Failure. A Company’s Best Friend?

Companies face potential failure every time they launch a new product, service or marketing campaign. Will it be popular with customers? Will it generate revenue? While some will roll out and meet success from day one, many will produce poor results and fail. But, does failure always need to be a negative? Is there a silver-lining in failure that can actually be used as a shortcut to future success? Many companies think so.

In 2004 Dogster® was launched as a “canine Friendster.” While the concept drew plenty of criticism, it has found its niche as a leading social network for dog owners. The company developed a business strategy based on using failure as a springboard to success. Instead of spending months getting all of the bugs worked out of a new site feature or service, they roll it out quickly and utilize immediate user feedback for fine-tuning. While not all features end up being successful, the company is constantly evolving, weeding out bad ideas and refining good ones.

Established companies also use this philosophy to evolve and deliver the right products and services to their customers. Google™ considers everything they do to be an “experiment,” with a “fail fast” strategy to ensure that the company can take the learnings from the process and use them to improve the current product/service or the next one.

How can you use this philosophy in your business? Don’t be afraid to try new things. Your ideas won’t always work out the way you planned. However, each time a new idea (website, blog, promotion idea, etc.) underperforms, you can use what you’ve learned to enhance your next idea.

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