Risk is often assessed as the potential uncontrolled loss of something of value. More often than not, we associate this with an action taken whether that be an investment made, an initiative began or employee hired.
However, there is another very important risk to discuss and that is the risk of doing nothing at all.
In uncertain times, our instinctive primal reaction is to freeze and to assess what is happening around us.
Caution seems like wisdom of course?
The problem of course is that no one is quite sure what is happening right now. We are living in turbulent times and cohesive answers are hard to find. We wait with bated breath, on the hunt for security and stability for our businesses, our employees, our health, and our economy.
In doing so, perhaps we have ignored a very real risk today – it’s the cost of our indecision.
McKinsey & Company recently collected survey data in the UK from 2-5 April 2020 to gather consumer sentiment around spending. Whilst the great British public is understandably worried about public health and growing increasingly careful with spend, they are also expecting to spend more time connecting digitally and consuming entertainment content.
The study shows that a massive 39% of consumers expect to be spending more time on social media over the coming weeks. With less time spent in the workplace or picking up a newspaper, this means that right now is a crucial time to use social media to reach consumers.
Brands and businesses are cautiously slow to engage which means there is a golden window in which to carve out digital advertising space and better position your business for growth. When lockdown ends, naturally we are led to believe that consumer spending will increase albeit perhaps gradually.
The time to advertise and to reach new consumers is not in a few weeks time when the world begins to return to normal but right now.
The cost of indecision will most likely lead to missed revenue in the weeks to come.
Every risk has to be weighed and assessed of course but fully exploring your options is definitely worth doing in such a time. We’d love to start a conversation and help you understand some of the power and potential in using social media in this moment to increase brand awareness and to be fully present and positioned for growth when the public starts to spend once more.
Reach out at [email protected] to see how we can help.