We’re getting deep into the 2016 NCAA Basketball Tournament and it’s getting HOT. And by hot, I mean there’s a good chance that you’ve already thrown your bracket into the dumpster and set it ablaze (I’m looking at you people who picked Michigan State to win it all – better luck next year).
This is all fun, right? The sounds, emotions, upsets and celebrations. It may give us anxiety and high blood pressure (and mild depression when our teams lose). But it’s fun.
Lucky for us marketing and advertising professionals, there are some lessons we can learn amongst the excitement and turmoil that we call March Madness. Much like these teams are competing on the court, companies and brands are competing in the market place. They’re using strategy and execution to win their fair share of the pie. And our hope at Walker & Associates is that marketing and advertising is a key piece of that strategy.
In fact, brands can attack their marketing and advertising the same way these teams attack their games. Success CAN be found if you have these 3 things.
The Right Budget
Not every college basketball program is playing on even ground. Some programs are drinking scotch while the others are drinking Evan Williams Black Label (figuratively speaking).
Some schools just have better resources to throw at athletics. But that doesn’t mean they’re guaranteed victory. And it doesn’t automatically make them more effective at reaching their goals. Poor Cinderella had her moment and so can the Arkansas-Little Rock Trojans (major props if you picked that upset).
What are your goals? How big is the audience you’re trying to reach? What’s the cost of your product or service? What’s your ideal return on investment?
How you answer those questions can help you define your budget. And you just may realize there’s no need to break the bank. There’s not a one-size-fits-all budget. You need a budget that fits and accomplishes your goals. You need the RIGHT budget.
The Right Gameplan
After hours of studying the opponent, watching film and analyzing players, the coaching staff forms a gameplan of attack. If the process was done right, the gameplan should be effective. If steps were missed and important things weren’t spotted during the prep stage, then you better hope the other team has an off-game.
Your brand’s marketing gameplan and how it’s approached is equally important.
What’s the competition doing? Where are your opportunities? What are YOUR strengths? What are your opponent’s weaknesses? Where can you find your target audience? What are their interests and behaviors? What’s unique about your product or service? What’s the data say?
When you answer those questions, you can then form your gameplan.
The Right Team
People are important. And we have a great team at Walker & Associates. We know marketing and advertising because that’s what we do…for a living…every day.
Not only do we have staff complete with different talents and experiences, but our client list is just as impressive. Our clients give us a wealth of knowledge and case studies to pull ideas and inspiration from. And our talent and depth of knowledge creates a recipe for success for our clients to enjoy.
Full Court Press
Alright, so now you know all about the pieces of the puzzle, but now what? Pay attention, this is important…
The right budget without the right gameplan will leave you with a frustrating return on investment. You were throwing money at the wrong tactics in the wrong places.
The right gameplan without the right people will leave you wondering what went wrong. The plan was perfect, but you just didn’t have the right people in place to execute it properly.
If you think you have the right gameplan but you don’t have the right budget to implement it, then you need to increase your budget or go back to the drawing board or you’ll end up falling short on your goals.
All three of these things are vital, but to win the game, they all need to work in unity. That’s what our team ensures.
Take your game to the next level. Let's talk.
Published by: Walker & Associates in Insights