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January 31, 2017

How to manage risk in our marketing plans?

4 prgeeks

Communicating successful marketing plans requires reaching the right audience with the right message at the right time: a small, mobile target. With traditional media, organizations have been able to mitigate the risk of failure through years of trial and error over the strategies that actually work. This is not the case with the new marketing possibilities currently available. The influence of people can change quickly, and there is little experience accumulated about which messages work, when marketers should apply them, how they can be scaled, or even who really influences. Simply put, the degree of risk associated with the ROI – understood as the ability to obtain sales results from a certain amount of marketing expenses incurred – has increased.

However, while investing in new media is a risky bet, it is a bet that companies feel compelled to make. So, this is a question of how much risk is too much or, in fact, reduced. Pressure on results and on the part of management can lead to expenses on digital channels without properly addressing them or thinking about what parallel resources to decrease.

The decision tools available do more than provide professionals with valuable information. They stimulate dialogue about real commitments and help to manage expectations in business units and functions whose cooperation is often critical when companies implement a broader business strategy. Managing risk is a critical concern, and professionals must continually understand well-designed scenario planning and multifunctional participation in an organization as discussions that can be extremely rich and rewarding in the face of their performance.

 

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