Wisdom Challenge: Day 27
Be diligent to know the state of your flocks,
And attend to your herds;
For riches are not forever,
Proverbs 27:23-24
There’s a term we use in marketing called a ‘cash cow.’
This is when a business, for whatever reason, decides to ditch one of it’s brands by cutting marketing support. The brand is then left to run it’s course while its owners suck as much money from it as possible until it becomes obsolete.
The owners are aware of their “flock” so to speak, but decide to let it wander to save on costs.
Then there are other cases where a company might fail to recognize that some of their livestock is sick– they didn’t catch on to the changing needs of their customers; or they underestimated the threat of a competitor.
Take Blockbuster for example: the company was shortsighted when the Redbox rental stations started popping up and when people started receiving DVD’s in the mail. When Netflix switched their model from mailing to online streaming, Blockbuster couldn’t stand a chance.
Their resources were already tied up in physical stores and inventory so they couldn’t compete in the online space even if they wanted to. Their competitive advantage was lost and they filed for bankruptcy.
The same thing can happen to us if we aren’t diligent in our pursuits. Anything we work hard at– our wealth, our language acquisition, our spiritual growth, et cetera– can all vanish if we don’t nurture it diligently.
That’s why I like to write out my priorities so I can keep track of them and always remember to revisit the plan. Things change; that’s just life.
Having the awareness of this, however, gives us a little more flexibility to move strategically versus reacting sporadically– both in business and in life.