Some time ago I decided to try day trading. I’m here to tell you it was a really bad idea. I didn’t do that well and one of the reasons is that I didn’t do the research. In fact, I didn’t know what to do or how to do it. I relied on emails that came in with stock market tips.
I didn’t know anything about stock trading and I really learned how little I knew when I started listening to some books about Blinkist, how to become a daytrader and how to buy stocks. One of the things they teach you is that there are certain indicators that you need to know and do your research before buying a stock. And even if you do, there is no guarantee as no one can predict the future, but you have a better chance of potentially making money.
Inventory in your marketing
What I want to talk to you about today is why you should treat your marketing like picking a profitable stock. I wouldn’t try to give you advice on trading stocks, but I do have some advice on marketing as I’ve been doing this for about 40 years and have been pretty successful at it. When I started listening to these books, I took away six key points to think about as you start researching your marketing.
Determine your goals
The first thing you want to do is determine your goals. What do you want to achieve? Most of the time when it comes to the stock market, you are thinking about ways to achieve a better retirement, may want to pay for your child’s education, or are just trying to create financial stability.
When it comes to marketing, it’s the same. What are your business revenue goals? How do you optimize your system and your talents and how well does that fit your process? Once you have a clear indication of where you want to go, you can start building from there.
Keep your eyes open
The next piece is to keep your eyes open. Look for indicators. What triggers can you find? In the stock market there are events like downturns or maybe someone announces a new product or market they are entering or other general market trends. In the marketing world, you can search for press releases, social media content, or blog posts that might give you a clue about a company you might want to work with.
Market for companies, then for people
The next thing we’re going to look at is how we market. You want to start marketing for businesses and then for people. The most important thing to focus on in marketing is sticking to things that you know and are good at. On the stock market, we want to look at industries that we understand. Is it consumer or B2B based? And are there certain products that we actually use that we know we understand?
When it comes to marketing and you’re looking for a company to work with, you want to be looking for the same things. Which industries are you passionate about? Do you prefer to work with a consumer or B2B based company? And what niches are they in? Are they in a place where you are comfortable talking about their technology and systems? Now that you’ve identified the company, you’ll want to look for any possible direct connections you might have on Linkedin. Or maybe you know someone well enough who knows someone in the company who can do an introduction for you.
Do you know their story
The next thing you want to explore is their story. What do their brands say that inspires you? In the stock market, you want to see who they serve. And does this company correspond to the values that you have in your daily life?
When it comes to marketing, we want to do something similar. We can see how the company we want to work with serves its audience. Does their message match our beliefs? Do we feel we can appreciate what they are saying? And do they fit our values?
Check your marketing
The next piece is to dig deeper and begin the research on their current marketing. How do they present themselves not only to the audience they are selling to, but also to the public? In the stock market, you want to see how they talk to their customers. What does their advertisement say? Where do they advertise? How do they convey their message? Is it believable? Is it real
After all, are they more focused on how to talk to their customers or are they more focused on pleasing their shareholders? You have to find out who they are answering to.
If you are into marketing, you want to find out how to fit into their business and offer them the products and services you offer. Are you aligned with the way you present yourself to the rest of the world?
After all, you want to make sure that you are diversifying. You want to create a good mix for your business. In the stock market, you want to put together a group of different stocks, not just one. You wouldn’t put all of your eggs in one basket. So you want to look at a mix of products and services and maybe someone who is integrated and does both? Maybe you have a supply chain or national security business? Whatever it is, do you think you could benefit from having it in your portfolio?
In marketing your business, try to find companies that complement what you are already doing and where you want to go in the future. Look for companies, industries and niches that fit very well with the tasks of your company.
Tools of trade
Now the best stock traders have a ton of tools on hand. There is a lot of financial information out there that they can research, either paid or free services. But nothing is more powerful than a relationship with someone who already knows the company inside out. If there is a company that you would like to work with, there are many tools available to you.
Check out the company’s website and try to see if their messages align with my goal. Do I know someone in this company or do I know someone who knows someone in this company with whom I can speak? Search your CRM, your LinkedIn and try to find someone to talk to. When these things match, you need to decide what makes the most sense for your business. Will this be a good fit in the long run?
I know some people consider the stock market to be a high level of legalized gambling, and to some extent, too! That’s because you can’t predict the future. You wouldn’t go to a casino and toss all your money on red or black on a roulette wheel and just pray for the best, would you? Why would you want to do the same with your company? The more you research and the more you get to know, the greater your chance of becoming a successful person in stock marketing.
I would like to hear your thoughts on this. Comment below and share your thoughts, ideas, or questions about how to approach marketing the same way you approach the stock market. Did you have to overcome any of the presented concepts? What worked and what did not meet expectations? Do you have any ideas or advice to share?
Author: Brian Basilico
Brian Basilico is a nationally recognized writer and public speaker. He is the founder and president of B2b Interactive Marketing Inc., an award-winning marketing consulting and manufacturing company based in Aurora, Illinois. B2b helps companies and nonprofits to market their products and services through the effective use of online tools. Websites, blogs, … Show complete profile >