Posted August 16, 2013on:
Christopher Bonanos in Instant: The Story of Polaroid, describing the decline of the company (p. 155).
Polaroid went through two bankruptcies and the reason was simple. They weren’t very good at selling stuff. Often we look for some deep reason or cause as to why a business fails. Yet, the answer is frequently simple and staring us in the face.
In 2012, Kodak filed for bankruptcy, and Shutterfly reported record earnings. In fact, that year Shutterfly purchased Kodak Gallery’s customer list. Shutterfly is good at selling stuff, and Kodak is not.
Creative Memories filed for bankruptcy twice for the same reason: they were not very good at selling stuff. Yes, there were contributing factors, but both times it was declining sales that did them in.
I know there are other ways to succeed in business, but it helps to be good at selling stuff.