The big news of the week is that the founder of an alternative investment company, FTX, and his girlfriend have allegedly made off with billions of dollars in such grand fashion that it will make Bernie Madoff's Ponzi scheme look like a 2nd-grade school project.
And if you were standing behind the alleged perpetrators of this heist in the grocery store, you'd NEVER think, "Those people buying all that Velveeta have access to unlimited, albeit illegal, cash."
The reason I bring this up is that companies like FTX are in the wild west of a new crazy volatile industry. And there will be good and bad people running those companies until things level out and the winners emerge.
Even so, that doesn't mean that people won't get behind a company like FTX if they get paid enough. A bunch of big-name celebrities endorsed this company…like a bunch a bunch.
This reminded me of the unreal world of marketing that preys on innocent entrepreneurs, screaming, "YOU GOTTA DO THIS SHINY NEW THING RIGHT THIS SECOND."
Because here's what we know in the marketing real world: Not all that shines is gold.
Take social media. Remember Four Square? Google+? Vine? Friendster? Clubhouse?
All of those came and went. And all the time, money, energy invested in those platforms...poof. Like the FTX money.
When it comes to marketing your business, here's what I recommend to entrepreneurs when something new comes out and it looks really really really cool and they want to do it:
1. Study it for at least 6 months.
See who's on it, how it works, what kind of results people get and if it aligns with your values and your brand.
2. Ask, "Do I need this?"
Oftentimes, a well-managed core marketing program doesn't need additional tactics. Be clear on where and how this will impact your business.
3. If the platform will advance your business...
Start with a plan to test content and get consistent, which will help you understand the algorithms and the algorithms understand you.
4. Follow the platform rules.
Understand the tone, look, and feel of the content so you can match the quality standards.
5. if the platform goes bye-bye.
Chalk it up to a lesson learned and keep focused on the channels that have been producing for you.
The moral of this story? Be cautious about the new shiny thing. While it may have hilarious ads and shiny people behind it, it all may be just an illusion.
And last time I looked, illusion was not good for business.
Rooting for you! xo, Heather