July 15, 2021
Just as the richest players in poker can still lose it all, even brands with the biggest marketing budgets can still lose millions on a bad play.
Pepsi discovered that truth firsthand after running a tone-deaf YouTube ad in April featuring people marching down a city street with generic protest signs. Kendall Jenner suddenly joined in, then stepped out of the crowd to make a stone-faced police officer smile by handing him a can of Pepsi. This left some viewers wondering whether the ad might be a belated (and expensive) April Fools’ Day joke. Harsher criticism led Pepsi to pull it the very next day.
The viral outrage hurt the company’s potential revenue and damaged Pepsi’s brand sentiment, especially on social media. Industry experts estimate the cost of production, Jenner’s fee and the media buy might have run into the hundreds of millions. Although such a huge, global brand could afford to take the hit, it should never have taken such a risk in the first place.
When a small ad can become a big story within hours, every bet is a big bet. Poker players avoid losing too much at once by calculating risks and managing their bankroll. That means a player with $2 million in the bank isn’t sitting down at a table with $2 million in chips, and then going all-in on a bad hand.
Your business should play by the same rules. In marketing, as in poker, disciplined bankroll management and calculated risks are the keys to staying on budget while seizing opportunities that provide a high return on investment.
Sign up to our newsletter to stay up to date with all the latest movements in the field.
More from Ladder Blog
Putting finance at the heart of the business allows you to connect all the dots, have the business work in harmony, grow faster, and substantially reduce setbacks. By analyzing the data provided by all the departments, finance can design a master template, a master data budget, or a growth plan to make the right decisions that can help you effectively grow the business.Read More →
Your marketing success ultimately comes down to your goals, your risk tolerance, and employing a sound strategy regardless of whether it’s volume or efficiency-based. The key is to clearly outline your strategies and expectations and optimize your resources, time, and capital to give yourself the best opportunity for success. Remember that you and your growth partner must be on the same page or you might run into some very unpleasant conversations when it comes time to report on progress.Read More →
Promote a social post to get cheap visits to a website and capture emails. High quality social posts can be targeted to reach specific audiences based on interests, shopping habits, browsing habits, and more. Publish a post on a social network and use their native advertising too...
Place your call to action form or button on the right side of your landing page to increase activation. Focusing on the right side of your landing page rather than the center, especially when the form remains visible while scrolling down the page, keeps registration forms and CTA...