In the current business world, where the decisions you have to make around the many facets associated with marketing, advertising and branding, one this is certain… very few opportunities that present themselves, will be as simple or straight forward as it seems.
Because of this, these opportunities and decisions will therefore carrying a number of risks. Before deciding on whether or not to take the risk, one must take the time to ask yourself the following: What is the potential effects of this risk? What are the potential rewards, benefits, liabilities as well as unknowns?
Many businesses and brand take a hard stance when it comes to risks, and it is that of completely avoiding any and all risks that that comes their way. When it comes to the marketing, advertising and branding, of a business, this is extremely narrow minded stance. Not taking a risk as a business or brand could is arguably just as risky as taking a big one.
The advertising industry has become more risk averse and somewhat fearful of pushing a boundary or two, especially as we see more and more reporting on spend to the procurement departments or the board of directors. This is increased, if the reporting has an implication that a person’s job is on the line. This fear created, makes clients risk-averse, which in turn often makes for boring work.
This is where boldness and bravery comes into play. Businesses and brands should be taking well researched, strategy-led, data-backed decisions that, should allow the creation of great work, that coupled with the right amount of risk can reap huge rewards. As an agency we always ask our client what their appetite for risk is, we ask “Do you want to continue to make safe work? or is it time for us to do something different, something better, something that may just cause you to create a ripple, whose waves position your business and brand as a disruptor?”
Crafted by Chris Midgley