Every marketing guru recommends that clients be bold, that they branch out, that they take risks, but nearly every business owner and leader has been burned by this advice. They tried something new, and it turned into a disaster, creating a conflict: We know that we should be trying new things to grow our brand, but we aren’t sure when to take a risk and when to be hesitant.
Here’s a brief overview of the process we discuss with clients:
- Review your data to clearly understand what is working and what is not. If something is not working, you have very little to lose by replacing it with a new activity.
- Look at your competitors. If you do the same things as your competitors, you will never stand out, which means you are almost obligated to do something different.
- Establish the rewards for action. Yes, you may have something to lose, but not acting also means that you lose out on all of the rewards you could have reaped by acting.
Risk is not an easy topic, and sometimes marketing tactics from good marketers fail. That’s the nature of business. You can, however, take risks in calculated ways that protect your business and give you access to new opportunities.