Two Lessons Learned
Yesterday Mission Critical kicked off the morning with a small business marketing seminar courtesy of The Times newspaper at The News Building in London. No matter how much of an ‘expert’ you think you are in a subject matter taking time out to listen to other practitioners never fails to prove rewarding and this was no exception.
What made this one special was a particularly strong panel which was given enough time to be insightful (all too often panels are rushed) and well moderated to ensure questions were answered in the round. All participants were candid and insightful but it was the entrepreneur Paul Lindley OBE who really stood out.
The successful founder of Ella’s Kitchen - a children’s organic food maker - which he subsequently, and very profitability, sold to the US company Hains Celestial after achieving an £80 million turnover, Lindsey was at his best when he was asked what his ‘biggest mistake was’.
Without blinking he answered “creating and launching ‘Paddy’s Bathroom’ “which was his endeavor to take Ella into bath time - with foams and shampoos. But he didn’t stop with the admission, he explained why it had failed - a failure to ask the customer what they wanted and a vision based on thinking the company knew what the customer wanted.
This happens all too often and bizarrely it’s a more likely a condition that arises the MORE you know about the consumer you are targeting. You become overfamiliar with what you THINK their needs are - much more so than someone walking into a new consumer segment for the first time. It’s why fresh eyes are vital.
Never assume. Always ask. Test the proposition.
The second lesson was afterwards when we dug a bit deeper into Lindley’s work and his views on why he turned the tap off (sorry !) on the bathroom business - he fundamentally believes that companies should generate cash and that seeking investment is more akin to running a charity than a business. He cut his losses It does feel like unfinished business and we wonder if it will return.
So the lessons are clear - understand your consumer, don’t base it all on how well you think you know the category and know when to quit.
Two lessons learned and a third too, if you include the importance of leaving the day-to-day work occasionally and listening to others. We always find it invaluable.
About The Author
The author is a brand consultant and founder of Mission Critical, a highly focused and curated weekly briefing for time poor and information hungry decision makers.
