Stefan Drew - The Marketing Magician

FE, Education & Business Marketing: Quick, Effective, Low Cost Marketing

Stefan Drew - The Marketing Magician

Why I fail most of the time .. and how testing, measuring and improving helps

Turning failure into success

Like James Dyson, Richard Branson, Alan Sugar I frequently fail.  What’s more I’m not ashamed of the fact because being able to fail is an important part of being successful. 
Virgin Money, Virgin Cola, Virgin Vodka, Virgin Vie, Virgin Vision, Virgin Wine, Virgin Cars, Virgin Cosmetics, Virgin Brides, Virgin Jeans, … the list of Richard Branson’s failed Virgin brands is long and gets longer over time.  The strange thing is Richard Branson is a very rich and successful self made man.
So what is going on here?
 
Well like a lot of other business people he isn’t afraid of failure.  He gets a good idea, gives it his all and runs with it.  Some ideas make huge profits and some bomb.  When they fail he learns from it and moves on.
 
I get a lot of people approach me with good ideas … and they spend ages perfecting their products or services and their marketing plan but then say “What if I
fail?”
 
They then suffer failure paralysis which I describe as the fear to act in case it results in failure.
 
Often they then go and make a few tweaks to their “formula” .. but put off launching the product.
 
What they don’t understand is failure to move forward is also a form of failure.  All that investment and no action is failure. 
 
My usual response is, “So what? Everyone fails at some time. It’s what
you do before you fail that matters.” 
I tell them about Richard Branson and James Dyson who spent years failing at designing the perfect vacuum.  There is a difference between the reality of not having a product ready for launch and not moving forward with the finished product.  Once Dyson had he product he launched and succeeded .
 
I also recently read about Sochiro Honda, the founder of the Honda Motor Company who was quoted as saying that “Success is 99% Failure.”

 

He apparently believes that failure is a stepping stone to success

Looking at the past

When you learnt to walk you frequently fell over.  When you learnt to ride a bike you often fell off.
 
What you didn’t do was refuse to walk or cycle in case you failed.  So why do people refuse to launch a product or whatever in case they might fail.  And why is it that if they do fail they give up forever.  If you had done that you wouldn’t be walking today.
In walking, cycling and business you have to practice.
 
In marketing we often fail.  Adverts don’t bring in enough business, phone calls don’t lead to contracts, emails don’t get opened. 
Does it mean we should give up marketing?  NO !
We test, measure and optimise our marketing and ensure it works better in future
That’s called being in business.
For a few ideas on what to optimise watch the video below.

How useful was this post?

Click on a star to rate it!

We are sorry that this post was not useful for you!

Let us improve this post!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.