My 13-year old son finds ways of accumulating small amounts of cash through odd jobs. He’s not a spender, so over the years, he’s created a little nest egg. He sets goals for himself, and then when he reaches them, he sets new ones. The first few goals were relatively easy to achieve. It just takes a sweet babysitting gig, an occasional snow shovelling job, or umping a few baseball games to get there. His goals are getting bigger, so the other day he started asking me about investing. He wanted to know how to make his money grow. So this set off a whole discussion of different ways of investing your money and balancing risks for potential reward. A fun discussion with a 13-year old!
When it comes to financial communications, we’re in risk-reward discussions ALL the time. In the last couple of weeks, I’ve been approached by a few clients that want to break through to another level in areas like customer acquisition, paperless communications, customer retention and growth. However big or small, each of these clients have achieved a measure of success in the area, but they’ve now established new, ambitious goals, and are trying to figure out how to get there. And these goals are always beyond what the current approach will achieve. That’s when you need to do something different. Sticking to the same approach will not get you different results.
Enter, the risk-reward discussion. At Blue ID, this is where our agency creativity and our consulting practicality meet. Wearing our creative hats, we present a range of alternatives that are revolutionary, cutting edge, out of the box, or just plain edgy. Wearing our consultant hats, we weigh the options and measure the opportunity and risk. Then the fun begins to figure out which option offers the biggest bang for the buck while fitting in with the risk each client is willing to take. Communications re-engineering always involves some risk.
My son gets his ‘real life’ risk-reward lessons from his Grampa every time they play cards. Grampa appears to take big risks, and more often than not he wins big. What he’s learning to appreciate is that his risks are well planned, and the reason Grampa seems to be a high roller is because everyone else at the table is playing it safe.