A good chief marketing officer will be
willing to take creative risks if they have the potential to enhance a brand’s
image, generate positive publicity and increase profits. Daring to be different
can be nerve wracking and may unsettle internal stakeholders, but the rewards
can be significant.
A recent example of successful risk taking is
the promotional video for the launch of the Fiat 500L. Featuring a harassed
mother in a messy house besieged by young kids, she raps ironically about her
world mentioning sleepless nights, eating leftover fish fingers and
breastfeeding.It is far from the usual depiction of cars cruising through
beautiful scenery, and it was reported that male board members at Fiat were
initially dubious about using the video, which was produced by Krow
Communications. Yet once the video was released it went viral within a week and
has currently been viewed over four million times on YouTube.
Of course you can’t talk about risk taking
in marketing without mentioning Red Bull and Felix Baumgartner. In October 2012
Baumgartner dropped from the edge of space to set a world record for the
highest free fall. But as he whirled through the air, he and Red Bull were also
delivering a risk taking master class. Imagine the tragedy, outcry and damage
to the brand if the jump had ended differently! Why on earth would Red Bull
take that risk? These questions, and more, would have been raised at the
initial discussion phase, but at some point someone said yes. And in doing so
Red Bull assured its place in history, outshone the competition and proved that
it gets closer to giving you space wings than any other brand.
Although some creative ideas are a
resounding success, others are thinly disguised gimmicks and it takes a good marketing
director to tell the difference. Take for example, the New York real estate
company that recently implemented a novel ‘incentive scheme’ for employees. The
scheme involves offering employees a guaranteed 15 per cent pay rise in return
for getting a tattoo of the company logo. So far nearly 40 employees have taken
up the offer with one even getting the logo inked behind her ear.
True, the stunt has earned the real estate
company free advertising for a limited time. But the cost implications alone
suggest that this is a flawed marketing strategy. Each tattoo costs $300 and
there are 800 employees who might decide to take up the offer to achieve the 15
per cent pay rise. Wouldn’t the money have been better spent on more orthodox
advertising, like a billboard?
The company may also see better returns by
investing in a comprehensive social media strategy rather than a tattoo scheme.
By posting useful, relevant content and engaging with an audience, a brand can
establish itself as a credible authority, entice prospects and build brand
loyalty – not the results I would suggest 40 tattoos deliver. Other traditional
marketing tactics, now sometimes overlooked in favour of online marketing, are
also more likely to hit home with prospects than gimmicks. According to a 2012
survey by Fastmap, 80 per cent of users will open direct mail, and they’re more
likely to do so if it contains a coupon/voucher or has an intriguing shape (aka
‘lumpy mail’). Not quite as ‘fun’ as a tattoo, but arguably more likely to
convert a lead.
In an information-soaked, recession-hit
world, modern marketers face a dilemma; is it better to take risks, cut through
the noise and hope to win big, or will slow and steady win the race? The answer
lies with the skill of the savvy marketing director and their ability to
analyse the market, calculate the extent of the risk and determine a winning
strategy. Free falls from space or ironic videos will not always result in a
marketing coup, but there is truth in the saying ‘he who dares, wins.’
With over 15 years of experience in Sales and Marketing, Ben
has worked extensively in local and global marketing roles across different
areas of Telecommunications and Financial Services, supporting the agenda of
the Chief
Marketing Officer.Previously, he was the
Global Vice President at Sony Ericsson (now Sony Mobile) and Marketing Director for their UK and Ireland business. Most recently, Ben was Barclaycard’s
first Global Digital Director.
You can follow
Ben on Twitter @benpadley and read his blog at www.benpadley.com. All opinions
expressed in articles are Ben's own.
