[From imediaconnection.com] “Think like a queen. A queen is not afraid to fail. Failure is another stepping stone to greatness.” – Oprah Winfrey
Market research firm Gartner projects that more than 75 percent of Fortune 1000 companies with websites will attempt some kind of online social media initiative for marketing or customer relations purposes. Gartner also projects that 50 percent of those efforts will fail.
Recognizing failure and learning from it is the nature of our business, especially for emerging channels such as social media. Repeatedly, it is a brave few who take risks while the rest point fingers and follow. When a company does dare to risk, we are quick to judge and condemn rather than celebrate.
To be realistic, most of us are accountable to multiple stakeholders — brands, consumers, our own organizations, and colleagues. There are, however, ways to minimize risks, learn from the stumbles, and move forward without leaving a trail of flames.