Every month, Think, the compact email magazine from The Marketing Society, features an interview with a marketing star. One regular question we pose to the interviewees is: What’s the worst decision you’ve ever made? Often the biggest lessons are learned from failures rather than successes. Here’s a selection of some of the most memorable answers.
Tim How, chief executive, Majestic Wines
In general terms, I think it’s spending too long agonising over choices and not getting on with things. I think all retail businesses need momentum.
Jacqueline Gold, CEO Ann Summers and Knickerbox
Trying to launch a women’s magazine called BITE. I lost a million pounds!
Jill McDonald, senior vice president and chief marketing officer, McDonald’s
Ignoring that nagging little voice inside, that can sometimes give you an early alarm call that all is not right. Detail is important - you can have the cleverest strategies and ideas but if the execution isn't followed through to the customer then it can be wasted.
Lindsey Nuttall, head of marketing, BBC TWO, BBC FOUR and Knowledge
Agreeing to take on Big Brother. It shaved years off my life.
Andrew McGuinness, partner, Beattie McGuinness Bungay
When I listened to naysayers that something can’t be done or shouldn’t be done.
Alan Giles, chairman of Fatface
Hiring the wrong person (now and again), and overlooking someone who went on to be a star retailer. But fortunately I have hired a lot of great people too!
Mark Price, managing director, Waitrose
Supporting Crewe Alexandra football club.
Luke Mayhew, Chairman of Pets at Home
Further back - launching a venture in the travel sector that forgot that, however good the service, there is only a certain premium customers will pay and you ignore costs at your peril.
We’d like to hear from you. What’s the worst decision you’ve ever made? Email your big mistakes to elen.lewis@marketing-society.org.uk