Last month, one of the well-known brands has fallen.
This brand practically grew up with me, from washing machine to the TV which my parents swear by, even to the super tough laptop that I can only dream about.
Yup, it’s Toshiba.
Out of Singapore.
I won’t repeat what the article in Marketing magazine has mentioned.
In summary, the 2 main culprits stated are:
1. Relatively inferior specs as compared to the Korean counterparts;
2. Lack of clear business and marketing strategy.
What got me thinking is this:
How can a traditionally well-known brand with so many products, fail?
Is it applicable to a small business like us?
1. Word of Mouth still works… up to the 2nd generation.
My parent’s recommendation for Toshiba does influence my perception of the brand even though there are better alternatives.
I trust my parents, so I bought Toshiba.
Toshiba did have great products like the tough notebook. Remember the TVC where monkeys were jumping and trying to pulverize the laptop in a lab test?
No wait… That’s Panasonic…
Hmm.. I can’t recall any Toshiba ads or their marketing efforts…
…which brings us to …
2. Word of Mouth only works assuming your competitors are doing nothing.
It’s a wake-up call for me too.
No doubt it seems workable leveraging on years of contacts and network I have built, but if I do nothing but pray and hope they will refer business, I’ll be in trouble too.
So as I prepare for my next phase of marketing efforts, focusing the limited resources on the right market, I’ll need to..
3. Focus on a niche market.
This is, for me, the toughest part.
Who doesn’t like to have a wide variety of leads from referrals?
Then, as I get to speak with more prospects, there are indeed some industry and prospects who don’t quite digital marketing nor email marketing. Or are they worth targeting in any marketing campaign?
Focus on those who can understand the value of the work, who recognize the problem and have a strong desire to be helped.
Even if there is some budget constraint, we can still work out a flexible plan together.
That to me, is an excellent client.
Anything beyond that is another market. Perhaps I could offer them e-learning courses, for example.
Well, that’s another niche for another time.
Meanwhile, I’ll be saving up for some possible Toshiba bargain, if any.
Everything is Possible!
p.s. Getting a little concerned about your marketing plan? Why not meet up for coffee and a quick, friendly chat?. I love to listen and help.