In today’s post we focus on why it is important not to get swept away by the hype, or hold unrealistic expectations in both your personal life and in business. We use the examples of Valentine’s Day and failed overhypered products to support this.
You can’t go into any store or turn on the TV at the moment without seeing romantic cards, flowers, candy boxes and teddy bears everywhere. February 14th has rolled around again, which is the day that happy couples anticipate the most, and single people dread. Women in relationships have high expectations for the day. Their boyfriends are kept busy booking restaurants and buying flowers and expensive presents for their loved ones. The cards and teddy bears have been getting bigger and bigger in recent years as the day becomes more and more competitive. A friend told me that she compares her presents with their friends’ gifts to see who is loved the most. This puts a lot of pressure on the guys to ensure that their girlfriends won’t be disappointed. However you choose to spend your Valentine’s Day, whether it is simply catching up on quality time with your partner while watching a movie at home or hanging out with your friends, it is important to remember that it is just another day. Don’t believe the hype.
The same can be said of some technology products. There have been many overhyped business ideas that ended in failure. Take for example the Apple Bandai Pippin. This multimedia gaming console functioned as a network computer and there was a great deal of hype surrounding it during its launch in 1995. However, this wasn’t enough to ensure the product’s success and it was discontinued after less than two years, as it was unable to compete with gaming consoles that were already on the market. The McDonald’s Arch Deluxe gourmet burger is another example of an overhyped idea that flopped. In 1996, McDonalds ran a $100 million ad campaign trying to attract adult customers with a sophisticated burger. The idea failed because customers just wanted McDonalds to provide them with a cheap burger that was quick and easy to make. The lesson here is to concentrate on ensuring that your product will be successful and avoid getting caught up in the hype.
Women are not the only ones who are looking forward to Valentine’s Day this Saturday. Most companies started advertising their romantic merchandise many months before this Hallmark holiday. My advice is to concentrate on your own goal for the day and not get bogged down in other people’s expectations of you. Everyone should be able to enjoy Valentine’s Day free from stress and anxiety. This also applies to businesses that are about to launch a new product. If you want your product to be successful, then you need to focus on ensuring that it will play out well with your consumers.
Insurance agents “product” is actually a service. The actual product is provided by the insurance carriers and the agents are limited by the carriers that they can maintain markets with. It is a constant battle to balance having the right markets and being able to provide those carriers with enough premium to sustain the relationship. We don’t envy any party for having to maintain that balance. Growth helps all parties. Carriers love agencies that grow their book of business. They also have growth goals that need to be achieved. Growth is highly dependent on whether the market is hardening or softening, the strength of the economy and whether the agency has the producers who are able to identify and attract new business.
Unfortunately, we see too many agencies that are satisfied with the status quo. If you are reaching retirement age and your agency is not growing, we suggest that you actively pursue your perpetuation options.
