A Time for Reinvention

I was reading some of the online news  this morning and I came across  a recent article on Forbes.com titled ” To Reinvent Your Company, Reinvent Yourself ”  .  The authors, Scott Anthony and Michael Putz, write that companies are beginning to recognize that to survive  turbulent times like we’re experiencing now requires a “process of continual reinvention”. They describe the challenge of building a  “dual core culture” that excels at creating new growth businesses while still maximizing the potential of your existing business. The process calls to mind the words of F Scott Fitzgerald, “The test of a first rate intelligence is the ability to hold two opposed ideas in the same mind at the same time and still retain the ability to function”.

As I prepare for the departure of David Melnick, co-founder of March Second, and my friend and colleague for many years, I too am thinking about surviving turbulent times and the continual process of reinvention that is required to be a successful entrepreneur.  When I take inventory of what we have accomplished   for our clients , it is clear that we have been most valued in the role of strategic advisors who have helped companies assess  their marketing technology infrastructure and have provided unbiased advice on required  investments and process improvements. It is also clear that the rapid growth of social  media and  and the need  for accurate measurment and timely analysis have made decisions about technology even more important. 

Many CMO’s I have spoken with recently tell me they are beleaguered and living lives of “quiet desperation” in an attempt to evaluate and optimize their marketing mix. Too much data, too many conflicting reports, and too little time is the common complaint. Sounds like there’s a need and it’s time for some entrepreneurial reinvention. 

What’s your opinion?

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Adjustments

Just when we thought we had suffered every imaginable indignity, Ryanair, Europe’s largest budget airline, announced it might start charging passengers for using the toilet while flying. It makes the Southwest TV spots  spoofing new “revenue enhancing” ideas like coin operated overhead compartments seem a little less absurd. Fortunately there are still a few airlines courageous enough to buck the trend. Just last week US Airways announced it would once again serve free soft drinks. Based on that generous offer, I was  tempted to switch airlines for my next flight to Dayton . But then I remembered it would cost me $100.

It seems like we will all have to make adjustments. I’m trying to get comfortable with holding AIG, now a penny stock, in my government-backed investment portfolio. I’m learning to accept responsibility for my part in our collective “over indulgent consumerism”.  I’m  working on exercising strong bladder control and remembering to always have change in my pocket. And, in moments of undeterred optimism, I’m wondering where to find the diamonds on the beach.

I am giving it up for  the president when he channels Franklin Roosevelt and says that in times of greatest adversity we often find the greatest opportunities. For many companies, the greatest opportunities may be how they deal with lower demand, especially when we’ve had so little time to prepare. Last week’s guarded optimism was quickly forgotten when we learned that the economy is declining at double the rate previously reported. Looking at those numbers, a predictable reaction is to cut costs as quickly as possible and revert to survival tactics. It may be smarter to rethink the traditional and often inefficient way we allocate our marketing investments.  I’m not an accomplished  trend spotter but when I see baby boomers spending more time on Facebook than in front of the TV, and favoring online news over traditional print media, I do wonder about the future of marketing. Perhaps social networking and non-traditional media is where we should be looking for the diamonds on the beach. More to come on this topic.

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