Experimenting without Fear of Failure
<ul><li>“ I'm not using hyperbole when I say that in 25 years, I had at least 20 serious career-ending failures.” – Seth G...
In the beginning…
 
2007 <ul><li>$45 million revenue </li></ul><ul><li>68 employees </li></ul><ul><li>45% repeat/referred customers </li></ul>...
Uh-oh!
Uh-oh!
Where do you find new business? 1) Market Penetration 2) Product Development 3) Market Development 4) Diversification
Lots of ideas…what comes first? Ease ----> Impact  ----> Gems Dogs Big Projects Quick Hits
<ul><li>Draperies </li></ul>Same Market…New Products  Wallpaper Exterior Shades
Where do you find new business?
New forms of advertising
Direct Mail
Radio?
?
 
Wrapping it up… <ul><li>Expand into adjacent products/markets </li></ul><ul><li>No silver bullet. Do 100 things, 1% better...
Daniel Cotlar, CMO [email_address]
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Experimention Abridged

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Learn how one company experimented their way to success and innovation. Through trial and error, they transformed an industry and remained profitable in spite of a crippling recession and housing bust.

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  • Thank you, pleasure to be here talking about failure. 20 minutes, so not a lot of time. When my team heard the topic (being a great failure) they said I should be able to speak for hours. There are cards passed out for questions you think of throughout Some of the marketing team from Blinds.com (in the office we call it the idea lab) is here, ask them questions after the talk. They’re the ones who actually, you know, know stuff… and do real work.
  • Anyone know who this hairy man is (not me)? Great blog you should subscribe I’m going to talk about the threatening scenario we were faced with in late 2008 (situation analysis, issues) …some specific what we decided to try… My goal is for you to come away with at least 1 specific takeaway you could try Plus, give you ideas to help create a culture of experimentation in your company, &amp; become a change evangelist.
  • Started bricks and mortar. Felt pressure from homedepot and lowes and catalog cos. Heard about this thing called the internet, can you sell on it? most ppl didn’t have email addresses at the time. It was an experiment. 1,500 to put together website. But Jay, the CEO is a pioneer by nature. Bleeding edge of technology
  • Nbb 2 acquisitions By 2006, things were really good
  • That’s Jay, our ceo
  • You probably didn’t feel it in 2007, but we did.
  • 3day, vendors. offline even worse. What do you do? Tendency to pull back. Batten down the hatches But all the studies tell you not to do this. During great depression, the companies that increased advertising were the winners. P&amp;G, Chevrolet, Kellogg. Why need to grow? Shrinking market…plus someone else may do this and take your business.
  • Ansoff Matrix. Show of hands, for each of the 4. Top right = Lower prices, Advertise  in same manner. Or Acquisitions 2, 3, 4 Lots of ideas, but what do you do first?
  • Include lots of people Keep a list of ideas, accessible to all
  • What products can you offer the kinds of ppl who are already buying from you. Write it down!
  • 5% addl sales. Not quite enough to make up for 30%-40% lower demand. What’s harder is getting new customers. 9x more expensive to find a new customer.
  • Happy. This is where the culture came in. Similar demographics, new way of reaching. Eco friendly, which ties into our message. Thumbs up if you think this would work. Riding on the back of that success…
  • Civil war, machine gun. Launch Blinds.ca to reach Canadian customers. Products made in Canada, with no duties or shipping. 2010 Blinds.ca sales on track for $2.5 million Is there a new geographic area you can expand into? Where else could we use our expertise? Instead of spending advertising dollars to reach each new customer, through strategic partnerships with other retailers who were interested in generating incremental revenue. Branded blinds department in their website.
  • Most important thing we do! Company needs to improve, department, customer experience, each person. Establishing a direct marketing culture – getting the right people to do that. How you hire. What you expect from people. That’s why we call the our group the Idea Lab. Having reminders like this around the office reinforces this.
  • I hope you’re inspired to try some of these things back at the shop. Marketing IS experimentation DON’T punish mistakes! (singapore) discourage innovation. Instead discourage stagnation, doing nothing, analysis paralysis. Playing it safe IS risky. That’s what the hairy guy Seth Godin Says. Contest on Facebook (like us, say what you’re doing to e.w.o.f.o.f.) ipod shuffle
  • Experimention Abridged

    1. 1. Experimenting without Fear of Failure
    2. 2. <ul><li>“ I'm not using hyperbole when I say that in 25 years, I had at least 20 serious career-ending failures.” – Seth Godin </li></ul>
    3. 3. In the beginning…
    4. 5. 2007 <ul><li>$45 million revenue </li></ul><ul><li>68 employees </li></ul><ul><li>45% repeat/referred customers </li></ul><ul><li>Pay-per-click only 15% of revenue </li></ul>
    5. 6. Uh-oh!
    6. 7. Uh-oh!
    7. 8. Where do you find new business? 1) Market Penetration 2) Product Development 3) Market Development 4) Diversification
    8. 9. Lots of ideas…what comes first? Ease ----> Impact ----> Gems Dogs Big Projects Quick Hits
    9. 10. <ul><li>Draperies </li></ul>Same Market…New Products Wallpaper Exterior Shades
    10. 11. Where do you find new business?
    11. 12. New forms of advertising
    12. 13. Direct Mail
    13. 14. Radio?
    14. 15. ?
    15. 17. Wrapping it up… <ul><li>Expand into adjacent products/markets </li></ul><ul><li>No silver bullet. Do 100 things, 1% better </li></ul><ul><li>Marketing IS experimentation. A.B.T. </li></ul><ul><li>Don’t punish mistakes </li></ul>
    16. 18. Daniel Cotlar, CMO [email_address]

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