Marketing 101 – Part 2
After 20 years of owning a successful business, I thought I was doing everything correctly with my marketing. But one day I had a realization that I never had before – I was becoming stale, stagnate, over-confident and rigid with my business decisions. I have spent my entire adult life taking a lot of time, effort, and money to create and grow my business, and now it is time to reap the rewards of all that hard work.
What was left to do or left to try that I haven’t done or tried before? Probably nothing. Wow, I was so wrong! I was making the same mistakes most companies make when finally reaching the top of their industry… continuing to do the same things as always. Eastman-Kodak used this strategy. They were slow to the digital market and slow to change and were banking on their previous success. They created many production facilities to produce and sell small cheap film cameras to people in developing countries. What they failed to realized is that because the digital technology became cheaper and cheaper, the people in these countries chose digital cameras instead of film. This failure to change their strategy was a huge mistake from which Kodak has never recovered.
You need to look at your relationship with your business as parenting to a child. You parent differently when your child is 12 than you did when he or she was 2. Your child is growing up and maturing, and so are you with how you need to parent to that child. Your company is the same. The strategies I used for my business in 2012 or 1993 were different from those I used in 1987. Change is good for a company; it allows you to remain competitive in the market and grow with the changing times.