Tuesday, May 31, 2016

Flex your risk muscle

Brands that take bigger risks reap bigger rewards that positively impact their sales. And they say it’s often smaller or lesser-known brands that benefit the most from taking bigger advertising risks. In order to foster innovative thought, ask yourself: Do I allow free research and development (R&D) time? Do I invest in innovation: money, people, resources? And do I celebrate failure and risk taking? Below are a few other thoughts to consider.

First say NO to complacency
You have a choice. Say yes to putting yourself into situations that lead to innovative ideas. Take classes, form a new business partnership, attend a conference or speaking engagement, or read an interesting book that takes you out of your comfort zone. Take great notes and consider the possibilities.

Use your filter
When you have an idea to consider, try looking at it from the perspective of your potential buyers. Then write a detailed target brief based on what you know about them. Then use this brief to justify to yourself whether the project in question is something worth taking a risk on or not.

Realize failure can be your friend
It’s okay to fail as long as you recognize it as a learning experience. Innovation is bred through failure, so be sure to catalog successful results and give yourself a high-five, “nice try,” for the unsuccessful ones. From these experiences harvest the key learnings and remember, never allow an unsuccessful risk to hamper your opportunities or advancement.

Everyone has a risk muscle. You keep in shape by trying new things.

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