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Learning From Voom
By Kaitlin Carruth, Wed Dec 7th
/p> Voom was thought to be the company that would be able to competewith and Dish Network in satellite service. However, after a $650million loss it became clear that the company needed more thantechnology. By looking inside the Voom Company, you can learnfrom their business mistakes to avoid the same problems in yourown business. You Need More Than a Good Product The Voom channels definitely had something to offer to their customers.Never before was such a wide selection of HD channels availablefor television viewers. However, it takes more than just a goodproduct to make a profit. Market research needs to be done tosee if anyone will buy the product. The money you put intoresearch will definitely pay off to find out whether or not youcan sell your product or not. You need to find out if you canmake a valuable return on your investment or not. In the Voomcase, their investment obviously did not provide the companywith a profit.
Do Not do Business with Your Family The Voom battle became a family feud. Charles Dolan, founder ofCablevision, felt that Voom was worth saving while his son theCEO, Jimmy Dolan, wanted to pull the plug. Eventually, CharlesDolan tried to buy Voom with the help of his other son. Thiscaused major conflicts within the Dolan Family. You should avoidmixing family and business. This may seem like a harsh rule butit is something that can save a lot of heartache in the longrun. Know Your Competitors and Your Industry One of the problems with Voom is that they did not expect thetechnological advances that their competitors had after theylaunched Voom. Know your competitors and know what type ofindustry you are in. Be aware of the outside forces that canaffect your business. Is your industry known to change rapidly?Voom did not take into account what their competitors had uptheir sleeve and this
became very detrimental to thebusiness. The Pain of Sunk Costs It is hard to walk away from a large investment that does notgive any returns. One must remember that a sunk cost is exactlywhat it sounds like; it is sunk, gone, vanished, kiss itgoodbye. So many times businesses fall into the mistake oftrying to save fallen projects because they have already put somuch time and money into it. This was definitely the case withVoom. With the lost of $650 million Charles Dolan was bound towant to save part of the investment. This is an important lessonto learn in business. You must say goodbye to sunk costs. Listen! Charles Dolan dreamed about creating a satellite company thatcould compete with and Dish Network. However, almost noone was supporting to Charles Dolan in his cause at the endseeing that Voom was bound to fail. However, Charles Dolan wouldnot listen to the other board of directors and continued in hisefforts to save the dying business. It is important to sometimesswallow your pride and listen to the arguments of those aroundyou to see if they possibly have some validity. Be open to whatothers are saying because they just might be right. While it seemed that Voom had the capabilities to change the wayviewers watch TV and to be very profitable, instead it failedshortly after its creation. This is because of a few businessprinciples that were neglected. When working with your own newbusiness, make sure that your business plan makes sense and thatyou pay particular attention to your team, the external factorsthat could affect your business, and know how to walk away whenyour great idea turns out to be a flop. If you are willing to dothese things, you will avoid running into the same problems thatVoom did.
About the author:Kaitlin Carruth is a client account specialist with 10x Marketing- MoreVisitors. More Buyers. MoreRevenue. To learn more about Voom, please visit I-Satellite.
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