If you’re running a business, you should look to shining examples of success for inspiration. You may not realize it, but there have been few business models as successful as the one perpetuated by the Beatles. After all, here we nearly fifty years after the four men who comprised the group played a note together, and they continue to sell records and merchandise while pulling in fans that weren’t even born when they were together.
Obviously, it helps to have the talent; if your firm could be as savvy at IT or business as John, Paul, George and Ringo were at musical innovation, you have a great head start. But the Fab Four made several crucial decisions along the way, and those decisions can provide an excellent template for establishing and maintaining your own market dominance.
They Didn’t Settle Until They Had the Right Mix
Through hard work and constant touring, The Beatles established a foothold in their hometown of Liverpool as a live act. But their chemistry, both musical and interpersonal, was somewhat hampered by the presence of original drummer Pete Best. The other three members decided to fire Best and replace him with Ringo Starr. In Starr, they found an expert drummer and, perhaps just as important, a person who fits well with the rest.
Your business may have established its own modest foothold. But if there’s something holding it back, such as the lack of production coming from a certain employee or another employee’s difficulty getting along with others that are dampening morale, you have to consider a change. Nobody likes firing people, but ultimately your own success might depend on that perfect blend of talent and chemistry.
They Were Always Innovating
The Beatles came out firing right out of the box with a slew of hits that combined many of their most beloved rock and roll influences into a unique stew. They could easily have continued to mine that vein, but eventually, it would likely have led to diminishing returns. Instead, they pushed the boundaries of what rock and roll could be until those boundaries ceased to exist.
Your business might have carved out its own little niche in the market. But because of how quickly technology changes the way business is done, and because your competitors are always striving, that niche can easily become obsolete. Innovation is at the heart of business growth, so don’t rest on your laurels, lest they should fade.
They Polish the Brand
The Beatles recording career as a group essentially lasted about eight years, which is a tiny fraction of the time that many lesser-known acts have been around. And yet their brand is as strong as ever. Yes, the music is second to now, but their marketing team always finds new ways to repackage and present the music and other Beatles-related product in fresh ways to new customers.
That’s a great lesson for your firm. You might have established a brand that’s well-recognized on a local or even a national level. But your customer base is always aging, with new customers gaining buying power every day. You can’t expect them to know all the old hits, so to speak. So be prepared to market afresh so that your products and services are known to as wide a customer base as possible.
Is all of this musical information relevant to your business? The short answer: Yeah, yeah, yeah. Follow the example of the Beatles and turn your business from flab to Fab.