You probably saw the news last week that Groupon CEO and founder Andrew Mason lost his job – and his company – last week.
In an amazingly honest and transparent letter to his employees, Mason laid it out – missed quarters, bad calculations, and just lousy performance. Sad as it is, you have to love this paragraph:
“After four and a half intense and wonderful years as CEO of Groupon, I’ve decided that I’d like to spend more time with my family. Just kidding – I was fired today. If you’re wondering why… you haven’t been paying attention. From controversial metrics in our S1 to our material weakness to two quarters of missing our own expectations and a stock price that’s hovering around one quarter of our listing price, the events of the last year and a half speak for themselves. As CEO, I am accountable.”
Can you imagine something similar in radio?
A GM hanging it up because the station’s ratings and revenue performance had tanked during his watch? Or a PD admitting his PPM strategy failed causing a down-trend in the ratings for several books? Or a DOS fessing up that his cluster sales configuration was a disaster, causing the exodus of several reps and the loss of ad dollars? (I know, I know – or a consultant resigning an account because his format didn’t work?)
It just doesn’t happen, but for Mason, that is and was the story.
It speaks to several issues that are more important today than ever.
Transparency. There are not a lot of parsed words in Mason’s speech. He lays it out there, explains why the move was necessary, and left the the company he started.
Humor. He joked about the reason for his departure and even his weight. But in the end, he went out not with a grimace but with a smile of resignation.
Praise. Mason talked about his hard-working staff, and wished his successor well, admitting that perhaps a different CEO could turn the company around.
But perhaps his best point comes at the end of the letter: it’s all about the customer. As many of you know, CX has been a big part of this blog, and Mason made it a focal point to Groupon employees:
“If there’s one piece of wisdom that this simple pilgrim would like to impart upon you: have the courage to start with the customer. My biggest regrets are the moments that I let a lack of data override my intuition on what’s best for our customers. This leadership change gives you some breathing room to break bad habits and deliver sustainable customer happiness – don’t waste the opportunity!”
Pleasing the customer is at the epicenter of radio’s future to make a comeback of its own – to refocus its efforts on both listeners and advertisers, its two most important constituencies.
Andrew Mason may have hit that Peter Principle that we know all too well – an inventive, clever genius with the inability to rise up and be a great CEO.
But perhaps his legacy above and beyond inventing the coupon craze was his “exit strategy” – going out with honesty, humility, humor, and class.
You have to like that.
Jacobs Media has consistently walked the walk in the digital space, providing insights and guidance through its well-read national Techsurveys.
In 2008, jacapps was launched - a mobile apps company that has designed and built more than 1,300 apps for both the Apple and Android platforms. In 2013, the DASH Conference was created - a mashup of radio and automotive, designed to foster better understanding of the "connected car" and its impact.
Along with providing the creative and intellectual direction for the company, Fred consults many of Jacobs Media's commercial and public radio clients, in addition to media brands looking to thrive in the rapidly changing tech environment.
Fred was inducted into the Radio Hall of Fame in 2018.
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