Recently, the site put out a list of the ten brands that have a good chance of going belly up by next year. The other seven brands include American Apparel, Saab, A&W, Soap Opera Digest, Sony Erickson, Nokia and Kellog’s Corn Pops.
The site looks at a number of factors to come up with its top ten, including a major decline in sales and rising costs that make business more difficult.
24/7 Wall Street is first to admit they’ve made some mistakes such as naming Zales, BP and Kia in previous years. Those businesses are now doing very well. But 24/7 Wall Street has also been dead on, predicting in 2010 the demise of Blockbuster. They also said that T-Mobile would be in big trouble. As many know, AT&T has announced plans to purchase T-Mobile.
Year after year, more and more brands are disappearing. Many of them are brands that are iconic. Does Pontiac ring any bells? Whoever thought Pontiac would one day go out of business? It begs the question about the HVAC and sheet metal industry. Are you taking steps to make sure your brand doesn’t go extinct?
The mechanical construction industry is changing at a rapid pace. It’s no longer enough to just install heaters and air conditioners, and tune them up for customers every spring and fall.
Customers are more knowledgeable than ever. They know that HVAC can do more than just keep them warm or cool. They know that HVAC also means ventilation. They know there are components that can also control humidity and indoor air quality. Maybe even more importantly, they know that a good HVAC system can also save them money. Some customers may not consider themselves “green,” but most all customers want to lower their utility bills. If you can’t help them do that, they’ll find a contractor who will.
If you can’t step up to provide customers with their changing needs, you might find your company on the list of brands that will no longer be around.