As we head through 2020, marketers have no shortage of channels that can reach potential customers. Mobile video is booming, social media is vibrant, and audiences are listening to more podcasts than ever. Yet, instead of using what’s at hand, some marketers always look to the next big trend on the horizon – the untapped opportunity they can capitalize on before anyone else.
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There’s nothing wrong with keeping up-to-date on the latest marketing opportunities. The problem arises when brands adopt an “all-or-nothing” strategy and throw caution to the wind when embracing a new product or technique. As appealing as this might feel in the moment, we risk forgetting that varied marketing channels exist so that we don’t need to rely on risky golden tickets.
All-or-nothing marketing may take on different forms. For example, a marketer might completely embrace one strategy to the point of ignoring the benefits of more varied techniques. Alternatively, brands could drop all progress with existing channels to go all-in with a new trend. In the latter case, all-or-nothing marketers will likely neglect the newly-adopted technique once something goes wrong, it doesn’t get the projected return, or something new and exciting comes along.
Let’s be clear about what all-or-nothing marketing is: It’s a gamble. It’s embracing the feeling that if you invest heavily in something, you are guaranteed a significant return. Sometimes that works out, but most of the time, it doesn’t. Even if you think a marketing trend is a sure bet, it’s worthwhile to consider ways to mitigate risk. After all, when you depend on a single marketing channel or strategy, you’re at a higher risk of something going wrong:
- Your mobile video campaign ends up with a higher-than-anticipated cost-per-view, eating through projected ad spend
- You’re over-investing on Facebook’s platform when your target demographic spends more time on Instagram
- Podcasts once seemed like a good investment, but now your host is leaving the organization and a replacement isn’t ready yet
So, what’s the alternative to all-or-nothing marketing? The tried-and-tested practice of versatility. As tempting as it might be to dive into new trends, it’s often a better idea to investigate it cautiously. Marketers should experiment with new products or conduct A/B tests to determine which approaches are the most effective for their brand. Most importantly, this provides additional room to be flexible when adopting new strategies without risking your existing customers.
Finally, and perhaps most importantly, marketers need to remember that sometimes less is more. We’ve become so used to a mobile-first world, where it’s possible to reach every customer, that we overlook the benefits of focusing on valuable customers. It’s often far better to have a limited-but-meaningful impact than a widespread-and-minimal impact.
It might not be as dramatic or thrilling as all-or-nothing marketing, but slow and steady still wins the race.