Retail Observer

April 2019

The Retail Observer is an industry leading magazine for INDEPENDENT RETAILERS in Major Appliances, Consumer Electronics and Home Furnishings

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Page 45 of 67

RETAILOBSERVER.COM APRIL 2019 46 I 've been a life-long admirer of the Nobel Prize and many of its honorees. Starting in elementary school when I first learned about Albert Einstein, I've been curious about these distinguished Nobel laureates and their impact on the world. The Nobel Prize is given annually in several categories to award winners who have created "the greatest benefit to mankind." Through the decades that I've continued to learn about each year's winners, one truism has stood out: all of the Nobel Laureates are risk-takers and adventurers. These people stand apart because they've believed in or theorized something extraordinary that has brought clear benefits for mankind. "Nothing ventured, nothing gained." Chaucer first said it 700 years ago, and it's every bit as true today for our brands and businesses as it is in science, literature, economics and peace. If you and your brand want to create and capture more value, more attention, and more customers, you need to tread into uncharted territory and take more risks. Stand-alone beliefs — The world's risk-takers are believers and theorists, not only because they base their actions on a theory of risk-taking, but because they deeply understand the nature of risk. Peter Drucker said: "All human institutions since the dawn of prehistory or earlier have always been designed to prevent change: family, government, church, army. Change has always been a catastrophic threat to human security. But in the business enterprise we have an institution that is designed to create change. It means that every business, to survive, must strive to innovate." Drucker explains, "All profits are derived from risk." He makes a case that it's only through profit that a company can cover its potential losses – and this is done by innovating. This is why the most groundbreaking brands are usually the most profitable – because they profit from taking risks. And more profit permits more risk-taking. Through this "virtuous cycle" the risk-to-profit cycle accelerates. The more a company stands on its belief in benefitting its customers through innovation, the more both the brand and the customer will be rewarded. Thus, your brand's beliefs ultimately predict its future path, including but not limited to its odds of achieving exceptional profits. Steven Morris On Brand THE WORLD'S BEST BRANDS ARE DRIVEN BY BELIEFS

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