Back in the 80s, Coca-Cola was being hammered by a Pepsi ad campaign that showed people preferring Pepsi over Coke in blind taste tests.
They decided to do something: Change the formula of Coke so it tasted more like Pepsi. This is now remembered as one of the most colossal business blunders of the century.
What does it have to do with you and me? Here's a post from Michael Hyatt that shows how any of us can make New Coke types of decisions: New Coke: Anatomy of a Terrible Decision. The post outlines 5 lessons from the New Coke fiasco:
- Don't let the competition distract you. (Don't be the second-best "them" -- be the best you!)
- Don't bet the farm on big data. (Data can tell you a lot, but not everything.)
- Don't make everything either/or. (You don't have to kill off your "Coke" and replace it with something new. There are a number of "in-between" options that might work far better!
- Don't be arrogant. (You think you know better than your donors. You don't. You know might know more, but you don't know better!)
- Don't persist in error. (If you get it wrong, stop as soon as you realize it!)
Whatever your organization does, I'm confident it's more important than sweet fizzy water. Let the errors Coca-Cola made keep you from making similar ones!
from Future Fundraising Now https://ift.tt/2xHSmSP
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