For centuries, great leaders, orators, scientists, athletes even the gods themselves have embraced the proverb, “Fortune favors the bold.” Numerous translations along the way, replacing bold with brave or strong, have held a similar sentiment. It is a powerful and daring statement, both challenging and risk-averse in spirit.
In business, leaders have often adopted this confident philosophy in the face of competition and adversity. For more than two years, it has been a calling card of the brazen who are living through a pandemic, political unrest, war, and now, inflation and a looming recession.
It may be too much to ask the leadership of corporate titans and would-be disruptors to turn a blind eye to stock market retreat and inflationary fear, to press on with business as usual. The very act itself may be considered bold. That is the beauty of it though – the rare but cyclical opportunity to seize the day, get out in front of the field, and leave many a brand behind.
Some will choose to hibernate, of course. As the skies thunder, the earth quakes and the markets rise and fall, they will hold tight to their resources so that they might live another day. That could be considered the safe path.
However, if you decide that this time, this moment of unsteadiness, is not the time to retreat but rather a rare opportunity to put distance between the fearful and the fearless, then the obvious question is – how?
We offer some initial thoughts to consider:
- If you have been holding off on a brand makeover, now is the ideal time. You might even get a financial break.
- You know your website isn’t doing you any favors. Spend the time now to build something compelling and dynamic to launch strong before the end of the year. It will demonstrate your resolve and confidence.
- Produce some affordable video or animation assets to help your sales teams break through the looming silence.
- Consider a podcast series to strengthen your content marketing efforts and reinforce your thought leadership.
- Move to an integrated marketing program. Mix in some public relations and performance marketing to potentially reduce your larger paid media spend.
Any of these considerations can be done thoughtfully with an eye to good financial stewardship. The intent is not to retract but rethink, maybe even reallocate, your marketing budget and approach. In the end, remember, fortune favors the bold.