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Read moreThere’s lots of ambitious businesses out there with fantastic intentions toward digital transformation and revenue growth. A lot of appetite for impactful personalization, radical uses of AI, and market-moving automation.
But there’s far fewer acting on these ideas.
It makes sense. There’s risk involved in committing resources to these projects and as humans, we’re naturally risk averse. But the instincts that kept our ancestors safe around the campfire aren’t conducive to radical business growth in the modern age.
The cost of doing nothing is killing business growth. Take the road less travelled, adopt a risk appetite, and see real revenue growth. Let me tell you how.
It’s easy to weigh up the cost of a project, project its potential success, and think in risk-reward terms. But it’s harder to quantify the cost of not taking a risk. Think of it this way – the cost of doing nothing isn’t a one-off. It’s a missed opportunity that compounds over time, especially against a competitive market that’s always innovating. If you’re not implementing personalized marketing, you’re not just missing out on its revenue this month or this year. You’re missing it year in, year out, on top of the further revenue optimizations you’ll make from a new baseline.
Balance this missed opportunity against the cost of an expensive mistake, and suddenly taking on some risk doesn’t look so bad. And let me tell you, your competitors are innovating in your absence. If those that you know about aren’t innovating, they’ll soon be overtaken by those that are.
Have I got your attention yet? Let’s cast our minds back to 2019, when a global pandemic plunged business norms into chaos. Suddenly, organizations faced a choice – rapidly roll out new models, or fail. Risk appetites were increased virtually overnight, and successful firms were those that introduced flexible buying channels against the better logic of risk-aversion. Those were hardly halcyon days, but it was undoubtedly a time for serious innovation.
We can take lessons from lockdown. You might not be facing such dramatic conditions, but being more open to risk for those high-impact digital transformations is the best pathway to major revenue growth. We’re talking integrated Personalized Journey Management, serious consideration to Content Supply Chain excellence, and Work Management overhauls that dramatically enhance your business processes. The opportunities, the platforms, and the expertise are out there to be capitalized upon!
There’s a balance to be struck, of course. There are guardrails you can use to ensure you’re adopting risk sensibly. First, make sure you are immersed in a culture of innovation. Taking an innovation mindset makes it easier to embrace opportunities, and makes you more resilient to the roadblocks – and even failures – you’ll experience along the way. If your response to every step forward or back comes from a place of positivity, you’ll be best-positioned to find creative solutions and map out routes to revenue growth that suit your people, platforms and processes.
Be led by facts and data. Challenge your assumptions and look into your audience demographics, and their behaviors both real and implied. Innovate based on what you know to be true, rather than your intuitions.
And when you’re ready to go? Work fast. MVP quickly, test incrementally, course-correct with agility, and learn dynamically. Don’t let perfect be the enemy of good – get a viable solution out there to your customers and absorb as much information as you can.
Accept your failures as data points. They’re actionable insights for future optimization and growth. This requires a lot of resilience, but it comes back to our culture of innovation. You’re believing not just in each individual project, but in the very process of testing and improving. When you strike gold, you’ll strike growth.
Remember: the road to mediocrity is paved with good intentions.
But the road to revenue growth is one of risk appetite, optimism, and action. We’re here to help you adopt risk in an appropriate manner and move you out of your comfort zone to embrace innovation and growth. If you’re not sure where to start, leverage Bluprintx as an expert partner and your catalyst for success.
Ready to smash through the cost of doing nothing? Get in touch.
