Have you seen Seth Godin’s blog post on the “Death Spiral” – how businesses fail because they cut corners rather than change? It mirrors what we have been advising clients and what we have been doing as an agency.
Seth wrote:
As Tom Peters says, “You can’t shrink your way to greatness,” and yet that’s what so many dying businesses try to do. They hunker down and wait for things to get better, but they don’t.
Stop waiting for the market to get back to normal. Assume this is normal and modify your business to be successful in this environment. If you’re wrong and the economy bounces back you’ll get an added boost. Terrific.
On the other hand, if the economy just bounces along for a while, you’ll still be smiling all the way to the bank . . . assuming you can find one you want to put your money into.
Yes, people (including Boomers) are spending less, but they are spending. So you have two choices. Either you can figure out what people want today and deliver it to them or you can complain about how difficult things are and hope they get better while your business falls apart.
Go ahead . . It’s time to choose.
