More than 1800 Internet companies received funding in 1999. Many of them dream of becoming the next Amazon (AMZN) or E-Bay (EBAY), or, as their press releases often indicate, revolutionizing the way we do business. Most will fail.
Why? Some fail because of bad implementation and internal politics. Many also fail because the CEO's are "hollow, shallow and motivated primarily by greed and jealousy", as the CEO of Forrester Research (FORR) recently stated.
But a key reason also lies in the way they think about e-marketing. They think marketing is easy and intuitive, and are constantly admonished to run quickly or die.
SPEED AND SHORT-CUTS
By now, you're convinced (as you should be) that dot.coms need to move at lighting speed. But you may have also bought the hype pushed by many new magazines that the rules of commerce have changed, rendering the old rules useless. I bet the new dot.coms have bought these ideas as well.
When you join the perception of extreme uncertainty over the rules with pressures to run fast or die the situation is ripe for the use of short cuts in thinking what we in academics call "heuristics". There are many short cuts in thinking. Here are a few I'm sure you'll recognize.
ANECDOTES AND INTUITION
Marketing research can be time-consuming and difficult. A much quicker (and typically wrong) way of assessing market needs is to use anecdotes, and particularly personal anecdotes.
Allen Weiss is the founder and publisher of MarketingProfs.com. He can be reached at email@example.com.