Today millions of Aussies will put their betting skills to the test, sip some bubbles and if they’re lucky, enjoy the afternoon off work. The colour, hype and tradition that is the Melbourne Cup have become so much more than “just” a horse race. And with so much buzz come a few classic marketing lessons to be reminded of.
Don’t only take the big talkers’ word for it
There aren’t many gamblers who consistently beat the odds. Following the “big talker” is usually just an expensive decision. And in marketing the “talkers” aren’t often the “doers”. Maybe they’re right. But maybe they haven’t given you the whole story. Or don’t know the full story them selves. Sure seek professional advice. But just make sure it’s from a doer: someone with a solid track record that can give you solid odds.
Don’t follow the crowd
The typical Melbourne Cup dilemma: in a 24-horse field, the favourite doesn’t frequently win. And even if it does, the odds don’t make up the risk you take. As is the case with marketing: the usual marketing suspects – think traditional advertising – are rarely your best bets.
Diversify and spread your risk
It’s tempting to bet it all on one horse. That one horse you’re sure is a sure thing and the bookies have priced at surprisingly long and valuable 25-1 odds. But in reality, those odds are stacked heavily against you.
It’s the same in marketing. Just like putting all your money on one horse is a huge risk, so is investing everything in one type of marketing, industry or market.
Diversifying your marketing across a variety of targeted marketing channels will spread your risk and connect with your target market in a variety of engaging ways.
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, comb the form guides and understand how variations on the day affect the outcome. These punters have an informational 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 out 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:
9 RED CADEAUX (GB) E Dunlop G Mosse (8) 55kg
11 WHO SHOT THEBARMAN (NZ) C Waller B Shinn (6) 54.5kg
19 PRINCE OF PENZANCE (NZ) D Weir Ms M Payne (1) 53kg
Need a hand picking a marketing winner?
See you next week