We’re all for business success stories. NME are showing how to keep a business growing, even when your customer's habits change entirely. Despite a relaunch, sales fell below 20,000 copies a month in the second half of 2013 for the first time. But the brand has expanded into other markets to ensure this disappointment isn't what matters for the business.
When things get tough and your start-up experiences a set-back, it’s not about packing it in and giving up. The reality is, there are always opportunities out there to innovate in established industries. There's always the chance to create something completely new that will keep your business alive if your audience turns away from your original product.
It’s important to look at the bigger picture and think of other ways to bring success to your small business. Do you remember the saying “Every cloud has a silver lining?” Well, never forget it.
Despite NME’s drop in sales, their website gets 1.4m users per week, they sell 1,307 digital edition copies a week and regularly welcome thousands of people to their live events and concert tours.
There’s an obvious decline in print, with the entire music magazine industry experiencing a downward trend, so the need to expand in other areas couldn’t have been more clear.
NME won't be sad about a 21% drop in sales from December 2012. Despite all that, the business' advertising revenue has increased by 49% over the past 12 months. Setbacks shouldn’t be the end of a business, but the driving force for success. NME is making so much money off the back of its events and its website, keeping the magazine alive is an excercise in branding more than sales.
What’s the morale of the story? Don’t take no for an answer and don’t quit when things may get tricky. With the economy on the rise, there’s never been a better time to join the business roller coaster.
Even if it feels like your business is on the way down or the way out, there's still time to kick start it and find a new way to make people love your brand again.