There are some definite parallels between the stock-market world and the business marketing world other than the one word they both share. To become a mastermind in juggling stocks, in the style of Warren Buffett, is an art in itself. Dedicate yourself to it, seek to understand all the mechanisms of the system and appreciate the particular unknowns, and you’ll soon find success.
Business marketers, especially ones looking to further sharpen their skills, can learn a lot from this analogy. Even more so in paying close attention to the ways in which a stock-market mastermind thinks and then extending the application back to their own problems and challenges.
Here’s how thinking like one could benefit you.
Tools, Tools and More Tools
Stock market experts, although relying in large part on instinct and experience, still aren’t wholly cocky or overconfident enough to base decisions on those devices alone. Using a plethora of tools available to them, including stock recommendation services, tailored news channels and networking forums, decisions are made on the back of solid data and sourced findings.
In the business marketing world you want to be doing the same too. Look at what tools are out there that can help you better make sense of what’s happening in your field, where your customers are going and what their habits are. Hone in on equipping yourself with what’s absolutely necessary. Never rely on instinct when you can test or gather more information.
(Don’t) Shy Away from Panic
Panic is what causes many a novice stock-market player to sell up at the crucial time it should be held, or buy when maybe the decision should go the other way. It’s the number one emotion that is being constantly fought and conquered over by the experts. Controlled as much as possible.
If business marketers approached their roles with the same attitude as stock-market players like Jim Cramer do, especially in harnessing the panic and using it go deeper in research, then they’d come out all the better for it.
If something is making you emotional as marketers, hammer down and figure out why. Sometimes the best decisions come off the back of fear sparking you to take increased action.
Keep a Fallback Position
Having a fallback position in mind is something all investors have when it comes to dealing in the stock-market. A common technique is putting mental buffers in place when prices fluctuate or adopting a similar technique when it comes to detecting a hedge fund. Owning stock in an auto company, especially at a time when fuel prices are expected to rise, might make the risk in purchasing oil stock a little easier to handle.
It’s fallback positions and safeguarding like this that can extend itself well to the world of business marketing. Knowing there’s a tried and tested avenue for pushing your products into the market and increasing attention, that might give you the backing to begin experimenting with other techniques or campaigns that take a different approach. See what failsafes you have and make the decision, based on how solid they are, as to whether you can start pooling resources elsewhere.
Stock-market strategies extend themselves well to the world of business marketing but it’s nothing without action. Perhaps these ideas have helped inspire or spur you onward in experimenting a little further in regards to how far you can go in your next big campaign.