A Marketing Strategy Straight from the Boxing Ring
Today’s inspiration comes from Floyd Mayweather.
Mayweather is a professional boxer considered to be one of the most successful athletes of our time. He was undefeated over his 19-year career, and more recently, came out of retirement to fight Conor McGregor. That one match earnt him a hefty $300 million in winnings. So, how did he do it? Scientists have an answer.
Through comprehensive analysis, Mayweather was determined as the most accurate boxer in recorded history, with the highest percentage of punches landed in contrast to the ones received. He was also observed to be very reserved in his approach, allowing his opponent to hit him a few times at the start of a match while he worked out their tactics. Once Mayweather knew what he was working with, he’d strike only a few times, but with incredible energy.
The lesson? Land your hits and make them count. I believe this same boxing approach is also effective as a marketing strategy. Let’s take a look.
First, you’ve got to take a few hits.
I think most businesses are looking for the silver bullet — the one marketing trick that is going to solve all their problems. But before we can strike, we need to take a few hits. Initially, we want to take time to analyse our approach and experiment with a few different channels and methods.
When we consult with small businesses, we encourage them to build a diverse range of ongoing marketing activities. Precisely, seven different ones (if they wish to grow their business). This is an experimental process where we trial various mediums (Facebook Ads, Google Ads, radio, social media, free seminars, door knocking, etc) and measure the relative results.
Second, time to strike.
After an ongoing and simple evaluation, we can determine key metrics such as cost per lead, conversion rate, return on investment, and turn-around time. We can then assess which activities to double down on, which to fine-tune, and which to scrap. In our experience, effective marketing returns $3 for every $1 spent. The idea here is that if we can find a channel that generates $3,000 of income from a $1,000 investment, we can start adding 0s to the spend and the return.
Thoroughly experimenting with manageable spends on half a dozen different channels builds a predictability into your marketing. This turns a significant advertising investment from a high-risk venture to a no brainer. Let’s get confident about your marketing spend, so you can get that flood of leads you’ve been waiting for.
— Scott Ingram, Director