Innovative Marketing: Keeping up with the times
Change is inevitable. Growth is optional.” – John C. Maxwell
Keeping your business on the edge of today’s most innovative marketing strategies is a crucial component to short and long-term success. Never before seen marketing campaigns are launched every year. Businesses that fail to innovate their strategies continuously will either sink or remain stagnant. History is riddled with perfect examples of majorly successful companies that failed to modernize.
1. Toys R Us
It was the first big-box toy store ever, providing an unprecedented array of toys for children of all ages. The primary strategy that propelled this company to all-star status was its supply chain management strategy of driving down supplier costs in exchange for buying higher volumes – similar to today’s Walmart. Although at one point owning 25% of the toy market, Toys ‘R’ Us let competition catch up.
It used to be that no weekend was complete without a Blockbuster movie rental and popcorn. Worth over $8.4 billion in 1994 with over 3,600 storefronts, the bankrupt company now has less than 10 locations. The advent of Redbox, Netflix, and other streaming services turned the home movie industry upside-down, and Blockbuster never again sat on top.
Once considered the King of Catalog sales, Sears lost their edge when customers transitioned their preferences away from catalogs and malls to online sales. Sears did not do enough to address the e-commerce trend.
“Failure is an option here. If things are not failing, you are not innovating enough.”
Marketing is all about how your company delivers products, services, and information to its customers. A good company that continues to grow and prosper innovates continuously by utilizing young talent and new ideas. Ensure your business never falls behind by continuously exploring new marketing strategies and never stop innovating!