Marketing is a great profession for people who are passionate about advertising. It’s a highly competitive field with plenty of opportunities for growth which is why top professionals continuously look for ways to get to the next level in their marketing careers. For some, continuing education and reading books is a surefire way to learn something new. On the job training is another way to get real hands-on experience.
Sometimes, guidance can come from unlikely sources, such as a poker game. Poker is popular in the U.S., and it has been estimated that there are around 60 million poker players in the country. Many people think it’s just a hobby, but it’s more than that – it can be a learning tool, even for marketers. If this sounds hard to believe, take a look at some of the key things marketers can learn from playing poker…
1. Analyze the data you have
Novice poker players often makes decisions based on emotion, but seasoned poker players make decisions based on the data available, thus incorporating a mathematical approach. They look at the cards that have been dealt, calculate the probabilities of getting a winning hand, and gauge the level of risk that is at stake.
Marketers need to do the same thing when they are trying to build an effective marketing strategy. They need to analyze the data they’ve gathered, like the age group of their target market, and then come up with a marketing strategy best suited to reach the specific audience. At the core of both poker and marketing, an accurate analysis of data can translate into consistent winnings over time.
2. Pay attention to all information
In poker, you’ll never know exactly what kind of hand your opponent is holding, but you can make a good educated guess based on some clues – their behavior or tells. Keen players watch their opponents carefully at the table for “tells,” like changes in posture or signs of hesitation when betting — all of which give clues to the quality of their cards. Tells can be very reliable, so make sure to watch for them.
In marketing, the tells can be the information that is not obvious. For example, after a marketing campaign, instead of focusing on how many products were sold, look into why customers chose not to buy the product. Maybe some customers put the product in their cart, kept it there for a long period of time, and decided not to go through with the purchase. Analyzing this aspect can help improve your marketing strategy since addressing this issue can convert your potential customers to paying customers. Being a keen observer to such information is beneficial in bother poker and marketing as it aids decision making and future strategies.
3. Don’t invest everything in high-risk projects
In poker, you should have good bankroll management and play a balanced range of hands; not just go all-in on whenever you are feeling lucky. They are two of the most important poker tips to take on board, so you don’t go broke after a few hands. Try mixing up your style, for example, you could check-raise a flopped flush draw half the time, and call the other half. But if you’ve got good bankroll management you’ll be able to cushion the blow when a loss inevitably comes your way. A good rule of thumb is to have a bankroll of at least 25 times the buy-in for the game you play, just to be safe.
The same rules applies to marketing because if you go all-in on a first-time product, you could be putting so much at risk. It would be wise to analyze market trends after executing each marketing campaign before investing everything. Just like in poker, it’s crucial to have a set budget for each marketing campaign so proper accounting can be done. Risk assessment and good accounting are two important aspects of both poker and marketing.
Poker and marketing may be worlds apart, but interestingly, poker principles can be used to improve marketing skills. Practice your skills on the felt and see your marketing strategies also improve. We hope you’ve enjoyed reading this article, and for more like this one, please check out our tips and tricks on consulting as an entrepreneur.