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Today over breakfast I was reading the business section of The Courier-Mail and happened upon an article about Billabong. Anyone that has followed Billabong’s fortunes would know that this is a once highly successful Australian company that is now riddled with debt, losses and flying very close to the breeze on total collapse.
Some interesting statistics have been sprouted by the new CEO, Neil Fiske. He noted that 5% of the company’s revenue has come from nearly 40% of their product lines. They have also been guilty of having products like scented candles that don’t match their core brand.
In my view, this is a classic example of a company that had lost their “WHY”. We are a firm believer that a business that has a great understanding of their “WHY” and can communicate that through their products/ services to their customers will be successful.
In my mind, scented candles don’t match Billabong’s “WHY”. They are a surfwear brand and that should be their focus. They should be focussed on youth.
Neil Fiske made a very interesting observation:
“To me, that’s the single most fundamental thing that you do: what is our brand, what does it stand for, what stories are we trying to tell?”
Neil Fiske is looking for the “WHY”.
The actions he has taken already suggest he understands. He has cut the range down to the performing lines only, and produced more of them. No more scented candles.
The prediction.
From what I have read in a short article today, I believe that Billabong can be successful again. If the new CEO keeps walking the talk and finds the “WHY” then this company will have a complete brand renaissance. I expect big things from Billabong in the mid-term.
So, why write an article about Billabong? Because, it’s a fantastic case study in what happens when a company loses its “WHY”. We can follow their progress from here as I sense a good news story around the corner for Billabong. And fundamentally, it’s a message to every single business anywhere in the world, that to remain relevant and to have the best success, you must remain focussed.
Knowing, why your business exists means knowing precisely:
These are all by-products of knowing your “WHY”. If you have never thought about it before, maybe it's time to start.
What is it that drives you to be in business? What is your purpose? Why does your business do what it does?
Now look at what you are doing. What are you doing in your business that does not reflect those ideas? I bet they are the same things that are costing you money and not being bought. Remove them now!
Get focussed and succeed!
