5 Quotes That Can Change Your Business Forever
copyright, 2015, Debbi A. Ballard All rights reserved worldwide.
In this video, Dr. Philip Kotler, the well known author of over 55 marketing books, provides 5 quotes that can change your business forever. Regardless the nature of your mlm network marketing business, you need to seriously ponder these quotes.
So as not to give away the surprise, I will discuss my favorites and then you can view the rest on the video.
Companies pay too much attention to the cost of doing something. They should worry more about the cost of not doing it.
So true! While there are endless management discussions about the cost to be considered in doing something, there is typically far less discussion on the cost of not doing it. This can apply to new product introductions, more sophisticated networker compliance monitoring, the addition of live regional opportunity and training meetings, the deployment of faster, better responsive customer and networker service systems, etc.
The competitive environment, the changing needs and wants of your customer and networker bases, changes in regulatory challenges, and many more factors must be taken into account when analyzing the cost of doing nothing. When you take those into account, your decisions may be quite different.
Here’s another favorite quote from Dr. Kotler…
It’s more important to do what is strategically right than what is immediately profitable.
When last quarter’s profits have been disappointing, good managers don’t act impulsively to make decisions that are not in alignment with the company’s overall growth strategy. Short term profits at the cost of long term growth has always been a hot topic for management. This is particularly true for public companies who fail to make their estimated earnings and may suffer the consequences of a falling stock price.
How the company has strategically positioned itself in the eyes of its networkers and its customers is not something to be sacrificed for short term profits. Network marketing companies, for example, cannot just change their mlm compensation plans to cut commissions and bonus payouts to networkers on their sales, to hope for greater profits. While the profit percentage based on revenue could increase, overall profits in terms of dollars generated can fall dramatically due to networkers creating less sales because of the decrease in payouts.
If a supplier approached the company with a substitute ingredient for a popular nutritional product the company might be marketing, management can’t just make the substitution to enable greater profit margins. What if the benefits associated with the product are diminished? What about the impact regarding the real and perceived value by customers?
So regardless of the temptations to increase profits at the expense of sacrificing the firm’s strategies for sustainability, the decision to do so often can be a disastrous move.
Here is a resource for an interesting discussion regarding how management teams are reorienting themselves to a more long term view and as a partner for good in society.
View the video at the top of this post to see the complete list of the 5 quotes that can change your business forever. Then think about how well you are serving your customers, your networkers, in the philosophy that you embrace.
Debbi A. Ballard introduced the world’s first comprehensive marketing and management consulting services for start-ups and established multinational firms in the mlm (network marketing) industry. A consultant, speaker, author and expert witness, she is considered a trusted authority and visionary in that industry. She is also recognized for her innovation and leadership relating to the convergence issues that impact network marketing and affiliate marketing. Thousands of corporate owners, managers, networkers, and affiliates subscribe to her firm’s newsletter, MyNetBrief(tm), for news, research and valuable tips.
About the Author: MLM Consultant, Expert Witness, Author, Blogger, Speaker and CEO of International Network Liaison Corporation...but more importantly, wife, mother, daughter, aunt, cousin and friend.
