Collapses in the retail sector dominate the news today. More gloom and doom to come, they speculate. Let's not wallow in depression yet.
The three big names on reporters' lips today are all victims of the digital revolution. HMV and Blockbuster lost their market to online distribution. Jessops, they say, to photography merging with smart phones. For every loser, however, there's a winner. (Can you say Amazon?)
These collapses weren't just bad luck. In each case, the company failed to spot the changing market and do something about it. What if HMV had been first with something like iTunes? Why didn't Blockbuster think of LoveFilm? Jessops is a trickier case, but certainly putting more emphasis on storage, printing and sharing of all those smart phone shots could have extended their lifespan.
These are strategy decisions for top management, but marketing plays a role. How can we contribute to keeping our companies ahead of the evolutionary curve?
ONE: Watch the trends. Research is the less sexy, but absolutely critical side of marketing. Pay attention to how the world is changing and extrapolate how it may rock your piece of it. Advise management on how they can get ahead of the curve.
TWO: Talk to a teenager. Complement that formal research by using the hip, trendy ones. Technology is driving our world, and they're driving technology. Get into their heads.
THREE: Think outside the box. Marketing is often the refuge of the creative in otherwise conservative corporations. Use that. Get crazy. Brainstorm. Consider wild and wonderful market extentions. Most of the ideas will be impractical but one or two might be great.
Your creativity could save your company. Use it.
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