Alternatively, lower risks lead to comparatively lesser returns too. For any premium digital marketing company their skill is to trade-off the balance to impact business and they fine- tune digital risk taking onto an art.
Risk is a function that involves perspective, perception and experience. A developer may invest in a plot of land when business is dipping and resources are low but he could earn the reward for his risk taking ability when during a bullish market, the plot could attract buyers like honey draws flies. An investor at the stock market may take the risk of investing in a low priced but high potential stock but could earn in millions when the stock prices zoom up. Risk taken, Reward collected.
Not everyone has the appetite to take risks in business but then not everyone is capable of carrying off those risks and reaping rich rewards in exchange. As a social media marketer, if you dare to take up a stand for a social cause on the social platform, you may face some flak from certain quarters. However, the rewards could be multi-fold if it is noticed by relevant people and businesses who appreciate a bold stance. Social media marketers are responsible for presenting facts on the social media platforms fearlessly, expecting a backlash from society if a popular yet guilty personality is involved.
Just as there are two sides to a coin, so does social media. On one hand, social media offers businesses the opportunity to promote products, connect to consumers and generally liaise with them regularly. All this and more. However, the flip side is that if your social media isn’t well managed, your business could be exposed to lawsuits and other legal risks. Any leading SEO company, can confidently carry out these tasks for you and show you the benefits of doing it professionally.
By playing it safe, businesses can easily survive but if spectacular growth is what you aim for, then without a bit of a risk, it cannot be achieved. Wishing film stars, sports figures and politicians on their special days is bound to get a bundle of likes and is a safe way that may or may not lead to your destination. Would you use the service road when the highway is guaranteed to help you reach your summit, quickly and efficiently?
The implementation of the Risk & Reward model in Social Media will depend on the appetite to absorb risk and the necessity thereof. If an organisation wants its presence to be felt online, it would make sense to know the profile of current and prospective clients and if they actually search for your kind of product/service online using keywords. If not, there is a huge risk being taken by jumping the bandwagon just for the sake of doing it.
Let’s come back to the original concept of Risk-Return Trade-off. It shall be prudent to understand that higher rewards (profits) can be expected from the investment (Time, Money, resources) only if the Investor (business or Social Media marketer) is first willing to consider the losses that may occur. Lowering the risk may lower the return but returns will suffer during this period. Are you willing to forsake this and ride the storm or are you content to wait for the storm to recede and then ride into the calm waters? The facts are before you, the choice is yours.
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