For sports lovers, March Madness odds bring one of the most exciting periods of the year, and it’s just around the corner. Even if you aren’t a sports fan, the March Madness tournament may teach you some important business principles. Let’s take a peek at what they’re all about and the things that you can utilize to take your business to the next level.
It is Okay to be the Underdog
The March Madness tournament is set up in such a way that the number one seeds, or favorite teams, have the smoothest road to the Final Four. Underdogs face even greater odds as a result of this. However, when an underdog triumphs, it is all the more inspirational.
In 2012, Norfolk State, a 15 seed, took off Missouri, a 2 seed, in the first round, in one of the greatest tournament upsets in history. Missouri had been given a 21.5-point edge, which is a significant advantage in a March Madness game.
Let it, and previous March Madness upsets, teach you something as a business owner: Don’t count yourself out if you’re the underdog. When you triumph, your victory will be all the more remarkable.
Underdog businesses may use a range of winning techniques, such as publishing high-quality content, investing in SEO, and reaching out to influencers for marketing assistance, to name a few. These are just a few of the easy things you can utilize even if you don’t have a ton of employees.
Have a Central Location for Consumers
Despite the fact that there are other methods to watch March Madness online, the official March Madness Live app is the only spot to watch the tournament. The availability of an official app decreases uncertainty about where to view the games and expands the audience.
Similarly, your company should direct clients to a central spot. Depending on the sort of business you run, that place will be either an official website or an app. Ensure that your marketing initiatives give a clear, straight path to your website or app for potential consumers.
Assists are equally as crucial as baskets in basketball. The plays with all five teammates touching the ball are the most amazing. A play will fall apart if a team member loses attention and isn’t in the correct position at the appropriate moment.
When aiming for commercial success, keep these concepts in mind. Celebrate your team’s “assists” just as much as their “scores,” such as outstanding website design, new copywriting, and well-organized account administration (like closing big deals or securing huge investors). Remind your team that each person’s contribution is critical, and that you can’t thrive as a team unless everyone works together.
Don’t be Scared to Try New Things
Going for a three-point shot in basketball is riskier since the chances of making the basket are smaller. However, the three-point shot pays off more than a layup. When a team is winning and their lead is shrinking, they become risk-averse, according to a study on basketball risk-taking (shooting more 3-point shots). It may also be expensive to not take enough risks.
This is also true for your company. You must strike the correct balance between being cautious and taking chances. Although the benefits of taking chances in basketball may not exactly transfer to taking risks in business, the basic lesson is this: if you’re afraid to take risks, ask yourself why and whether it’s the right option. You could be deciding on a terrible approach because you’re afraid of losing.
Compete with your Business Responsibly
Sports teams may benefit from rivalries as well as suffer from them. On the one hand, it appears that rivalry improves performance. During rivalry games, basketball teams, for example, tend to play better defense. A competition between you and a company opponent might inspire your employees to work harder and smarter in this way.
Rivalries, on the other hand, can enhance unsportsmanlike behavior. So, if you’re going to hype up a competition, make it clear that you must win honorably and courteously—no cheating or ugliness allowed.
Basketball lovers and business owners alike will find something to enjoy during March Madness. If your company is a sports fan, offer these methods in basketball terms; your employees will be considerably more interested.