![\"\"](\"https:\/\/www.marketingforsuccess.com\/blog\/wp-content\/uploads\/2012\/02\/MarketingStrategy12.jpg\" "\\"MarketingStrategy1\\"")
<\/a>Economist David Romer analyzed the 4th down decisions of every NFL game between 1998 and 2000 to see what coaches did. And what he found was astounding.<\/p>\nMost top paid coaches, go with their gut and make the wrong decision. They play it safe and punt even if they have a 75% chance of having a running or passing play succeed. And instead of maximizing points, they minimize their chances of winning the game \u2013 at least in terms of their 4th down decisions.<\/p>\n
Irrational? Yes!<\/p>\n
The same is true in business. When there are tough decisions to be made, you and other business owners go with your gut, throwing the facts out the window. Which is costing you big.<\/p>\n
Take one owner of a $10 million a year business I talked with. His biggest concern about his marketing wasn\u2019t how much money he was losing to his competitors (which was millions a year) but the $40,000 he was spending on marketing. He was more worried about losing a less than fifty thousand dollars than making a couple of million in additional sales.<\/p>\n
Why? Why are business owners so irrational in their decision making?<\/strong><\/p>\n Just like football coaches, we are all wired to avoid potential loss. We\u2019re more concerned about losing a few thousand dollars than not making a few hundred thousand or even a few million. And we consistently make the wrong decisions even if the odds are in our favor, as they are for football coaches who actually run or pass on their 4th down instead of punting and giving the ball to the other team.<\/p>\n Risk is a two-edged sword.<\/p>\n If you take action \u2013 you risk failure. But if you don\u2019t take action \u2013 you\u2019re in essence giving up, giving the ball to the other team and potentially handicapping your business for years to come.<\/p>\n What\u2019s the solution?<\/strong><\/p>\n Don\u2019t just look at the downside of taking a risk, whether it\u2019s starting a new business or running a marketing campaign. Take a look at the downside of not taking action too.<\/p>\n Then write down the numbers and compare the cost of taking action \u2013 worst-case scenario and the costs of not taking action.<\/p>\n You\u2019ll be surprised at how much money you\u2019re losing by doing nothing, sticking with the status quo.<\/p>\n To your success,<\/p>\n CharlieP.S. In investing, most people rely on emotion to buy and sell and most people lose money in the stock market. A few, the ones that strike it rich \u2013 use a system based on proven logic to make their investment decisions.<\/p>\n The same is true in marketing. It\u2019s a science and if you use a proven system, you\u2019re going to be successful. If you rely on your instincts, you\u2019re more than likely going to be frustrated.<\/p>\n","protected":false},"excerpt":{"rendered":" You\u2019d think that CEOs and football coaches, both who get paid millions of dollars would consistently make decisions based on maximizing profits or, in the case of coaches, increasing points. Right? But you\u2019d be wrong in both cases…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[379],"_links":{"self":[{"href":"https:\/\/www.marketingforsuccess.com\/blog\/wp-json\/wp\/v2\/posts\/10734"}],"collection":[{"href":"https:\/\/www.marketingforsuccess.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marketingforsuccess.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marketingforsuccess.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marketingforsuccess.com\/blog\/wp-json\/wp\/v2\/comments?post=10734"}],"version-history":[{"count":0,"href":"https:\/\/www.marketingforsuccess.com\/blog\/wp-json\/wp\/v2\/posts\/10734\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.marketingforsuccess.com\/blog\/wp-json\/wp\/v2\/media?parent=10734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marketingforsuccess.com\/blog\/wp-json\/wp\/v2\/categories?post=10734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marketingforsuccess.com\/blog\/wp-json\/wp\/v2\/tags?post=10734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}