When I was a CMO at a large financial services company, I learned how hard it is to gain and maintain insight into customers. The challenge: Find meaningful signals in transaction data to remind customers they made a smart choice doing business with you, and empowering a new conversation to expand the relationship.

I had the team pull together internal data, make smart choices on buying external data sources, scrub it clean and then run the mash-up through our analytics layer. After days of work but for a short moment, we had an approximate line of sight on new opportunities.

Looking back, we now know it was an antiquated and inefficient exercise. Yet many of our financial services firms still operate with a myopic data lens, missing huge opportunities to build and expand customer relationships.

One lesson I’ve learned about large companies is that they need to be shaken up. That’s what it takes to be open to letting in new ideas and experimenting. This was the hallmark of my work at three large firms. 

Did it work? In all honesty, the results were mixed. If the culture was up for trying and failing, we gained insights and traction. If it wasn’t, we made little progress. 

At Vestigo, I see many startups and incumbents working together. Getting the relationship right is key.

The startup cannot let itself be used as a R&D platform. What signs should a startup look for to understand when this is happening? A big one is when the incumbent offers to pay you a flat fee for a trial instead of  becoming a repeat customer at regular pricing. The incumbent needs to be nimble in how it works with the startup nimbly —  to not put the brakes on what should be a try-it-fast mentality. The large company also needs to know when to walk away if the experience is not working.

I am grateful for my days in large companies. The lessons I learned informs my  role helping them forge successful partnerships with startups. I see possibilities in these alliances for real traction in lowering costs and serving clients better.

Fail fast my friends and adjust and win!

Ian Sheridan
Co-founder
Managing Director