The management of an accidental one hit wonder company

One hit wonders are known in the record industry when a singer or a band scores a world wide hit and all the subsequent records fail to generate any sales.

The overnight commercial success

The same can happen to companies: they have one product that sells relatively well in a market niche or they even have become market leader.

It is like a sitting duck that due to events beyond their control their products have become in demand and popular.
The almost overnight as success took management by surprise, however due to this success management starts believing they are great and invincible.
Management has this high self-esteem although the great success of the company is just a one trick pony due to the accidental commercial achievement.

The end product life-time

As all products or solutions have a limited span of time during which they solution is in demand, slowly the success fades away – just like a music hit in a few months. In case of a product it will take several years to the end of the product lifespan.

The major challenge is then to find another product or solution.
A new product needs to be developed for the market based on the current market view. As management has no vision or no experience in market research chances are the new product will be a FAIL.

In case the success product brought the company to become a market leader, the management believes they can achieve the success again and keep their market leadership. They have no doubt in their own capabilities although they hardly exist. Especially in case the first one was an accidental commercial success there is no reason for them to be able to create another wonder.

However creating a new success product is hard to do and depends on many events and economic factors beyond the control of any company.

The challenge of marketing and selling the next product

The problem for sales and marketing is when the new product, that has been developed, needs to be marketed and sold.
This will become very challenging due to missing experience and the high believe of capabilities of management based on their previous achievements that were beyond their control or just good luck.
The original product or solution had probably an unprecedented market opportunity that made it an instant success once the market was demanding it.
Moreover due to the high demand, no big budgets have been spent previously on launching and branding the original commercial success product.

Thus instead of having well crafted marketing strategy with a significant budget and a well represented and trained sales force the original success was more due to the coincidence and the huge opportunity at that moment instead of a well planned marketing and strategy.

Marketing plans and strategy: missing

When launching the next product the management experience in marketing plans is lacking and the market opportunity is less big as previously. Moreover the original product or solution still sells to the same market.

Marketing is put under pressure to overachieve without much budget or a well planned strategy.
The Sales team is under pressure to redo the incredible sales achievements of the first product without a real big demand from the market.

It is almost certain that both marketing and sales will fail.

Then the management of the company will blame marketing and the salesmen for under achieving. They used to be so much better during their conquest of the market.

However management will never question themselves as they are convinced of their own greatness proven by their first overnight accidental commercial success. They still live on the dream of their original achievement not wanting to see the truth.
Only good management is capable of continuing bringing successful products to the market – most companies are a one trick pony.

Is you company a one hit wonder?
Will your management be able to create another success?

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