For a moment, let’s look at the film industry. With a quick example, you’ll see how it can relate to virtually any business model. A few weeks ago, Justice League was released by Warner Bros. to an eager audience…or so they thought. Actually, the film suffered a lackluster opening weekend and resulted in the film being perceived as the biggest box office ‘bomb’ of all time, according to Forbes. One of the reasons for this is that the studio underestimated factors and their importance. For instance, reviews widely reported that the CGI and special effects used in the film weren’t up to the standards of what should have been a blockbuster. WB thought audiences wouldn’t notice but they did, and you don’t have to look far to find a story about Henry Cavill’s CG jaw.
What is the lesson to learn here? You need to be careful not to underestimate the importance of factors in your business that you consider inconsequential to the bigger picture. They could have more of an impact than you realize. Let’s look at a few examples to drive this message home.
We could look at the film industry again and Rotten Tomatoes as an example but instead, let’s focus on Amazon. What is one of the first things that you do when you buy a product on Amazon? You check the reviews, you weigh up the issues and make sure there aren’t any red lights. If most of the reviews are positive and there are a lot of them, then you can probably trust the seller and purchase the product. However, what if there is only a few reviews? That’s quite common for smaller companies and lesser known brands. In this case even a few negative reviews will be enough to stop you buying the product.
Other business owners underestimate the importance of IT systems or rather, the complexity. They tend to think hiring a couple of technicians will be enough to make sure that the IT systems in their business continue to run effectively. This, of course, is not going to be the case. A lot can go wrong with IT systems and to make sure that they keep working as they should you really need a full team to rely on like the service that businesses such as Level 5 offer. With a team like this, any issue with tech will be handled in minutes, and you won’t have to deal with the problem that a system failure could cause.
A final point that may not seem to have a great deal of importance but does is packaging. You need to make sure that you have the right packaging if you are selling products to customers. It needs to be secure, eco-friendly and protect anything that you are transporting. If you don’t do this, then there is a good chance that customers will instead choose to buy from a business selling a similar product but that takes packaging seriously.