We have talked about strategic planning and evolving your business in a new direction many times. But what are the risks? Sure, you can understand the financial risk of a new venture not taking off, but what about your business identity risk, or the “brand” risk? What happens if you make a change and it backfires on you? Join Brandon and Rick as they talk about this little know business concern in light of the historical Coca-Cola historical branding faux paw.
- Assess the risk of change
- Develop templates to identify, assess and monitor risks; develop risk-mitigation responses.
- Close risk-management gaps, communicate risk mitigation plans.
- Provide a visual monitoring system to assess the risk.
Moral: Reduce the Risk out of Risky Business by going in with your eyes wide open.
Sources:
Sabine Vollmer, Daring to Adapt A Brand from CGMA Magazine.
30 years ago today, Coca-Cola made its worst mistake by Rachid Haoues on CBSNews.com
https://www.cbsnews.com/news/30-years-ago-today-coca-cola-new-coke-failure/
