Whenever I hear that somebody is going out of business, I’m disappointed. It’s sad that somebody has to shut the doors and go home. It’s sad for the business owner that poured his energy, time and passion into it and it’s sad for employees that will be left without a job.
In the past two weeks the following stores are planning to close;
- Toys R Us plans to close all 700 US & UK stores after 70 years in business
- Claire’s at over 2,600 stores plus bankruptcy
- Ann Taylor and related stores closing 400
- Best Buy closing 257 mall stores
- Foot Locker closing 110
- Mattress Firm closing 175
- The Walking Co. is going bankrupt
I always say to clients that there are businesses going out of business that are much larger than theirs. We should all understand that the attention and the end consumer doesn’t make purchases as they used to before. There are more stores closing down, like Michael Korrs will close around 100 stores.
There is one reason why a business has to close its doors; not enough customers. The reason why there are not enough customers is because marketing and sales didn’t bring great results. Of course a lot of people and ad agencies would never take responsibility and blame it on something else; the economy, customers and so on.
The bottom line is that there are larger companies that closed down like Blockbuster because they didn’t innovate, because they believed that they are too big to fail.
We all have to wake up and understand that things are changing dramatically and before we know it; it’s all over.
We say that we have to innovate but in reality a lot of companies don’t. The main reason why companies don’t want to innovate is because they are scared of change. We as human beings are not wired to make changes.
Our brains want comfort to survive, but comfort will not move us forward.
If we don’t innovate and make changes, what do you think will happen? The world keeps moving forward, like it or not somebody out there is moving and constantly changing.
It’s inventible for companies that change and innovate to win.
In meetings most of the conversations are about “we need to change” not about IQD services. The reason why is because a lot of decision makers don’t see the reason why they need to change; they don’t see that their branding is shit, they don’t see that their content marketing is below average and they don’t see the fact that their message doesn’t resonate with people.
They don’t want to create meaningful content because they are not used to it. Advertising agencies tell them to promote a special offer and ‘we are the best message’ in a creative way and they like it because they get an ego boost.
They prefer running two banners on a website and one outdoor campaign because…well because it’s easier than doing a proper content strategy and creating a story.
The way you move forward is by doing your research; see what’s happening around the world. See how people are responding and relating.
Some will say that the US market is different, the UK market is different and the Cyprus market is different. Look, at the end of the day we are all human beings and we all crave emotions, we all want to be recognized, loved and happy. We as human beings have similar patterns.
In Cyprus there are companies that should have gone out of business but are still around because it’s a small island and it will take them another 12-48 months to go out of business but if they keep the same strategy inevitably they will go out.
They will not blame themselves; they will blame the competition, they will blame everybody else but not themselves.
Just couple of days ago I discovered from an author I follow Away Travel on Instagram. I loved the way they story tell and how they create content. Of course I loved their products on their website. Guess what; I already know what suitcase I’m going to buy this year.
At the end of the day it’s a shame that 4,242 stores are closing down but we can all learn to innovate and to be bolder. Create bold moves and believe in a better tomorrow.
The future depends on what we do today, not what we want or what we are going to do, but what actions we take today. Let’s take bold actions today so we can have a better future.