Getting off the merry-go-round
I recently travelled to Europe, having been invited to talk at a conference. One of up to 30 or so events that I speak at each year. The theme of the conference was Innovation. And with almost 1,000 delegates to enlighten and entertain, there was a bank of 38 business speakers across two conference theatres. All giving their take on the subject. How they had their ‘eureka’ moment, then drawn investors in or crowd-funded their idea to create the next blockbuster app, e. Commerce experience or latest gizmo - to become successful overnight and rich beyond their wildest dreams.
What surprised me, was that out of 38 speakers I was the only one that covered what Innovation actually is: the types of innovation, how each relates to business, and importantly how innovation is critical to continuing success. I saw the penny drop across the faces of those gathered for my talk.
It dawned on me that we do this all the time; assuming that everyone understands the ‘what’ and the ‘why’ and therefore all to readily jump straight to the ‘conclusion’ - that we just have to do it, something, anything. Marketing is another great example. Something our competitors do, something everyone does and therefore something we just definitely have to do. Why?
In principle you only need to market your product or service if supply consistently exceeds demand. Yet, so many businesses invest heavily in unnecessary and often costly marketing, simply on the basis that they ’have to’ because that’s what everybody does. Really?
I am not saying that you shouldn’t market your products and services. What I am suggesting is that at least once in a while you get off the merry-go-round and ask yourself ‘why’. Do you need to do all that you are? Is it all adding value, driving business that you need and helping you to achieve your aims and aspirations? If not, then forget what everyone else does, do what works for you and your business, don’t just follow the pack – as if you do the same as everyone else, you will be seen as the same as everyone else. Surely your business is better than that, different from those that choose to compete with you.
One benefit of this is that you start to hone your marketing; refining it to reflect the best of your business. To deliver the right message, through the marketing channels that more effectively get you to the people that matter most – your customers.
At times you may think that the merry-go-round is spinning so fast that you can’t jump off, for fear or missing out or being hurt. But can you afford not to? Especially when you consider in the case of marketing that up to 50% of spend is wasted.
By getting off the merry-go-round once in a while you will save time and a lot of money; as you increasingly focus on what actually works, rather than marketing activity that may be no more than ‘noise’ or at best simply underperform. Marketing you undertake just because you think you have to, because that’s what everyone else does – you are not everyone else. You and your business are unique – aren’t you?
