Why it's a good idea to think KODAK when running your business
There are five key elements that successful business owner have at the front of their minds during all their business activities.
By staying focussed on all these elements, you are more likely to make the right decision at the right time so that you can achieve your goals and ambitions.
I am going to be referring to KODAK, the imaging and photographic company to help illustrate these 5 elements. Unfortunately, after being in business for 124 years, KODAK had to file for bankruptcy protection in January 2012. Fortunately, they came out of bankruptcy in September 2013 and are making a profit, albeit a much smaller one.
So, why is it a good idea to think KODAK? Firstly...
K - Know who your perfect customer is and Keep them!
- Your perfect customer is one that values your goods or services and is easy to have a good business relationship with.
- Because they value your goods or services, and you make it easy for them to do business with you , they are happy.
- Because they are happy, they pay you on time, come back for more AND are happy to refer you to their contacts!
- It's a WIN WIN!
O - Opportunity
- Be aware of opportunities for your business and don't be afraid to seize them.
- KODAK invented the 1st digital camera, they knew digital would go global but chose only to market their digital camera to the professional photographer.
- This allowed their competitors to seize the opportunity to sell to the consumer market.
- As we now know, this wasted opportunity had a HUGE impact on the business, which then lead to their decision to file for bankruptcy protection.
- A caveat ??" just as you should not be afraid to seize an opportunity, you should not be afraid to recognise when it is not as good as you thought and move on before it;s too late!
D - Differentiate
- Differentiate your business from the crowd and make it the 'go-to' business for your industry.
A - Advertising
- If you have read any marketing or advertising books, you would have seen these 3 core words mentioned alot.
- MARKET, MESSAGE, MEDIA
- Market links back to 'know your perfect customer'. Once you know who that is, ensure that ALL your marketing collateral is targeted at your perfect customer and not just to any customer.
- Ensure that the message you send meets with your perfect customers needs and that you deliver the message using the media that your perfect customer engages with regularly.
K - I like this one the best! Know your numbers!
- This is THE most important element that makes ALL the others possible.
- Without knowing your numbers, you can't easily and accurately track whether your efforts are producing the results you want.
- Without knowing your numbers and ensuring that they are saying what you want, you won't have the funds available to service all the other elements.