Just Say NO to Shiny New Objects – The Abominable No Man
You know Warren Buffet right – one of the richest people in the world?
He’s got a long-time biz partner…. Charlie Munger.
Now…. We know that obviously Buffet is careful about his business decisions.
Over the years… he has looked to Munger to advise him on things.
Munger earned the nickname… the “abominable no man.”
That’s because he often… tells Buffet “NO.”
As in… “NO, this is not a good idea.”
And when it comes to shiny new marketing objects you need to take a page from the “abominable no man.”
You can’t say “yes” to every new marketing thing that pops up.
But you do have to keep an eye on things.
The most important considerations…
1… Audience and 2… are YOUR possible, customers, clients and members there?”
Twitter…. Months ago I predicted Twitter’s stock would tank. I was right. It’s because their audience is weak… so how can they command advertiser dollars… especially from us small biz owners? Exactly… NO!
Next… There are now a bunch of live-stream social media apps.
These apps enable you to broadcast live to your followers. Periscope and Merrkat are the most popular.
But again… audience. Should you say “NO” to live streaming social media?” I don’t know… are your prospects, customers and clients there watching live-streams on mobile?
BTW… Facebook is already testing live video feeds.
The fun and challenge with the shiny new object thing is you just never know…
You never know if the new thing is going to stick around.
In the 90’s who knew websites would become a vital link in the marketing chain.
When email marketing first came on the scene – it was hard to tell how much it would impact marketing. (Email returns $40 to very $1 spent)
When Google first started to over-take Yahoo… who knew that eventually it would power 65% of all searches… You HAVE TO be there.
And… Facebook… well… 1 Billion people a day scroll through their newsfeed and Facebook Ads are one of the most power marketing tools ever to come to us earthlings. Facebook was a shiny new object just six to eight years ago.
Mobile Apps… I still run into those who think a mobile app is a “New Shiny Object.” But then, you just look around at everyone staring down at their phones and realize you can engage them easily on that mobile channel.
Online Reviews… When online reviews first came on the scene – no one believed that they’d one day hold as much weight someday as the recommendation of a friend or family member.
The critics thought Jeff Bezos, (Amazon Founder) was crazy for allowing reviews of books in the early days of Amazon.
Things that actually work eventually become dull. They are no longer shiny and new. That’s a good thing.
The above channels are not “Shiny and New” anymore! They are well-established and effective.
In my complimentary e-book I outline how to use each of these “dull” strategies and more.