Turning Challenges into Opportunities: What Small Businesses Can Learn from The Fact That 52% Of Fortune 500 Companies Have Closed Since 2000″
In 1955, the average Fortune 500 company lasted 75 years; however, by 2015, the average lifespan of a Fortune 500 company had decreased to just 15 years.
The 2008 Great Recession, triggered by the banking crisis, forced many larger companies to hire business strategists to adapt to the changing economy. During this time, people’s buying behaviors started to shift, leading to what experts referred to as the “New Economy.”
Blockbuster Video, Borders Books stores, and Circuit City are among the companies that no longer exist today.
Numerous cultural changes impacted the way people purchased products, accompanied by emerging technologies that transformed business practices. As a result, many large companies had the resources to hire top-notch experts to help them adapt to these changes.
For instance, Sasha Vaynerchuck moved his family from Belarus to America and started a wine store. Over the decades, he grew the business from $0 to $4 million. Later, his son Gary took over and, starting in 1998, turned it into a $67 million enterprise by 2005.
Wouldn’t it be a shame to lose customers or go out of business because of a failure to adapt to today’s new economy? Gary’s tremendous success with the family business led to appearances on the Ellen show and partnerships with companies like Coca-Cola, Pepsi, and the NY Jets.
During this period, I worked with executives from Ancestry.com, P&G, Toyota, and Victoria’s Secret. However, even after 15 years since the Great Recession, many big companies continue to struggle due to their ignorance of the economics of their business.
This is why some people advocate for certain social media tactics; however, without understanding the underlying economics, those tactics are rendered useless. Unfortunately, many businesses fail to comprehend their customer base.
In fact, some of these large companies seem to dislike their customers. Disney, for instance, has experienced financial losses with almost every movie release in recent years, and there has been a Bud Light boycott.
This situation presents opportunities for smaller companies to attract customers who used to buy from these larger competitors by filling the gaps that the competitors neglected. When adapting to the new economy, many individuals have a narrow view, focusing solely on technology. While technology is undoubtedly a part of it, understanding your customers is equally vital.
The purpose of advertising is to build a following large enough that when a message is sent out to that following, only a small percentage needs to respond to achieve the financial goals. However, reaching these goals often requires significant financial resources, which many may not possess.
Imagine how much easier it would be to find someone who is already successful and have them send out a message endorsing you and what you have to offer to their following.
The first time I did this, I made nearly $15,000 in my very first 6 hours, and over the next 12 months, that deal turned into a $150,000 per month income.
The next time, I struck a deal with Al Nin and his dentist, resulting in $6.5 million over a 12-month period.
Adapting to today’s modern economy may seem impossible for some due to a lack of resources. Instead of seeking someone who understands technology but not your customers, I invite you to partner with us, where we will do the work for you. I’m not offering to be paid for marketing services, but rather proposing a partnership where I have a financial interest, in your success.
I’m nothing special; I simply had some knowledge about a lesser-known method to get companies to recommend me and the companies I have worked with to their customer base. You are just one deal away from changing your life.
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