Why Risky Marketing Decisions are Important to Increase Brand Credibility
Risky marketing strategies are an out-of-the-box approach to the traditional ones. Here, the product owners do not hesitate to try anything new and push their products aggressively, even if it means for them to get embroiled in controversies or law suits. Businesses are willing to take the risks involved and get hitchhiked on their way to success. This puts your business on a war footing and your rivals on the edge of their seats, expecting the unexpected.
When I say risky marketing decisions, it does not mean you need to gamble or try your lucky hand at poker. Well-calculated risks can take your business places. Many are oblivious of the change that can be effected by executing them. Let’s take a look at the possible well-calculated risky decisions that you can make in order to garner leads that can result in conversions. Needless to say, this is the main goal to strive for in any business.
Examples of risky decisions that you can excel at
The following decisions of marketing can be termed risky as your reputation is at stake.
- You can rope in people beleaguered and disgraced in the media as your brand ambassadors. They are game for it, as they want to start afresh and make amends with their fans. This way they can garner sympathy votes from their fans and you can capitalize on their situation. Being beset with difficulties and fallen from grace, they are available for their endorsements with a sizeable cut in their remuneration and can change your fortune.
An example of this type of person is Tiger Woods. He was defamed and shown in bad light by the media by tapping into his personal conversations with a number of women. His love escapades had become the talk of the town (or globe to be exact). On account of this, he was vehemently opposed of being reinstated in the Pro Golfers Association (PGA). Later, after having his ‘me time’ retracting into his cocoon, the media raking in the moolah and him rendering a public apology, he was reinstated into the golf rankings, starting afresh.
A small business would have capitalized in this situation, since he had no takers and thus achieve a great deal.
- Recently Rin (a brand name under Hindustan Unilever) publicly announced in one of its endorsements that it fares better when compared to Tide in producing whiter clothes after a wash. Immediately a war of words ensued between the detergent giants and culminated in Tide suing Rin for damages (normally names of rival brands are not mentioned in an ad).
This resulted in Rin garnering all the attention of people as the televised ad was aired in the prime time slot. Personally, I too was inclined towards believing that Rin is superior compared to Tide. Whatever course the law might take, Rin has emerged the winner in luring the television audience and is amply rewarded for its risky marketing decision in that it did not fear of getting embroiled in a controversy or being filed a lawsuit.
- If a particular brand mocks you by mimicking or altering your brand’s slogan or punchline, do not hesitate to retort back with a selection of the choicest of words, but do not cross the line by being offensive. This type of derision is very common among multinational brands. Pepsi and Coke always slug it out for their customers.
A while ago, General Motors and Microsoft were up against each other. As a reply to Microsoft’s accusation that even a pricey car of General Motors uses Windows as its Operating System, General Motors retorted back that its car’s drivers need not press the ‘start’ button to shut it down as in Windows. This General Motors’ dig at Microsoft was published in many newspapers.
These are the many brands that did not budge from using the above mentioned risky strategies to increase its customer database. These brands being testimony to the success they have achieved by using risky decisions in their favour, have gained credibility in the people’s minds. This is a sure indicator that risky marketing decisions need to be taken to increase brand credibility, setting all inhibitions of marred and tarnished brand image aside.
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