The ides of March are upon us and that means literally millions of hours of productivity will be lost this month to the NCAA March Madness basketball tournament.
In offices across Canada and the United States, people are filling out brackets, trying to figure out who the Cinderella teams will be this year and which team has what it takes to go all the way.
Whether you're the type of person who likes to read all the analyst reports you can handle, or if you prefer to use the dartboard method to make your picks, there's one thing you can be sure of: we can learn a number of lessons about how to run a business from March Madness. Seriously.
Number one seeds don't always win. If there's anything the basketball tournament teaches us, it's that the highest ranked teams don't always bring home the title (although Kentucky does look pretty strong this year). Every year there are upsets; the small program from the middle of nowhere that takes out a powerhouse college, the scrappy group of team players that take down the star-studded lineup.
The point is, past performance doesn't guarantee future success. In the corporate world, all eyes are on what the big brands are doing. Brands like Red Bull and Oreo are constantly being watched and making headlines. But that doesn't mean big brands can't stumble or be upset.
It's tough to go undefeated. WestJet established a new a new benchmark for surprise and delight marketing with its 2013 Christmas Miracle spot, but its recent Valentine's Day video had many left feeling disconnected and uninspired. It doesn't matter how many banners you have hanging from the rafters, it's about how your team is performing right now.
Don't underestimate the top seeds. March Madness wouldn't generate the interest it does if the top seeds always met in the Final Four. Still, it's no accident that UCLA, North Carolina, Kentucky and Indiana constantly make it deep into the tournament. A history of success begins with good strategy and programs that drive results. Whether on the court or in an office, teams that are willing to scout the best talent, work hard and demand big results will go far.
No one would argue Proctor & Gamble is a perennial leader in the marketing world. But the company set a new benchmark early last year during the Olympics by pulling on everyone's heartstrings with the Proud Sponsor of Moms campaign. Last summer, P&G's brand Always released an ad for their "Like A Girl" campaign in a bold attempt to re-define what it means to be a woman and have it mean positive things. The message was clear, powerful and struck a chord. More recently, P&G's Always brand released its follow-up video before International Women's Day to demonstrate how mindsets are already changing. The business has thrown itself behind a great cause and started a movement, encouraging viewers to be a part of it and extending the feeling across brands.
To win your bracket, you (usually) have to do your homework. Before filling out brackets, serious fans usually take the time to do their research. Sure there's always going to be someone who gets lucky, makes their picks with their eyes closed and winds up winning the office pool. There's always going to be surprises on the court, but there will inevitably be less of them when you've done your background checks. You can't plan for every upset, but more often than not, doing your homework is going to pay off.
Everyone loves a Cinderella story. A number-16 seed may be the one to surprise you this year. It's easy to focus on the favourites and forget about everyone else, but everyone loves a good underdog out-of-nowhere story.
The same is true in the marketing world. For example, think about the Dollar Shave Club – a brand that came out of nowhere after a YouTube video launched the company in the simplest way, by simply explaining the company's value proposition. Thousands of consumers signed up for the service within a couple days of the video launching, and people ate it up to the point that they're eagerly anticipating what the brand will do next.
Any team can make a comeback. No matter how late in the game it is, there's always potential for a turnaround in the fourth quarter. For any team, there will be hits and misses, but what truly matters is learning from your mistakes and coming back stronger next time. Maybe you need to think about changing up the roster, maybe it's time to come up with a new game plan. Throw something new into your mix, or work hard to bounce back from a tough situation and find positive outcomes.
So remember, as you fill out you watch the March Madness tournament unfold, imagine the possibilities, examine the strategies carefully and hope for the best. You never know when your brand is going to find its own Cinderella moment.
Mia Pearson is the co-founder of North Strategic. She has more than two decades of experience in creating and growing communications agencies, and her experience spans many sectors, including financial, technology, consumer and lifestyle.
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