Episode 10: Don’t Call it a Come Back
Many companies make the mistake of adopting the “business as usual” approach. Although they may have great success, eventually the new car smell wears off. Remaining popular, in demand or a top favorite brand with customers is not easy. So the savvy CEO knows that it’s critical to always be evolving AND paying attention to external signals. Some of you favorite brands have miscalculated their longevity, misjudged market trends, and made assumptions that ultimately killed their business. Will you be like them? I hope not. Tune in today to find out what brand killers to avoid, how to keep your company in the front of customers minds, and how to avoid becoming obsolete..
I also talk about several headline makers about companies who were once viewed as promising rising stars, who experienced very real wake up calls, and how you can avoid the same fate for your company with smart decisions, careful planning and getting help where needed.
Originally aired September 28, 2017
My 3 Tips
- Keep your ear to the ground and eyes wide open. Stay ahead of the curve by paying attention to what’s going on in your industry, complimentary industries, the government entity that affects regulation, what’s being portrayed in the media, and consumer sentiment. They are the key indicators of what’s to come and what’s to go. We have so much on our plates each day, that it may be hard to keep up with everything. Set alerts based on keywords or phrases that will trigger your attention. Appoint team members to researching and watching specific indicators. Ask for a consolidated report each week so you at least have a cursory view of what’s going on. Talk about it with your team. It’s important that they understand these things too.
- Anyone who believes that the way they’ve always done things have brought them success and will continue to are the ones in for a rude awakening. I often use McDonald’s as an example when I talk about clarity, continuity and customer experience. Yes it’s true. They are known as the hamburger place. The sell more happy meals than the number of babies being born each day. But they started paying attention. They paid attention to technology trends and now we have apps and kiosks for self ordering. They paid attention to complaints and changes in the way people eat and see fast food. And they paid attention to the marketplace and how competitors were giving their customers what McDonald’s wasn’t. It may not always be pretty or easy to accept that business as usual has changed forever. But the better you prepare yourself and your company for change, the more likely you will expand the life cycle of your company. Don’t be afraid to get honest feedback. I’d rather clients tell me when they are displeased or over what we offer, than to wake up one day shocked that they abandoned ship.
- Revisit your products and services each year. What are your sales indicators telling you? What are customers telling you? How are your vendors surviving? What about your competitors services or products? You can’t let what you offer become unpopular, unnecessary or out dated. Customers grow and evolve. Their tastes mature. Their needs shift. The same clients that worked with me during startup phase came back to me when I shifted to working with growth companies. My prior startup services didn’t work for them any longer because they had gotten through that phase. Now they wanted more mature or advanced solutions. Your teenager can no longer wear the same clothes as when they were 5 years old and they don’t play with the same toys any more. I get it. You may function within a niche and that niche may have been very lucrative. But what happens when customers in that niche decide your products or services are no longer required? And what happens when that pool of your target market shrinks? Are you ready for that? Can you pivot? Do an audit and make sure your services and products are necessary by your market and not just a nice to have.
In the News
BlackBerry, yes BlackBerry, is making a comeback as a software company- https://techcrunch.com/2017/09/28/blackberry-yes-blackberry-is-making-a-comeback-as-a-software-company/?ncid=rss
Struggling With Ikea Furniture? TaskRabbit Can Help With That- https://www.wired.com/story/struggling-with-ikea-furniture-theres-an-app-for-that/
A Look Back At Why Blockbuster Really Failed And Why It Didn’t Have To- https://www.forbes.com/sites/gregsatell/2014/09/05/a-look-back-at-why-blockbuster-really-failed-and-why-it-didnt-have-to/#63f244ba1d64
Sofia Vergara Says Her Lingerie Line Assists Businesswomen– http://www.pressherald.com/2017/09/29/sofia-vergara-says-her-lingerie-line-assists-businesswomen/ Sofia Vergara has launched a new lingerie line. On the surface, this may not seem like much or considered newsworthy. But she has committed a portion of her profits to help women in Columbia with micro-grants to start businesses. She has also committed a portion to give to relief efforts for those affected in the US and its islands in the Caribbean by Hurricanes Harvey, Irma and Maria. We salute Ms. Vergara for helping more women become economically stable.
Mogul Chix Academy will begin the Fall 2017 class on October 25, 2017. If you want to increase profitability, find additional revenue streams, pinpoint ideal customers, build a strong team, streamline operations, position your business for growth and scale, attract the attention of investors, learn how to protect your assets, close more deals, align with the right people to help you grow, and build a generational legacy, then you need to register. The academy runs 26 weeks and it’s very hands on. Registration information is available at www.mogulchixacademy.com.
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Adrienne Graham is the Founder of Mogul Chix (www.mogulchix.com), a global company and community for female founders and women entrepreneurs. She works with female-founded companies to grow, scale & making them investment ready. She is a growth strategist for high growth companies. She provides Strategic Business Growth consulting services to companies with high growth potential to assist clients in creating processes and strategies to effectively scale, run, grow and position their business for success. Adrienne is an author, serial entrepreneur and avid techie dedicated to promoting inclusive diversity in the tech, VC and startup community. She is steadily building her empire one company at a time. She is also a Mentor for the Straight Shot Accelerator in Omaha, NE, which helps guide startups into successfully launched ventures.