PRO Case Study
Case Study: Lessons From Martin Guitars: Three Ways to Survive a Downturn
by Kimberly SmithCompany: C. F. Martin & Co.
Contact: Dick Boak, Artist & Public Relations
Location: Nazareth, Pa.
Industry: Musical instruments
Annual revenue: $93,000,000
Number of employees: 825
Quick Read
Economic downturns come and go—every 11 years or so, according to Dick Boak's calculations. He's a historian at heart, and during his long tenure at C. F. Martin & Co., maker of fine guitars, he's seen a few dips—perhaps none as titanic as 2009's. But as keeper of the archives, he understands that the current downturn isn't the first, nor the last, the company must endure.
And endure the company has, for 177 years—through the Great Depression, World Wars, and a Civil War—outlasting countless fads and trends to become the oldest-surviving acoustic-instrument maker in the world.
The keys to its success? High-quality products, adaptability, and a willingness to learn from the past—all of which came into play during the plight of 2009.
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Comments
Wonderful case study! The historical perspective is welcome in an economy where long term planning means next quarter! I wonder if the ascendency of China this century will bring a more historical perspective to business.
I have expressed this 'larger picture' perspective with similar case stories and lessons at www.repossibility.com. Is this a perspective that others value?
What a well-written case study! This can be applied across disciplines - even into politics - under the notion that if history tends to repeat itself (as Mr. Boak pointed out), then what was successful back then may be applicable today. This case study carries an important message many marketers, I think, forget. You don't need to reinvent the wheel with each campaign or each obstacle. Take time to do some research, read relevant case studies, and pull ideas from those who have been successful in the past to aid you in your problem today.