment against. She runs every consideration through the checklist before considering it further. The checklist means that a set of decisions are made up front. If a potential investment doesn’t pass through the list, no further consideration is required. This saves her on mental load to make hundreds of decisions each day when a new investment hits her desk.
When an opportunity passes through the checklist, she spends a great deal of time and resource on due diligence. She has comprehensive systems in place to make good investment decisions. That’s her job, make good investments.
Despite this, she accepts that some investments won’t turn out how she hoped. She reduces risk where possible, but there will inevitably be failures. Her job is to create a system and intuition that makes more good decisions than bad, and ultimately leads to an overall profitable portfolio for herself and clients.
Your marketing campaign
You lead a video marketing company and your biggest market is for corporate videos. You’re running a campaign targeted at local law firms. The concept is one that says ‘stories sell ideas’. Your concept is that the target prospect is the expert law firm in their sector and stories are best told through video. Time to start telling the world their story.
You send a card to the prospect with a unique password to a url. The URL contains a video for a fictional law firm, working in the same local area as the prospect, telling a story that sells their business. You produce the video to the high standards as if it were a commissioned contract, bringing in actors to play the part of the Law Firm and creating assets to support the fictional firm and story.
The URL demonstrates what the law firm could have. They see how persuasive it is to view the video as a member of the audience. You invite them to make an enquiry at the bottom of the page.
Results for one campaign do not define your marketing strategy
“If this marketing campaign goes well, we’ll try something similar with a different group of customers”. This is the wrong way to consider a marketing campaign.
If this campaign goes well, and the value of business coming in as a result outweighs the cost of the campaign, we run it again. We’ve learned that this campaign works with its unique structure, delivery and target respondent.
The campaign hasn’t informed us that other campaigns similar to this will be a success, or that they’ll be a failure. If the campaign fails to generate income, we’ve learned that this specific campaign delivered to this group of people hasn’t worked. The outcome should have no impact on whether we run similar campaigns. It should only impact whether we run this campaign to the same target group again.
A change to the campaign could yield different results. Different content on the URL, a different video, a different card could all change the results. A different audience could too.
Marketing is an investment
You should make decisions on whether to repeat marketing campaigns on the success of the campaign in question. But, just as an investor doesn’t stop investing after one bad investment, neither should you stop your marketing after one poor campaign. Some campaigns pay off, some don’t. If you’re an investor and you suffer a loss, you learn what you can from the experience, and invest again elsewhere. Same goes with marketing.