Throughout your career, you’ve seen them time and time again. Marketing disasters that make headlines. The kinds of faux pas that create headlines…and kill careers.
- The 1958 Ford Edsel
- The 1985 launch of New Coke
- Calvin Klein’s “sex sells” campaigns in the late 90s
- The furor over Kenneth Cole’s 2011 Cairo tweet
While mistakes can happen to anyone, and sometimes even the best laid plans go astray, many of the world’s smartest marketers are putting their reputations at risk in a place they never expected—their hiring practices.
A bad hire may be the single most costly mistake you can make.
In the HR world, they estimate the cost of a bad hire at three to seven times the annual salary of the person being replaced. But in senior-level marketing roles, the cost can be far greater. Consider your team. What would it cost your organization to have the wrong person overseeing a brand, a product line or put in charge of a new product launch. In marketing, a bad hire can mean:
- Failure to meet financial targets
- Damage to product, brand or company reputation
- Loss of market share
- Reduced levels of innovation and creativity
- Ineffective campaigns
- Turnover among other key executives
In the best case, a hiring mistake costs you the added time and aggravation of a tough-to-manage employee. In the worst case, it could literally put you out of business—or at least out of a job.
So why do marketers make bad hires…and how can you avoid them?
At BrainWorks, we get to see inside companies of all shapes and sizes, and we get an up-close look at how those firms hire. Some firms have truly exceptional processes in place. And others, well let’s just say that there is room for improvement!
Download the complete article to learn about the three most costly mistakes companies can make, and how you can avoid them.