There we were at Mother’s Day dinner discussing business. Actually, business is a constant topic of discussion at my house. Anyway a friend from Romania was talking about changing the product to address the needs of the marketplace. And companies that refuse to change with the times and how they disappear. He used the example of a company that made ice boxes in the 1930′s. When people were starting to move to refrigerators, this company insisted that there would always be a market for ice boxes. After all many people are not going to be able to afford refrigerators. Well how many ice boxes do you see in people’s homes these days? I haven’t seen anyone in awhile. Even my grandmother, the queen of not changing with the times, had a refrigerator. Living in a place without hot water, no car and no phone, even she was beyond an ice box.
The Moral of the Story
You must change with the times in order to remain in business. That is the bottom line on that.
I had a meeting with a company who’s industry has had some dramatic changes in the last 10 years. Technology has had a huge impact and online competition has created a commodity scenario. Many of this company’s direct competitors have closed their doors.
This company has made some changes but not nearly as many as the market as a whole. When the market moves in a certain direction, businesses need to react quickly and accurately to maintain market share. Doing nothing is worse than doing the wrong thing.
Strategy is key.
Design a strategy meets the industry wide changes head on. Address them one by one and promote your company’s strengths. Hopefully you know exactly what they are and why your target market prefers doing business with you. If you don’t, you had better figure this out. Now is not the time to wait it out. A business in this situation needs to act immediately and get the buzz going. If this is not addressed quickly business could drop off dramatically and there might not be the necessary resources available later. Quick action is key.
In times of trouble the smart start marketing. Nuff said.
If you need help with any of what I’ve written or recommended here, please contact me.
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