Business Moves Fast (Some Of Them)

Business Moves Fast (Some Of Them)

I subscribe to a newsletter by a business that runs auctions. What they auction isn’t important for the purposes of this discussion, but suffice it to say, the prices the items yield can be quite high.

The other day, the CEO of the auction company sent out an email saying the company would be providing a new service. In addition to sending the regular email with the auction items a few times a week, he would be offering a new service: a pricey newsletter that would give buyers the inside scoop on auction items, many hours in advance of when other, non-paying subscribers would get it.

It seemed like a beautiful thing; The auctions he offers thrive on information, like many other businesses. Getting information in advance would surely be an edge, and many serious buyers would be very willing to pay for it. And the amount being asked for the newsletter was enough to weed out the non-paying subscribers unlikely to come up with that chunk of change.

To my surprise, a mere two hours later, I received another email from the CEO, an update of that morning’s newsletter. He had changed his mind and decided to scrap the idea entirely. If he’d gone through with it, he would have taken information he currently provides for free, slapped a high price on it and it would have netted him a very nice payday. Seems like a great idea to me! The people and businesses who wanted to pay for early information could, the others satisfied with the old newsletter would still get it for free. He’d essentially created a market.

In this newest email, the CEO said that within minutes of sending the first email, he’d received a ton of responses, most of which slammed him for considering such an idea. What struck me most about this whole thing was not that he received such negative responses, but just how quickly he made a decision to blow the idea up and forget he even mentioned it.

I’ve seen a lot of businesses hold onto bad ideas and practices, sometimes because management thought they were good ideas; sometimes because they didn’t want to admit it was a bad idea; sometimes because no one told them it was a bad idea. Whatever reasons this CEO got in his email inbox, he took them seriously, so much so, that he decided to ignore the potential money he could have made going through with the newsletter. Or maybe, he realized he was doing more damage to his business than the money would have been worth.

Whatever the reason, it was refreshing to see a business owner fess up to an apparently bad idea, kill it, apologize for it, and move on.

You May Also Like

What Will the ‘COVID-Era Consumer’ Do in 2022?

The beauty of the automotive aftermarket is that the economic conditions always seem to work in the industry’s favor.

Online Shopping

Remember the tariffs? Nathan Shipley does. Back in 2019, “that’s all we were talking about as an industry,” Shipley recalled, during his “Aftermarket Outlook 2022” presentation this past November at AAPEX.

Looking back at the “Distribution Preview” in the January 2019 issue of AMN/Counterman, aftermarket leaders consistently expressed concerns that former President Trump’s tariffs – and China’s retaliatory tariffs – could disrupt aftermarket supply chains, leading to higher prices and even production interruptions. Tariffs remained on their radar in January 2020, although it looked like the aftermarket was weathering the storm.

Right To Repair, Trade Associations And You

In the fight for Right to Repair legislation, aftermarket trade groups can’t do it alone.

Veterans Can Be Heroes Off the Battlefield Too

Veterans bring an incredible amount of value to the civilian workplace, in terms of nontechnical and technical skills.

Veterans and Vehicles
What’s Really Driving The Automotive Aftermarket’s Growth?

NPD’s Nathan Shipley looks at the many moving pieces contributing to the industry’s recent spike in demand.

aftermarket growth
Strength In Numbers

The automotive aftermarket is filled with great people. In fact, many say it’s our strong suit.

Teamwork automotive aftermarket

Other Posts

Never Stop Learning

With so much internet-based training content available, it’s never been easier to expand your knowledge base.

Continuing Education
Welcome To 2035 – What Things Might Look Like

The future is what we make it. We need to start addressing technology now so 2035 becomes a bright future.

Future of Transportation
Seems Like Everybody’s Talkin’ About Electric Vehicles

Not only are people talking about EVs, but according to the latest U.S. sales figures, they’re also buying them.

Tesla Electric Vehicle
Still Time To Nominate Someone For Counter Pro Of The Year

We’ll be accepting nominations through Aug. 1.