‘Nobody wins at the Durban July.’ I heard it so many times yesterday, but I was convinced that I would have nothing of it. Surely I’d win on at least one race.
But no, despite hearing the warnings from professional punters and regular horse racing fundi’s that Durban July day is such a difficult day to to back a winner, I forged ahead and placed a bet on every race.
I won nothing. Zero. Zip. When I bet on the favourites, they flopped, and when I bet on the Trifectas and Quartets, there was always that one horse that ran in like a donkey. Money down the drain.
Even the horse I got allocated in the office sweepstakes got scratched on the Friday night before the race. Nothing. Zero.
Durban July Gambling and Instant Gratification
So, what is it about gambling that attracts so many people to throw their hard earned money down the drain. Fun? No. I don’t think so. At some point, losing money is not fun.
It’s the promise of instant gratitude. Instant, quick money. This is the same reason why thousands of people invest in the National Lotto week after week.
The problem with gambling is that the odds are so stacked against you right from the outset. There is so much that is out of your control, and yet you give your money knowing that there is a great chance you won’t get it back.
Surely it would make more sense to spend your money on activities that are weighted slightly more in your favour?
Effective Expenditure for Your Business
Let’s imagine that the average, fairly conservative punter, loses R 1,000 on race day at the Durban July. How could you spend that money in your business in the most effective way, that could provide you with a far better ROI in the short, medium, or long term than a day at the races? :
1. Marketing / Lead Generation
Spending your hard earned money to generate more leads for your business is the odds-on favourite, and a sure winner.
Every single lead you generate for your business builds either short term or long-term profits. Leads turn into prospects , and prospects into sales. Even if leads don’t convert immediately, if you have the systems in place to keep in contact with the customer over a long period of time, the sales will eventually convert. Either the lead generates into an instant transaction, or the lead flows into your CRM to generate a future transaction.
The key is to understand that you only want to pay for the lead once, and then retain that lead until such time that it generates a sale.
You can do a lot with a small budget on social media, and R1,000 can certainly generate a lead or two with an effective Facebook / Social media strategy, or even an email campaign offering a prize to people who sign up to your lead page or for subscribing to your email campaign.
2. Relationship Building
Prioritizing networking and relationship building into your marketing plan is often neglected, yet so often, key relationships are so important in business.
R 1,000 will go a long way if you allocated the money towards coffee, breakfast or lunch appointments with existing or potential clients. Building or maintaining relationships is vital in ensuring that your customers get to know you, and the rapport and warmth that you will be able to establish by giving your time to them, is invaluable.
Be creative, and establish your own power networking group. Invite business owners from industries that are either affiliated to yours, or entrepreneurs who share similar challenges and requirements. Don’t be scared to pay for the bill too!
3. Personal Branding
What about spending the money on you? You are a brand, and maybe its time for that new hair style, or perhaps there is an opportunity to refresh of your professional pics that you use on your branding materials.
It’s so important to keep everything looking fresh and relevant. Show your customers that you are continually investing in your own brand. Old, tired branding sends out the wrong message to your customers and maybe its time for a refresh.
Jump onto Fiverr.com and see how far your R1,000 will go in terms of branding, flyers, presentations, videos and logos. You could even take it to the next level and employ a social media consultant to ensure that you stand out from the crowd. A good personal brand means that people know who you are, and when they begin to seek you out over your competitors, you’ll know its working.
Back Your Own July Winner.
When spending money on your business, ensure that the investment is going to give you a good shot at generating more leads, and more brand exposure. Leads convert into transactions eventually, but a business with no strategy for lead generation is like a punter at the Durban July who,….well,…throws money down the drain.
It’s time to back the winner. Back yourself.
Have an amazing week.
Grant Gavin is an international speaker and award-winning entrepreneur, who coaches sales people to become better versions of themselves. For more info visit his website, www.grantgavin.com and make contact.