How Much Should You Put in the Pot When Betting on Social Media?

Place $1 bets, not $1,000 bets!

Taking small bets is one way of approaching the social media channels. Its much like diversifying your portfolio with different assets since t he stock market can be volatile and unpredictable.

In the case of introducing something which has not been done before in your company, there's a fine line between being bold and cautious. Follow a strategy in between by taking small steps. It will be easier to convince management (and yourself) to take these small wagers that could payoff big time. When these small bets give out big returns, you can allocate even more resources towards similar investments.

Going all in may be exhilarating for some, but when a business has no chips left to play with at the end of the day, then that kind of plan should be reconsidered. A business should always take it into account how much you are willing to lose when taking these bets and what is the worst case scenarios could be from placing them.

And not placing these bets could potentially be worse. If you sit out, your competitors can take advantage of the market that you were not willing to enter. When your company finally decides to enter, you will be a step behind your competition who already has an rudimentary understanding of what plans maximize ROI.

Therefore, take small bets in order to gain the most for your business going forward. Sure, not all bets will payoff but your understanding for how to grow your business will be better served for the future.