This will inevitably happen to your business, start preparing now.
Competition increases. Growth stops, your business begins to flat line. The CEO sends the marching orders “we need more sales! Send out more newsletters, lets get on the Radio, lets have a sale this weekend, lets start advertising in the Sunday post AND Metro.” To the CEO’s surprise, nothing changes. No one opens his “more frequent” newsletter. We tune out his quirky but generic radio spot. And anyone who’s reading
Metro, Fine LifeStyles, Business Magazine, The Sunday post, won’t be next week when the newest magazine or newspaper gets our attention.
For a long time now, people have turned to advertising when they want their business to grow. But when you’re buying advertising on Radio, Newspapers, Television, or billboards, you must understand that you are purchasing ‘impressions’ (people’s eye balls). You’re buying the right to interrupt people while they listen, read, watch, or drive by. You don’t have their captive attention, you have their minimal amount of attention (if that), an amount that has been decreasing and will continue to decrease over time.
If you know someone will be selling what you’re selling for cheaper inevitably, how do you prepare? Do you disagree that it will happen (lie to yourself) and go about business as usual? Do you raise prices and try to milk your customers for all they’re worth? Do you attempt to get more “awareness” of your average product? Or do you have a serious talk with all your stakeholders about the future of your industry and company, and try to determine a long-term growth strategy?
If you know your industry is going to change eventually, lying to yourself is not a very good sustainability initiative.