Risk Taker to Business Shaker
From a troubled childhood to becoming one of the most influential media moguls globally, Oprah Winfrey’s journey is a testament to taking risks and persevering. In 1986, she risked her stable job as a news anchor to start, The Oprah Winfrey Show which became the highest-rated television program of its kind in history. Beyond TV, Winfrey ventured into film production, publishing, and philanthropy, leveraging her platform to empower and inspire millions worldwide.
While anyone can take business risks, specific personality traits can lend themselves well to navigating and thriving as an entrepreneur. Scientific journals have identified these traits:
- Visionary
- Resilient
- Adaptable
- Courageous
- Strategic Thinker
- Persistent
- Creative
Overall, success ultimately depends on a combination of factors. Individuals like Winfrey have demonstrated that calculated risks, combined with vision, determination, and resilience can lead to significant success and impact.
“Only those who will risk going too far can possibly find out how far one can go.”
T.S. Eliot
Marketing Risks?
While a crucial aspect of any business strategy for promoting products or services, marketing comes with its own set of risks. These risks can affect the reputation, financial health, and overall success of a business. Some of the primary risks associated with marketing include:
- Reputation: Ineffective or insensitive marketing campaigns can damage a company’s reputation.
- Targeting and Segmentation: Incorrectly identifying or understanding the target market can lead to campaigns that fail to resonate with intended audiences.
- Technology: With the increasing reliance on digital marketing, there are risks related to technological failures, cybersecurity breaches, and data privacy issues.
- Market Conditions and Competition: Changes in market conditions, consumer preferences, or increased competition can impact the effectiveness of a marketing strategy.
- Content: Producing content that fails to engage or is of poor quality can harm a brand’s image and lead to a lack of interest.
- Social Media and Viral Marketing: While social media can amplify marketing messages positively, it can also rapidly spread negative messages.
Mitigating these risks involves careful planning, ongoing monitoring, and adapting strategies based on feedback and changing conditions.
Need help evaluating your marketing strategy?
Look Above, Look Beyond, Look North
As an international business, we have ample experience working with American clients across a diverse range of industries. Our Canadian roots, however, allow us a unique perspective and understanding of Canadian consumers as well; how they engage with various forms of media and advertising and their consumer habits. (And yes, it’s very different than Americans!) It is this unique positioning combined with our competitive pricing against the US dollar that make Canadian boutique agencies the growing choice for American companies, whether they’re looking to ramp up their MARCOM and PR strategy in the US or planning their expansion to Canada.
#Poll: What Is Your Biggest MARCOM Risk?
Share your insights with 20,000+ readers!
Showcase your ideas and discuss what’s on your mind by being a guest columnist in our weekly newsletter! With a reach of more than 20,000 monthly readers and an average open rate of over 35%, you’ll get the attention of industry leaders directly.
Navigating a Risk-Averse Market
In times of economic downturn, securing business can become challenging for sales professionals as companies and customers tighten budgets, seeking quick ROI and affordable alternatives. Here are some tips to navigating a risk-averse market:
- Focus on enhancing product/service value and offering additional services to maintain brand reputation and customer loyalty.
- Emphasize quality over quantity and prioritize personalized customer engagement and retention. Keeping a customer is cost-effective compared to acquiring new ones.
- Consider automation as it can play a crucial role by improving sales reps’ efficiency, allowing more time for relationship building and sales activities.
- Provide support, encourage work-life balance, and recognize achievements contributes to a motivated and engaged sales team.
This approach which includes prioritizing customer value, quality communication, automation, and employee well-being, enables sales leaders to navigate risk-averse markets successfully, positioning their teams for growth and resilience despite economic challenges.
#inspIRe: Tips for Handling a Difficult Media Interview
In the wake of a controversial incident, investors expect transparency and, it is crucial to respond appropriately. In addition to communicating with those directly impacted by the event, understanding how to speak with the media and address the situation publicly is equally as vital in upholding your company’s reputation and reassuring stakeholders.
Here are our top three tips for handling a difficult interview and if you’re interested in learning more about relevant media training services, send us a message.
- Do not ignore difficult or awkward questions by changing the subject or shifting blame.
- Do not say “no comment.” Acknowledge the question and tie it back into one of your key message lead-ins such as: “The real issue is…”, “People need to know…”, “What I can tell you is…”, or “Our view today…”
- If you do not know the answer to the question or are not in a position to provide a response due to confidentiality or other, say so.
What We’re Reading
Please share what you’re reading by tweeting #FGFreads or DM us.
#FGStory: A Moment of Hippo Zen
A hippo’s enormous size lends itself to creating microhabitats for smaller organisms like fish. In this video we see a Nile Hippopotamus enjoying a fish spa treatment from African Cichlid fish, who swim around it cleaning off (eating) dead skin.
#FunFacts:
- Hippos can sleep for up to 16 hours a day, despite only being able to hold their breath for about five minutes.
- Native to Africa, they are the third largest land mammals.
- While not considered nocturnal, most of the hippos’ foraging and activity happen during the night. They leave their resting waters near dusk and return in the morning.
#ProInsight
“Risk taking in both my personal and professional life has often opened doors and provided incredible new opportunities that otherwise would not exist. In some cases though, I’ve taken risks and fallen flat. The nature of risk taking is that you cannot predict the outcome but in my experience, it remains the most important aspect of growth and discovery.”
Linda Farha
President, Zenergy Communications
