The $10M Manhattan Mistake

Word count:?658

Estimated read time: 2 mins.

Follow me back several years to midtown Manhattan, New York City. This story may help you avert similar costly career and company mistakes.

I walked into a marble-encrusted, swanky Class A office tower to meet one of the world’s most revered investment banks.

The first person entering on the elevator was dressed to the nines. She was wearing a $5,000 ivory Chanel suit with matching pumps and purse. The wealth represented in that elevator car probably matched that of a small island nation.

I had been transplanted to a city far from my flip-flop San Diego town.

?I wish I was feeling sunny that day, but I knew this would be a tough day of meetings.?

At the time, I worked for a $2B enterprise software company, and the President assigned me to a five-person SWAT team. We only visited big at-risk customer accounts. I cannot mention names here. You would recognize them immediately.?

This Fortune 500 company needed help making sense of their $10M CRM investment. Things had escalated--the chairman of the board had called our CEO to book these meetings. He threatened to unplug our software and ask for a $10 million refund.

The good intentions behind their big transformation from a paper-based client engagement and deal making system to a fully automated platform fell on deaf ears.?

Bottom line: this firm was not set up properly for real transformation. Our sales team had showed them the potential of using CRM—but had forgotten one group in the discussions: their high performing deal makers.

Persuading high net worth investment bankers to change their habit of doing deal-making on cocktail napkins to a “single view of the client” team approach simply wasn’t happening.

And here we are, in this present moment, facing similar pushback as we embark on AI-powered transformation initiatives.

Based on the 170+ clients I have advised over the past two decades, I’m seeing how our old definition of transformation, coupled with the speed of change, is no longer serving us. And our stakeholders suffer.

Here's the good news. Some companies are leading successful, healthy transformations and customer focused initiatives. I get to work with some of them and share their (anonymous) stories.?And you can hear what traps they have encountered on October 4th from 11-11.25 a.m. Eastern.

Here's your invitation for "Avoid These Costly Transformation Traps in 2025." (LinkedIn Live)

In this Friday’s episode of The Mindful Marketer, we unpack the most common transformation traps. You’ll also learn:

• A modern-day definition of transformation.
• The 4 layers of transformation.
• Why resilience doesn’t?work when you’re leading transformation.
• Examples of successes and failures.
• My top resources for leading high stakes change in your organization.

Here's the?link to register. Be sure to register if you cannot attend—you will receive the replay.

In this new season of how we work, lead, and learn, are you ready to shed your old Chanel? Join us for the livestream - click here (no cost).

Copyright 2024, Lisa Nirell. All rights reserved.

I did not use generative AI for this edition. I wrote 100% of the content.

?P.S. Here are other ways to connect:

? ?? Subscribe to The Mindful Marketer on your favorite podcast app. ?

?? Connect with me on LinkedIn. That’s where I share insights and host a monthly LinkedIn Live on Fridays from 11-11:35 am ET (87 and growing!) ?

?? Apply to our Marketing Growth Leaders? private peer community. Click here to book a 20-minute exploratory call. I will send you prep questions. ?

?? Navigate midlife transitions and company “innovation stagnation” with greater calm and clarity. Email me to explore hiring me for your 2025 offsite retreats, or as your executive coach: [email protected]