Today millions of Aussies will turn into punters and settle in to the race that stops the nation. But with so much buzz, a few classic marketing lessons float to the top.
Don’t bet everything on the favourite
Melbourne Cup history tells us the favourite doesn’t always win. And so is the same in marketing. There’s no one-size-fits-all marketing solution for business. The “industry favourite” may not necessarily connect with your specific audience.
Instead, spread your risk. Put your money each-way on a range of different marketing tactics. A mix of roughies and favourites make-up a well-balanced marketing mix.
Never underestimate your competition
While the field is set only days before the race, jockeys and trainers spend months preparing in anticipation which horse they will ride the Melbourne Cup. They know their market. They research potential horses’ and their jockeys. When the field is set, their race plan is set with their competition in mind.
And that’s a lesson for small business’. Don’t take your eyes off the competition. Your game plan should consider competition, no matter how big or small – never underestimate what they may have up their sleeve.
Do your research
For most Australians, the Melbourne Cup is one of the only times of year they pay attention to the world of Horse Racing.
Unfortunately, it’s also one of the only times of year they decide to bet their money on the outcome of a horse race.
However, a few have an inside edge. They do their research. These punters have an advantage and make more informed decisions than your average punter. It’s the same when choosing marketing strategies. In the long run, people who make considered and well researched, strategic marketing decisions, win (in the end).
AND IN CASE YOU WERE ONLY READING THIS TO FIND OUT OUR HOT TIPS FOR THE RACE THAT STOPS THE NATION… HERE THEY ARE:
Number 3- Magic Circle
Number 18- Nakeeta
Number 19- Sir Charles Road
READY TO GO THE EXTRA MILE?
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