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- EOW Thought: 10x on 5%
Another week in the books. We made it!
Shout to all of you, and Shana Tova to my fellow tribesmen.
In that spirit, today’s new year thought is brought to you by Josh Rothken. Josh is a dear friend, but more importantly, founded The Players Fund, which is shaking up and pioneering the way athletes set themselves up for the future. He also helps run investments for a family office, with a focus on real estate. He’s also a college basketball savant, and an overall great dude. Hit Josh up, he’s the man.
Today’s thought is a formula you can use for what clients or brands expect of you as a marketer, and how to think about getting there.
Onwards! Short one today. A Friday miracle.
EOW Thought
10x.
That’s the impact Lionel Messi has had on MLS ticket prices.
Before Messi, tickets for Red Bulls vs. Inter Miami were $46.
After Messi signed, tickets skyrocketed to an average of $496.
A ~10x increase.
That’s the impact of a global superstar like Messi:
Outsized growth
Outsized demand
Outsized impact
This is what your clients, managers, or brands are looking for, especially if you work with or on behalf of a challenger brand trying to shake up a category.
They might say they’re willing to be patient.
They might say they know that it takes time to build awareness, results, etc.
They might say they’re willing to see how things go, and go from there.
But we all know the truth.
They’re not.
They want results - big, fast, and quick.
They want Messi level stuff - 10x impact - regardless of the budget.
Speaking of the budget…
How can you achieve 10x growth, if budgets are increasing at a snail’s pace?
And basically, every year thereafter for the next 5 years.
So, your marketing budget is likely going to increase only by ~5% next year.
But your bosses, managers, clients really want 10x growth.
They’re not going to settle for less, even if you set their expectations.
What should you do?
You should be at least, looking and aiming for, Messi sized impact.
Few things will have it. But media and marketing should be a bit like soccer.
It’s all about shots on goal.
Think of the goal, as your own actual goals.
And the goalie as the gatekeeper from you achieving them - the competition, the size of your budget, internal politics, lack of brand positioning, etc.
Your marketing / media plan is like a striker taking aim.
How many tactics, ideas, or chances can you take at the net well?
Are you aiming it too high, too low?
Are you being too predictable?
Are you doing what you can to fake out the goalie?
Are you playing too much defense? Or, too much offense?
Are you deploying integration and teamwork to score?
Think about these questions as you plan your next plans, especially for next year.
The budget deck is likely to be stacked against you.
At the end of the day, you have to give yourself a chance to 10x a 5% investment.
Because a 5% investment will, at most, get you 5% more results.
Spoiler alert: you will likely need more.
Aim for the net, and let it loose.
Stay thinkin,
Danny