Have you ever wondered why a bunch guys on Steroids fake wrestling has done so well for so long as a business? Well I have, I get when your a kid it’s exciting, but if you watch the events you will see lots of adults going wild for their favorite meat head. In fact wrestling makes more money then boxing and UFC fighting combined currently.
With a little research and personal knowledge I put together a list of ten reasons wrestling does so well and what any business can learn from them.
1. Spectacle, drama, excitement.
This one is just shortly missed by it’s competitors boxing and UFC. The fact is with any business most people want some spectacle to show the company is real and aggressive. More importantly this needs to be done without the business as a whole losing it’s integrity. For example a shipping company could have a video that’s a little risque just create a little buzz and spectacle. It’s doesn’t have to be relevant but the age old tale that SEX SALES is as true now as ever. The reason is the spectacle, drama, and excitement behind it. Being a little risque or adventurous shows your customers that you are not afraid to take chances.
Solution: Spend more money and time on viral buzz creating media, no matter what company you are part of.
2. Humor and Charisma
People need to know who they are dealing with. If you have no personal identity within your company your business will suffer in the 2.0 phase of business. Transparency and personal connection is 100 times more important now then ever before. For example Barack Obama was substantially more transparent in his life and works through his entire campaign. Add that and a great candidate and you have a landslide.
Solution: Create a spokesperson or spokes-character and give him lots of humor and charisma. Or if you have a Charismatic President or CEO get him out of the office and in front of the media ASAP.
3. Create an ongoing pursuit
Wrestling is famous for it’s incorporation of what’s to come. Every match and every situation is a lead into something BIG that is coming. There is a sort of genius in how they keep this run on adventure going for it’s fans year after year.
Solution: Create a mission that is followable and has points and goals along the way. For example DWHS Website Hosting has a mantra that they are in the pursuit for the most advanced web hosting service available. If you follow their blog and forum you will see the new technology they are adding and upgrading in this constant path.
4. Props are temporally
You can have a huge promo with the most ingenious theme and have it do great. For example; a shipping company can have a soap box race but all cars must be made of recycled cardboard, other then the wheels I suppose. This probably would do great… ONCE maybe twice. Wrestling is always coming up with new event themes so the fan doesn’t get board. One week might be a haystack match, then next a dark cage brawl, and so on.
Solution: Keep your events new, try not to recycle old promos.
5. People need to talk about you
The fans of Wrestling love to give their opinions on what might be coming, who they like, and why they like them. In business if your customers are not talking about you then you are missing out on the best marketing tool in the world and it’s free! Word to mouth has been wrestling’s main source of marketing and they know this. To keep this going they create drama and topics that can be talked about easily, judged, and taken differently for the sake of their community stirring up buzz.
Solution: Be a part of things that people talk about. This might require joining a local event or organization. Your business needs to be part of something that is a hot topic!
6. Make your customer part of the show
Most people know that wrestling is fake, yet the fans and new on-goers come to the show again and again. Research shows that this is because they feel that they are part of the process. The fans cheering is just as much part of the show as the wrestlers.
Solution: Include your image with your customers as part of why your company is great. Compliment and showcase why you have the greatest customers and why you are all connected.
7. Do focus groups
Focus groups are more important now then ever before. Vince McMahon said he doesn’t need focus groups because he has them several nights a week in his arena. If you are not so lucky to have a live show interacting with your customers and your business then you need focus groups to see where the market is at and what to target.
Solution: Find local specialists and have them conduct a focus group on your product. This will give you more insight then you would ever think.
8. Listen to your audience
Your audience is fickle and sometimes to mean and sometimes too nice, this is why focus groups are so good they get the raw nonobjective data you need. But for now listen to your customers and keep track of what they want and don’t want!
Solution: Add a survey and comments section to your website, send out a how are we doing card to each customer so you can get feedback.
9. Keep all markets in mind (to some extent)
Wrestling caters to young and middle aged men and always have. But they have also always added in to every show something for every demographic to identify with. Women and older people are joining into the wrestling mecca more and more thanks to smart marketing.
Solution: Target your focus market but keep everyone in mind with other marketing angles time to time.
10. Be open to new business models, even if it means changing everything.
Wrestling has re-invented itself too many times to list, creating new leagues, styles, and marketing strategies. With the experience it has with failing, wrestling has learned how to survive stronger and smarter then ever. it has never been afraid to take a chance and still to this day constantly pushes for new business models. With smart listening and analyzing wrestling has because a staple in America and stored tightly in most young boys subconscious next to adventure and perseverance..
Final Solution: Never get comfortable, and forget the saying if it’s not broke don’t fix it. Business 2.0 is about evolving and staying on top of your marklet in a way that is transparent, clever, humerus, and strong. You need to be more honest and open with your business then ever before. In turn you will get free word to mouth buzz and real feedback that will help decide the next move for your company and / or the next business you need to start.