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By Thomas Baekdal - November 2011

Failure at 10%

If I were to name one thing that is causing companies to fail (when it comes to new media), I would say it's the 10%'ers.

Let me explain what I mean by that. Imagine that it is 2008, and you have just heard about this new social network called "Facebook". It sounds interesting, and you feel that need to try it.

You decide to test it. You try out some simple things and see how it goes - and if it goes well, your plan is to "take it up a notch".

But this is doomed to fail from the start. You are only investing 10% of the resources needed. Nobody will follow a brand that is not sure of itself. If you don't believe it, your potential fans certainly won't either.

Think of it like this. If you want to be a race car driver, you cannot just show up in your regular car thinking: "I will try it first with my regular car, and then if I win the race I will go out and invest in a real race car!"

Note: Picture via Rémi Gaillard's video

It doesn't work. Not because you couldn't be successful, but simply because you didn't take the risk and invested the resources needed to make a difference.

I have seen so many companies make this mistake. From simple things in how they only embrace social media 10%, to ecommerce projects that have failed because the company didn't want to risk investing in the type of shop needed to convert people into buyers.

Don't be a 10%'er. If you want do something, risk it!

 
 
 

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Thomas Baekdal

Founder, media analyst, author, and publishers. Follow on Twitter

"Thomas Baekdal is one of Scandinavia's most sought-after experts in the digitization of media companies. He has made ​​himself known for his analysis of how digitization has changed the way we consume media."
Swedish business magazine, Resumé

 

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