When it comes to marketing, you’ve got to move fast to make sure you aren’t left behind the times. This is true in every area of business, which is why it’s so difficult to launch a successful company that stands the test of time.
However, too many businesses have been burned by jumping on a bandwagon and following a trend blindly. Once the losses start rolling in, that’s when you take notice. This begs a very important question – should entrepreneurs wait and see or go all in?
To find out more, please continue reading the following points outlined below.
The first thing to look at is the competition. Whether you feel it’s necessary or not, your rival’s approach to marketing can sway your decision. This is because you can’t afford to let them steal a march on you. By failing to invest in the latest trend or piece of technology, you could fall further behind, allowing them to soak up your market share. Sure, you shouldn’t do everything they do, but if enough of your rivals believe a marketing tactic is helpful, and they have a similar business plan, it’s worth considering the consequences of failing to act.
Of course, you must weigh the above against your budget. Lots of SMEs don’t have bottomless pits of money that they can throw at marketing, unlike massive brands and major corporations. Therefore, you need to tread carefully before going all in. If the marketing trend is going to be expensive, it might not be in your remit. Losing out to the competition is something you have to accept. However, anything that’s relatively cheap could be worth a gamble. Look at search engine optimization. It’s unthinkable to create an advertising plan without SEO, particularly as it hardly costs a penny.
Some trends are effective from the moment they arrive. SEO is a prime example because it has all the relevant features. Not only was it affordable, but it positively affected almost every part of the industry, making it an essential part of any company’s strategy. Content marketing is along the same lines. As the ultimate guide to content marketing strategy highlights, the effectiveness of your marketing boils down to content. That means to ignore it, or not to pay it the attention it deserves, is an error. The trick is to spot the fads and avoid them like the plague while embracing the tried and tested methods.
Jeff Bezos isn’t the richest man in the world because he got lucky. He’s smart and knows when to make decisions based on the data and when to hold back. Famously, Amazon’s founder pulls the trigger when he has 70% of the information as he believes waiting any longer leads to missed opportunities. Concerning waiting or jumping on the bandwagon, you should use the same technique. Wait until you have the majority of the data before shooting your shot. It might go wrong, but at least you took a calculated and informed gamble.
The answer to the title question is – it depends. The circumstances will dictate your approach, and the pointers above will help.