Go For the Gold, Not the Gold-Rush.

The Gold Rush

In 1848 James W. Marshall discovered gold near the American River. What he and his boss (John Sutter) wanted to keep secret soon leaked and news spread quickly. In less than a years time more than 24,000 people had poured into the area to make themselves rich. Of course, the first to arrive and get working ended up making a substantial profit, but what about those late comers? Do you think they made any money at all? Our history shows us the people to arrive late, accounting for costs, ended up losing money.

That same year, a few parties on their way to the California Gold Rush, made a stop in modern day Colorado. After some panning, they too found gold, but distracted by the hysteria further south in California, they moved forward and forgot about their discovery. Not until a decade later (1859) did people finally return to this area, sparking the Pike's Peak Gold Rush (or Colorado Gold Rush).

Looking back, it's easy for us to point fingers and laugh at these goofy prospectors – what fools! They were sitting on a fortune, but were clouded by the activity further south, already being picked over.

What About Today?

In business, gold rushes are still happening and your marketing department isn't immune. Do their concepts and ideas reflect everyone else, or are they truly blazing a new trail? The businesses to start these rushes are making out like bandits (or prospectors) but those late comers are barely sliding by, or going backward. Maybe they are even losing money. Why? Because if you look like everyone else, people assume you are like everyone else, and this is always bad. Think about the body spray commercials Tag vs. Axe. Can anyone actually remember which commercial goes to which company?

Create the Rush, Make that Stop in Colorado

So, what can you do to avoid getting trampled in modern day gold rushes?

• Truly listen to your clients or customers, get their insight. If you send them more than a survey, and spend a significant amount of time with them, chances are you will be blown away by their amazing insight.
• Avoid your competitions marketing campaigns like the plague. Phrases like "I really like this ad, let's do something like this," and "we have always done it this way" are red flags.
• Look at emerging trends from different industries. Why are they working / failing.
• Accept discomfort.

Just like the prospectors in Colorado, trying something different may feel like a risk, but it is a bigger risk to try the same thing that has already permeated the marketing fabric. Go for the gold, not the gold rush!