Working with the Ministry of the Economy we visited Cameco’s McArthur River mine for an upcoming investment project. Isolated and remote, it’s impressive to see how much Cameco has invested in the mine and how they maximize their operation.
Uranium mining is the most highly regulated industry in Canada, and the costs of production are staggering. McArthur River is the world's largest high-grade uranium mine, so the opportunity to capitalize on the investment is also impressive.
To make sure they are as efficient as possible, Cameco is continually exploring. While working one deposit, they spend time and money exploring for other potential deposit areas within the mine.
While your business investment isn’t likely to equal Cameco’s, are you investing in exploration?
Cameco is fortunate to have something most businesses don’t—a deadline. They are licensed to mine at McArthur River until 2023. No doubt, this creates a certain sense of urgency for them to maximize their investment.
In your business, what exploration are you doing? Would you do more if you knew you had finite time to capitalize on your business?
You’ve invested a lot in your business, and while your main focus should always be the opportunities in front of you, consider what exploration you could be doing.
Maybe areas within your business that could be better. Or maybe simply exploring new ways of doing what you are doing — product development, advertising, media buys or market growth for instance. Keep a portion of your budget to try new ideas. You don’t need to risk a large amount, but invest enough to see if the idea will deliver a return.
The Old Spice “Smell Like a Man” campaign is a wonderful case study for the value of exploration in marketing. Proctor & Gamble had a mature and declining product. They also had a creative team that wanted to try a new approach—all that was needed was capital and permission.
We often encourage clients to add a new idea, or new media to their annual plans. It’s an opportunity to try something new, and look for new ways to connect with their audiences. Or better yet, find completely new audiences.
What could you explore?