Brand Marketing 101: Avoid The Mistakes of Others.
In this new series, I'll be sharing some quick marketing tips I've learnt over the years personally and from watching others do business.
Unlike most materials you'll see out there, this one will be pretty simple, practical and with real life examples you can understand and relate with.
Goes without saying, feedbacks, criticisms, comments and observations of all kinds are welcome.
First marketing tip we are starting with today is pretty simple; AVOID THE MISTAKES OF OTHERS.
You've heard the phrase "it takes a village to raise a child", while that is generally used in relation to training a person, it applies to your business too. While it's easy and more common to take inspiration and draw courage from the achievements of others, one lesson that is often overlooked is avoiding the pitfalls those who came before you fell into.
As a football nerd, I feel compelled to use a football example. Most football leagues around the world are currently on break and this is the time where teams usually look to offload and strengthen their squad and one team or league that seem to be doing something right is weirdly, the Saudi Arabia league. More professionally known as the Saudi Pro League, they have been adding new players to their teams across board and if the rumours are true, more are on their way with their biggest single market so far, being Chelsea Football club. Granted, the Saudi Arabia pro league is not like any other in the world as it is propped up heavily by state funds but we have seen teams and leagues try this model before and fail.
Remember Anzhi Makhachkala in Russia? They tried to buy players to prop up their team too but have not been successful, in fact, the latest about them is they have been deregistered. Similar story have been recorded of Malaga CF in Spain who went from playing in the quarter finals of the UEFA Champions league to now languishing in the third division of Spanish football. The list goes on.
The lesson here is, Anzi and Malaga rushed into their investments, they got some quick money and instead of building from the bottom up or middle out, decided to invest in short term gains with no proper plans for the future. The Saudis, however, are taking a different route, they are signing renowned superstars in the twilight of their careers like Cristiano Ronaldo, Karim Benzema, Odion Ighalo but they are also smart enough to invest in players in their prime or close to it like Kalidou Koulibally, N'Golo Kante, etc. This way, their league and teams have name recognition but also a plan to sustain their new found fame, long term!
Remember the Chinese league and the MLS? They made the same mistake of investing heavily in name recognition but no significant plans in their product (the league), same argument can be made for PSG in France, although, they appear to be on the brink of retracing their steps, shedding the superstars on their roaster who take a lot of money without bringing the necessary competition and excitement to the league.
As a young entrepreneur, new business owner, start up founder or CEO, it is important to remember your seed rounds are not the big breaks you're looking for, they're what their name suggest - seed.
They are to be planted and watered.
Investing in ready made talents who probably already have fat pockets and appetites will not do your firm a lot of good. It is wise to think long term and hire young, budding staffers, who are hungry for success, who are excited about your long term goals and who will do the work needed for your company to succeed.
Learn the mistakes of those who have come before you and avoid them!
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