Bad Marketing Sunk The Titanic
I have asked several people as to what they thought sunk the Titanic. I usually hear “iceberg” or “the cold water.” While these were no doubt contributing factors, they was not the underlying causes.
When you believe you are unsinkable, your own hubris prevents you from taking the necessary actions for survival. The position that the Titanic owned in the minds of the of the Execs of the White Star Line, was that she was unsinkable. When you start believing your prowess so much that it takes over sensibility, you have opened the door to disaster.
The truth of the matter is that the Titanic took some time to sink. But these were crucial factors:
a. Not enough life boats.
b. The crew was not drilled enough in the use of these life boats when an emergency did arise.
If these two factors were remedied, about 1,500 more people would have survived.
So many businesses set sale not prepared for the disasters of the business world. Icebergs could be replaced with recessions, cold water could be replaced with no credit resources and not enough life boats will substitute fine for bad planning and marketing.
When you start a business, your planning needs to take into account recessions, manipulated markets and taking advantage – rapidly – of changing moods and opportunities. Good financial planning, acumen in marketing and having a pulse of the business world is key to survival.
Skip the hubris and become humble. Only then will you be able to review your own actions, observe the environment and take the actions based on both to move full steam ahead in any waters.
Best, Edwin Dearborn