In 2022, Proterra looked like a company that had already won. It had delivered more than 1,000 electric buses, held contracts with 135 transit agencies, and grew revenue 24% to $309 million. The White House championed it. The U.S. electric bus market grew 66% that year, and federal infrastructure money was flowing toward exactly what Proterra made. In August 2023, Proterra filed for Chapter 11.
Each year, research firms such as CB Insights analyze why both startups and new products from mature companies fail. On average, about 80 percent of VC-backed startups fail (and those are the best of the startup world), and somewhere between 40 and 60 percent of new products launched by mature companies also fail. Invariably, the primary reason for failure is “no market need.”
For years of working with organizations to refine and implement vision and core values, I’ve told the Johnson & Johnson Tylenol story. You’ve probably heard it.
There was a time in recent marketing history when the CMO’s role was to be the Chief Storyteller. Thankfully, those days are over. There are many who believe that during the “era” of creative titles for the CMO role, the CMO function suffered and still needs more corporate respect.
The Wall Street Journal reported recently that, in the desire to control their narratives, companies are “desperately seeking storytellers.” While many writers who have labored in the realm of marketing communications are probably using their head-exploding and head-slapping emojis in texts crossing the globe, it should be reassuring that companies seem to believe that a well-planned story, expertly told, can create value. This is why, however, merely dusting off liberal arts diplomas and providing writing...
