What does the road to success look like?
When we hear success stories, we often picture them as one-dimensional or as a single, straight road. Even with failures and setbacks along the way, we always assume that success is all about sticking to one strategy.
Business owners who apply this way of planning may be wondering why it doesn’t always work. Is there something about strategy that we’ve missed out on?
One Destination, Numerous Roads
Relying on one strategy is only great when you’re planning for certainty. The reality is that it’s best to plan for uncertainty, failure and change. One of the best ways to apply this mindset is by creating several strategies and not just banking on one. These strategies must be different from each other, not variations or spin offs with a reoccurring theme.
In 1987, Microsoft applied this business techinque. During that time, the company was at a fork on a road. Competition was coming from all angles. Apple and Unix were fast approaching in the development process and MS-DOS was slowly withering out. Bill Gate’s answer to the problem was Windows. Everyone assumed that he sat with his team and formulated one strategy and put it to work.
Instead, he did the exact opposite.
He formulated 6 strategies and pursued them all simultaneously. All of his plans had a common goal, which was to be the top PC software company. However, all of these strategies were different. Eventually, 5 out of the 6 strategies phased out over time and were considered to be impractical. The clear winner was Windows, which ultimately paid off.
Creating Strategies Through Performance Marketing
Performance marketing is the use of online advertising campaigns that are offered to publishers or affiliates. Publishers promote an advertiser’s campaign and earn from it after a specific action is completed. This form of advertising is based strictly on performance. This means that virtually, an advertiser’s campaign is open to the public, and it’s up to the publisher to apply his or her own strategy.
For the advertiser, this can be extremely beneficial because apart from generating revenue, he or she can see which ads are performing well. After enough data have been collected, an advertiser can simply duplicate the publisher’s campaign and reap the same results. Moreover, companies can take top performing ads, use all the strategies separately and see which ones should be developed further.
Data Compilation And Control Groups
If you’re interesting in applying a multi-dimensional strategy for your business, here are a few tips that help you get started.
First, invest in formulating a solid hypothesis. This will save you time and the need to scrap ineffective campaigns. A strong hypothesis requires understanding customer behavior and trending concerns. You should also set multiple focal points and avoid generalising at all costs.
Secondly, compile your data. Analytics have 3 general categories. These are: negative impact, positive impact and retesting. Naturally, you should only proceed with campaigns that generate a positive impact. However, it is equally important to analyse campaigns that yield a negative impact. This information can help set your campaign’s boundaries.
Finally, don’t forget to use the right control groups. An isolated group can help monitor the effectiveness of variables. Your company’s control group should not be a default of zero variables. It should instead be the standard that you’ve set or what you consider acceptable. This can also help measure the impact of a set marketing campaign.
Are you using a multi-dimensional marketing strategy for your business? Let us know your thoughts below.