• by Ashley Cooksley , April 26, 2023

In the dynamic world of marketing, staying ahead of the curve demands a willingness to take risks. It's all about confidently testing and adapting to the ever-evolving landscape, particularly when that evolution is driven by consumer feedback.

That's why social media behemoths like Facebook and Instagram provide us with valuable insights into the power of risk-taking. By looking at their recent decisions, we can gain inspiration for how to navigate this exciting but challenging terrain with conviction and agility.

Just a year ago, NFTs were all the rage, and it seemed like every social media platform was eager to jump on board. But now, Meta—the parent company of Facebook and Instagram—has made the surprising decision to end its NFT display project on both platforms. It's a bold move, to be sure, but it's a reminder of the importance of testing the waters and being willing to pivot when things don't go according to plan.

By taking a risk and experimenting with NFTs, Meta was able to gain valuable insights into the limited potential of this technology—at least in the context of its platforms. Unsurprisingly, even “failures” can result in wins. Through its NFT investment and program, Meta has discovered new ways to support creators.

It's always exciting to see companies take a bold risk, but it's equally heartening when they listen to user feedback and make adjustments accordingly. A prime example of this is Facebook's recent decision to reverse its policy of requiring users to download a separate app to access their messages. After hearing loud and clear from users that this was a frustrating and unnecessary step, Facebook is now testing a reintegrated messaging system that would allow users to access their messages without having to switch to a different platform.

When companies take the time to listen to their users and to the changes within the market,  everyone wins.

So, what do these moves tell us about the importance of risk-taking in marketing?

First and foremost, they demonstrate that even the biggest companies in the world are not afraid to change course when needed. These platforms have shown a willingness to pivot and adapt their strategies based on user feedback and data, proving that risk-taking and humility can be a recipe for success.

Listening to user feedback and analyzing data are essential skills for making informed decisions that benefit both our clients and our audiences. Social media is a vital tool in this process, as it has been repeatedly proven to be effective in times of crisis as well as in everyday scenarios.

Balancing risk-taking with responsible decision-making is key, and it goes without saying that not all risks are worth taking. Make sure that your decisions align with your company's values and goals. By doing so, you can rest assured that your risk-taking will benefit your company and its stakeholders.