Elia Mihuta en Marketing, Online Marketing, Sales Digital Marketer • Eggnita Studio 9/11/2016 · 1 min de lectura · +500

Risk Marketing Strategies

Usually when we think about protecting our business, we tend to think of protecting it from natural hazards or maybe disasters caused by men like fires and more recently terrorism and we forget about the possibility of unforeseeable global marketplace changes, so most of the marketers out there don’t think of a marketing backup strategy for this.

Nobody was prepared for the financial crisis of 2008, but some marketers were able to reborn their companies from ashes and learn from the mistakes others made. This year the UK voted to exit the European Union and now the US just allected a president who made his entire campaign on how he wants to isolate the country. So with this comes the question:

How many of the businesses out there are affected by the events that occurred this year and how many of marketers were prepared with a plan B?

Risk Marketing Strategies
I am not an economist, so I won’t talk about how this kind of “earthquake” in the global marketplace affects the economy. I just want to talk about the marketing point of view and what can one do in this situation.

There are three kinds of strategies that can be followed in a case of global market destabilization

  • 1. risk averse strategy: keep your business as far away from risks and try to gain as much security and certainty, even if that means extra costs at the beginning.

Imagine you have an online shop that sells traditional clothes from Austria and you sell in all Europe, including England. Because of the Brexit, you will now have extra taxes to deliver to the UK.You decide not to sell there anymore, even if that means you will lose some of your customers.

         2. risk seeker strategy: this strategy is similar to gambling. It’s all about trying to maximize the value of the business, even if that means risking its stability.

Not only you keep your online shop available in the UK, you even open a classic store in the center of the city, from where most of the clients are.

         3. risk neutral strategy: this strategy means that your position is between the two extreme ones. You are not willing to pay extra costs for the security of your business and you are not willing to take any risk.

So, in this case, you will keep your business as usual and you will charge extra for shipping in the UK.

Risk Marketing Strategies

A strong marketer will have to identify all the risks the business might encounter along the way, assess the risks, find the right marketing strategy and evaluate the results.

Risk management professionals think that most people are either risk averse or risk neutral and so are the marketing strategies they are willing to take, but when it comes to a “disaster” all marketers feel like gamblers.

So do you have a risk marketing strategy and what is that?