Do You Know What Business You're In? | Rachelle Gardner

Today through Wednesday, I?m blogging over at Books & Such. Click through to read the whole post.

What the Publishing Industry Must Learn From Kodak

Part 1 of 3

Last month one of America?s most venerable and recognizable companies, Eastman Kodak Co., filed for bankruptcy after a long, steady decline in revenue. I?ve been reading various business analysts? explanations and deconstructions of what went wrong, and all I keep thinking is, holy cow, I hope everyone in publishing is paying attention.

Writers, agents and publishers can glean lessons from the mistakes Kodak made. I?m not a business analyst, but I?ve managed to put together a list of points I think we should keep in mind, if we don?t want to go the way of Kodak. (This is the first of three posts on the topic.) Today?s focus: Knowing our business.

Herewith, the first 3 things I think we can learn from Kodak.

1. We must correctly identify the business we?re in.

Analysts seem to agree that Kodak operated as if they perceived themselves as being in the film business, long after film had been pushed out of the way in favor of digital. Even as they were rolling out new digital products, they marketed them as ways to support their film business. They continued on the idea that consumers wanted physical photos, as if ?physical photos? were the core of their business.

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? 2012 Rachelle Gardner, Literary Agent
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Source: http://www.rachellegardner.com/2012/02/do-you-know-what-business-youre-in/

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