April1
We all know who got us into this mess: arrogant idiot-thieves in government and arrogant idiot-thieves in financial services.
Apparently under the impression that there really is a free lunch, we keep electing idiot-thieves to pass staggeringly stupid laws and then use them to force compliant, short-term- brainWall Streeters to change their business model from wealth creation and preservation to something closer to the Ted Kaczynski model.
Meanwhile, we curtsy and cling to Emily Dickinson’s thing with feathers.
How on earth do you appoint the kind of regulators who ignore all the warnings about a Madoff? How do you pass laws that force mortgage companies to make loans to people with no assets and almost no income?
How the hell do you show your face in public?
Could the results possibly have been worse if we’d fired the FUBAR-whiz Masters of the Universe at AIG, Citi, Merrill, etc. 10 years ago and replaced them with Bangladeshi rice farmers?
It never would have occurred to the farmers to create toxic assets. They would not have paid themselves zillions. There’d have been no private jets, no limos, no million dollar office makeovers, no conferences in Saint Bart’s and no credit default swaps!
What does this screed have to do with direct marketing?
Not long ago, direct marketing had a simple mantra: test, drop what doesn’t work and do more of what does work. We knew that if we did it right, patiently, carefully, honestly and professionally while constantly learning from experience, our own and others, things would always work out fine.
Had the arrogant idiot-thieves done that, the USA would still be an economic powerhouse. They didn’t. They kept doing insane things because they really and truly believed – and still do! – that they know what’s best, despite all evidence to the contrary.
Sometimes I think there are direct marketers out there falling into the same trap. There’s an aura of arrogant contempt for common sense in our industry.
“Plan? I need this out there now!”
“What do you mean test? I thought you knew what you were doing.”
“We put together a committee and …”
“Postcards are cheap, let’s do more of them.”
“The Internet and email are free.”
“Email all the people who might have a credit card and keep emailing them.”
“LTV? Are you nuts? I have quarterly numbers to reach.”
“That’s great creative; my daughter loves it.”
“Who cares what happened in 2004? That was then, this is now.”
“Segment, Schmegment.”
If we’re getting arrogant, maybe it’s time to call Dacca to see if they can lend us a few rice farmers.