Take Chances with Your Brand

One of the things businesses have to constantly do is weighing risks versus rewards.  There are many marketers and entrepreneurs who will tell you that to reach your fullest potential and truly grow, you have to take risks, but what does taking risks do to your brand that you’ve worked so hard to create?

It’s a double-edged sword really.  You’ve worked hard to create a brand image and promise that your customers can rely on, which leads to brand loyalty, but to take your business to the next level, you have to take some risks.  The key is to take strategic risks that won’t damage your brand.  In other words, take risks that your brand can rise above even if those risks fail.

We’re already halfway through the second quarter of 2008.  Therefore, I challenge you to take a chance with your brand during the latter half of 2008.  Weigh the risks versus the rewards and take a strategic chance that your brand could weather through if the risk fails or could catapult your brand to the next level if the risk works.

Need some ideas?  How about these marketing tactics:

• Advertise in a new medium
• Start a business blog
• Launch a social media marketing campaign
• Contact a celebrity for an endorsement

What other risks can you add to the list?  What chances are you going to take with your brand in 2008?  What risks have you taken in the past that worked well for you?  Leave a comment and let’s get the conversation going.

Photo: Flickr