“But, we’ve always done it this way” are arguably the seven deadliest words in business. They serve as an audible warning that an organisation may be unwilling to change or spending precious resources on non-productive activities.
For many years I worked for a company with a strong position as a supplier to the cruise industry. Each year we had a healthy marketing presence at the annual cruise convention in Miami. In the early years, as we were establishing ourselves in this market, our presence genuinely supported strong revenue growth.
However, as time wore on, we developed stronger relationships with decision makers in the industry. Our revenue grew and we had become a key supplier in the industry. Our presence at the convention became a social event rather than an opportunity to showcase new products.
On one level, our exhibit at the convention was a triumph for the marketing department. It looked fantastic, there was space for people to gather and enjoy a refreshment or two. The stand was busy most of the time. But it was expensive.
Did we secure much new business because of our presence? Maybe some, but certainly not enough to come close to covering our costs. We met with our industry contacts almost every week outside the convention – those private meetings were our primary opportunities to showcase new products or discuss new contracts.
Some of our sales team had an opinion that we had to attend to keep the business we already had. However, when challenged on that viewpoint, none of them really believed that non-attendance at an exhibition would not be the reason we lost a contract.
… but we’ve always done it this way
So given the tens of thousands of dollars spent on our attendance, and minimal measurable return, why did we continue to attend? Because of the seven deadliest words in business.
Have you taken a step back lately to examine what you are spending valuable time and money on? Is it still the right thing to do? Contact Annan Consulting to discuss how we can help you challenge yourself and your team.