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| Subject: Multiple Streams Of Success & Unexpected Success | |
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Author: Dennis S. Vogel |
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Date Posted: 23:09:37 10/30/10 Sat In reply to: Dennis S. Vogel 's message, "Vinyl goes from throwback to comeback" on 20:21:48 06/02/08 Mon I found an article about the possible revival of vinyl records & featuring the owners of Imprint Indie Printing. They adjusted their business focus & found success they didn't expect - Peter Drucker calls it unexpected success. The article title is - Print Shop Keeps Its Ethic Indie. As long as the Herald Tribune keeps it, the article's URL is - http://www.heraldtribune.com/article/20101019/ARTICLE/10191063/0/APW Here are some quotes from it: Rossmann, who drums for Venice punk rock band No Fraud, kept getting requests from friends in other bands and from record labels around the country to print record jackets, show flyers, and posters. While the music industry continues to struggle, Imprint is busier than ever. In 2005 it purchased a 4,000-square-foot space in Nokomis to accommodate larger, more efficient machines that could handle the business' growth. "When I first started, there was barely enough work to keep me busy for 10 hours a week," said Brad Murray, 36, Imprint's pre-press and art department director. "Now I can barely keep up working full-time." Largely, Murray says, this is due to the unexpected interest in vinyl records. About 2.5 million vinyl records were purchased in 2009, and though many were from major acts, a significant number were from independent artists. Vinyl record sales grew 89 percent from 2007 to 2008, and another 33 percent from 2008 to 2009. This growth is greater than even digital sales, which increased 14 percent in 2009. Retailers and record labels alike have jumped on this unexpected market. As the industry has struggled to deal with illegal downloading and piracy, vinyl sales have kept many retailers' doors open. "You can't steal vinyl," said Rossmann. Some new releases are or will be in vinyl. Taylor Swift To Release Speak Now On Vinyl http://www.rttnews.com/ArticleView.aspx?Id=1447979 +++++++++++++++++++++++++++++++ It doesn't mean everything old is new again. Not everything comes back into style. Even when something is popular again, it may be different than before. I don't advocate doing or starting something just because you can. Consumers may be confused by any big changes you make in your business. Installing different equipment to accommodate a different effort or business direction can waste time & money. Though Rossmann & Chalaire invested in a bigger facility & equipment, they probably waited until they determined the demand was more than their equipment could accommodate. They didn't base their expansion on wishful thinking or a small increase in demand. Success & Good Luck Can Become Stale Unexpected success & an unexpected market may be results of luck. Good luck is often the result of being in the right places at the right times. You can make your good luck by continually learning & implementing what you learn. Implementation should include planning - designing your future – instead of making it up as you go along. Success & good luck are never permanent except as pleasant memories. To stop learning & planning according to new knowledge means being stuck with whatever comes along or getting only crumbs (if any) left by those who succeeded before. Your choices are - 1) settle for stale crumbs or 2) be somebody who pursues success & leaves crumbs behind. People have a right to pursue happiness & success. Only fools wait for happiness & success to pursue them. Happiness & success are never pursuers. Sean Murphy wrote an article for his blog (http://www.skmurphy.com/blog/) about Peter Drucker & Unexpected Success. Included below are some clips from his blog post. Peter Drucker on Why Entrepreneurs Reject Unexpected Success http://www.skmurphy.com/blog/2007/11/20/peter-drucker-on-why-entrepeneurs-reject-unexpected-success/ Inc.: So, often the entrepreneur is actually succeeding but doesn't realize it? Drucker: No, it's worse than that. He or she rejects success. You want examples? There are thousands of them, but one of the best is over 100 years old. Inc.: … but is the rejection of success really all that common? Drucker: I'd say that the majority of successful new inventions or products don't succeed in the market for which they were originally designed. I've seen it again and again. Peter Drucker: An "Intellectual Compass" http://www.inc.com/news/articles/200511/drucker.html This Inc magazine article/obituary has links to other articles featuring Peter Drucker's wisdom. According to a cliche - Nothing succeeds like success. A corollary can be - Nothing fails like resisting success, even if that success is unexpected & conflicts with your desires & plans. I still advise you to avoid jumping into a fad without testing for potential success. Testing it with a little of your resources can work out. If you can buy a limited supply of products, you can make a small investment in inventory & test various messages. I wrote an example of testing in this post - http://www.voy.com/31049/13.html Too often, business owners get into a fad too late to profit from it. If your unexpected success is already part of a fad, you may still have some of the sales revenue from it. Reinvesting some of that money by testing the strength of your unexpected success is wise. What seems like a fad could turn out to be a trend you can determine this by testing. Without frequently testing the popularity & profitability of products/services, business owners may lose viable revenue streams. When people stop buying what were major sources of sales, businesses lose revenue streams that could have saved them. Use Your Established Reputation & Trust People, who trust a business, want to buy from it. Without a trusted source, they end up looking for a different, unfamiliar business to be a source of what they currently want/need. Save their time & energy. Be there to help customers & profit from their life cycle changes. If changing with them is impractical, at least, show them a trustworthy source (another business) of what they want/need. This helps them & gives you a chance to exchange referrals with another business or get a finder's fee. Building on unexpected successes will help you build multiple streams of success & multiple streams of income. There are various examples & variations, so I have some below. The concept is like Jay Abraham advising us to build a Power Parthenon of different marketing activities - http://www.abraham.com/abrahamfactorgifts/87-QuestionSelf-Diagnostic.pdf www.abraham.com/abrahamfactorgifts/MarkVictorHansenInterview.pdf Multiple pillars can be strong enough to withstand changes in demand & economic problems http://www.abraham.com/articles/Fran_Tarkenton.html Multiple Streams of Internet Income: How Ordinary People Make Extraordinary Money Online By Robert G. Allen. You can find a limited preview at http://books.google.com/ Please post your comments, insights & questions about this topic by using the form near the bottom of this page. Dennis S. Vogel You can expect success when you use the right tactics to support your strategies. Profitability relies on planning the right actions or being lucky. Relying on luck is far more risky than planning. Some information you need for successful planning is here - http://www.lakefield.net/~thrivingbusiness/ http://www.voy.com/31049/ [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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