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By James Rothaar
Just because a company is a leader in a market, it doesn’t mean that it is going to remain there forever. Coming up with an effective business model that serves a market is no small feat. However, it is only the first step in establishing a long-term, successful enterprise with staying power.
This is a lesson that many firms learn after the fact, and it doesn’t have to happen. It is a situation period that could be circumvented if top management is willing to ask itself some questions that would require some critical thinking, which many firms dare not ask.
Are we still relevant in our market? If, yes, what do we need to do to remain as relevant as ever? And if the answer is no, what changes need to be made to get back to being relevant to the market.
I worked as senior staff writer and a content producer for an online, luxury-lifestyle magazine that was considered a leader in its field for years. The entertainment/media website started out with less than 75,000 unique monthly visitors and grew to averaged more than 1 million unique visitors monthly in a six-year period.
From the Beginning
The digital magazine was a pioneer in the online publishing industry. Fresh content was posted on the website daily, and it was masterfully complemented with a marketing strategy that centered on Google keywords. The combination of thoughtful marketing and targeted content attracted various prominent advertisers. Ad space was sold to the various sectors of the luxury industry, ranging from cars manufacturers to high-end real estate brokerages to hotels, to both yacht– and jet-chartering companies. This website was an online sensation … and it appeared to be only the beginning.
But a few things occurred during this era of unprecedented growth that changed things substantially. The competition caught up; other companies, actually, a lot of them, began churning out similar content of equal quality. So, the publication’s uniqueness and innovativeness became yesterday’s news. Instead of seeking to improve its content, redefine its relevance, and grow with a changing market, it continued doing what had originally made it successful.
The Edge Was Gone
Two years later, the online publisher’s differential advantage in the market was gone. The advertising revenue went from steady to sporadic to nearly non-existent. Management blamed its sales department for not being able to sell ad space. An entire new sales staff was recruited, but that didn’t work out too well either.
Symptoms were treated while the real problem was ignored. The firm went from exciting to insipid … and it never should have happened.
Bottom line: A market can change… a company must be adaptable or it risks losing its relevance.
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SalesFish Net of Sales Services:
- B2B Direct Sales, Channel Sales and Marketing Strategies
- On-Site B2B Presentation, Negotiation and Sales
- B2B Telemarketing and B2B Telesales Services
- Cold Calls and Appointment Setting
- Online Presentations and Webinars
- Product Awareness and Announcement Calls
- Primary Research: Quantitative and Qualitative Surveys
- Experiential Event Marketing
- Pre and Post-Event Calls
- Audience Acquisition, Exhibit Sales and Sponsorship Sales