I currently work for an electronics retailer, which I will be leaving soon for another employment opportunity. Their style of doing business, advertising strategy, and even the internal computer system is extremely archaic. Unfortunately for the workers who have made a career of this type of work, the company will be completely out of business within the next five to seven years due to their lack of understanding of the market, the products that people are looking for, and the “we’ve always done it this way” mentality. The result will drive those workers into a world that they will not understand if they haven’t kept their eyes open over the last five years.
Back in the 70’s, 80’s, and 90’s, when the entire lineup of electronics had anywhere from a 50-500 percent markup, salespeople were trained to be sharks that cared more about their commission cheques than the customers. Back then, a sales associate could make a living wage, support their family, and didn’t mind their employer treating them like garbage because the financial upside was so great. Today, with the cost of living far exceeding what a retail employer is willing to dish out, company culture and being treated well has become more important than ever. “Treat your employees well and they will take care of your customers for you,” is a philosophy that has been adopted by some of the best companies in the world, and has allowed those companies to succeed in bad economies and tanked markets.
The Changing Landscape of Advertising
A successful marketing strategy these days differs from the strategies of old in a few ways. Today, social media and direct marketing through electronic media outperform radio and print advertising for a fraction of the cost. The ability to pinpoint the exact target demographic has become easy enough that a child could do it, and they are. Teenagers who understand how to properly utilize social media for business are moving more product than brick and mortar retailers, without the overhead of a fixed location and inventory. And when you consider that manufacturers are willing to drop ship products directly to the customer’s home, these businesses can save once again on their shipping costs. As the landscape continues to shift, we will see more online stores, as the people running these businesses have chosen to embrace technology, instead of hiding behind ignorance, doubt, and fear.
Out-of-Date Operating Systems
The company I work for uses an internal computer system from 1982. That was the year I was born. They are also using a dot matrix printer, and carbon copy invoices. There isn’t even the ability to email a receipt to a customer short of printing out a hard copy, scanning and emailing it, or even worse, the obsolete process of faxing. If a business is not willing to supply its employees with tools from within the last decade, how can one expect customers to take that business seriously?
“We’ve Always Done it This Way” are Words That Should Never be Spoken
Lack of evolution in business is a one-way ticket to bankruptcy. Carrying the same old products and believing the future to be a fad is the best possible way to see your business go belly up, if it hasn’t already. If you truly love your business and want to keep it running, do your research, understand how the world around you is changing, drop dead weight employees, and hire the best people to do the things that you are not good at.
Evolution, not change for the sake of changing, is the key to thriving in today’s business world. Know it, embrace it, and you will reap the rewards.