A couple of weeks ago while sitting on a funding panel, I said to a representative of a very large funder that I didn’t understand why people were so afraid to fail, and then discuss their failures openly so that everyone could learn from them. Especially in the fields of technology and audience development, more advances come out of failure than anything else. The funding representative said that she felt the same way, but heard from companies that they were afraid to admit their failures because they feared it would affect future funding opportunities.
Well, I thought I might get the ball rolling by discussing some of my biggest failures and what they taught me:
Always give the exclusive to your best customers. I have made this mistake a couple of times, but trust me, I have learned the lesson. Every now and again, you might have a big news story that a major news outlet will want an exclusive on. They might even promise you front page or prime time coverage, in exchange for the opportunity to be the exclusive outlet to break the story. In the past to protect an exclusive, I have made the decision not to release any information until after the story broke. However, imagine how your subscribers might feel if they first learn of this news by reading the front page of the newspaper? Do you think they would feel like part of the family? or a VIP? NO! I still work with our media relations staff regularly to negotiate exclusives with major news outlets, but we always inform our subscribers first. It might only be an hour or two before the mainstream news breaks it, but they are first to know. Read the rest of this entry »