In the corporate world, the word ‘risk’ has many connotations both good and bad.
In marketing, risk can be an opportunity to jettison the company into a whole new tier of success and exposure. For others, it can result in a crushing defeat beyond their wildest dreams, exposing their ignorance and idiocy for all to see. The truth is that risk can be brilliant when it is a tool under your control, and not present due to a lack of crucial foresight.
After the jump, we have a few examples of when risk might both be good and bad for your firm’s marketing strategies.
Good: Channeling Social Change
Marketing is often the face of a company, and it is important that people see one that is pleasant and friendly. Recently, CNN reported that the world’s largest advertiser, Procter & Gamble, had begun to use its marketing powerhouse to promote social messages about gender equality.
Of course, some people would find this to be a polarizing move, as many corporations have often appeared decidedly neutral on issues in society if it meant making them a profit. To be seen picking a side is a bold effort, even if it is the right one.
Doing away with bigoted customers to earn the favour of decent customers might just pay off for your firm, both morally and financially. More loyal customers will come into the fold, and your business will build a wholesome and welcoming community spirit around it, all thanks to the implementation of more inclusive marketing strategies.
Bad: Leaving Marketing Strategies Vulnerable
Marketing budgets aren’t often generous, especially for SME firms who are scraping by in tough trading conditions. Therefore, things like click fraud countermeasures are occasionally left off the table, a big risk indeed.
If click fraud is an unfamiliar topic to you, then check this article from ClickGUARD.com. It details how rival firms relentlessly click pay-per-click (PPC) links, depleting your budget so that your digital ad disappears forever. ClickGUARD will educate you on everything you need to know and advise on which software’s to use to counter it. Additionally, they can help you block 80% of invalid clicks, protecting your own PPC budget from heartless competitors.
If you are strapped for time and resources, cutting a few corners is understandable, if immensely risky. However, there are some areas you simply cannot afford to skip over, and click fraud countermeasures is one of them. Leave no stone unturned here, and your PPC marketing will be more robust for it.
Good: New Twists
Sometimes, a marketing strategy can be so bold that it introduces a totally new dynamic to a firm.
Take Uber for example, who bizarrely began delivering ice creams a few years ago to the bewilderment, but also joy, of many. It was a big risk, simply because those two things are simply not associated with each other. People may have simply assumed it was a big joke, or they might have been so confused as to participate in the scheme.
Then again, everyone loves ice cream. In any event, this all provided a new twist on their operations. It gave their brand image a refresh and kept them relevant in the public eye. What else is marketing for?