I was going to buy a pair of shoes the other day. But I didn't. The stock price of the company that makes them was down. So, it just wouldn't do to be seen in their shoes.

It was a shame, really. The shoes were well made. Good looking. Comfortable. And reasonably priced. All the things I used to look for in a pair of shoes, back in the days when the products a company makes mattered more than their stock price. These days it's the other way around. I don't want to be out of step. So, I'm stuck with my old shoes for now.

If You Show Me Your EBITDA, I'll Show You Mine

I'm not sure I like this obsession with stock prices. I remember when most of us didn't have a clue about the numbers on the stock pages of our local newspapers. They were there for old men in dark suits who had more money than fun. People in PR and Marketing used to fall into a deep slumber any time the subject of earnings or stock performance came up. Now, some of them know more about EBITDA than messages. And they spend most of their time worrying about how the company's stock is performing because they know the CEO's bonus and their jobs are on the line.

Newspapers have yanked the stock prices from their business pages. It's not because the Dow has become less important. Quite the contrary. It's because yesterday's stock quotes, which used to be just fine for those old men in the dark suits, are passe. Now we get up-to-the-minute quotes off the Web. I have friends who want to know every day whether the stock market was up or down. And they're not old men in dark suits. I wish we could give the stock quotes back to the old men in dark suits.

I almost had to sell my iPod and iPhone a few months ago when Apple's stock took a dip. Only thing that saved me was that I don't happen to own either of them. I sneered at a couple friends who do, though. They got my point. With Apple's stock heading down, their toys were looking a lot less cool. But Apple's stock is back up now. So, my friends are getting their revenge. And not owning an iPod or iPhone is embarrassing again. Curses, Steve Jobs.

Actually, Apple's done an exceptionally good job of continually managing to build excitement for its products. It shows in their stock price. How old fashioned of them. Paying more attention to Main Street than Wall Street. I'm sure Mr. Jobs and his lieutenants pay attention to their company's stock price. But they're also paying attention to the products they offer to people like you and me. Good products are the key to their success, not cost cutting and layoffs to pump up this quarter's earnings. And the success of their products shows in the media coverge they get, which also helps their stock price.¹

Success by Selling Cool Products: What a Concept

In fact, Deb Parcheta of Blue Marble Enterprises, who measures stuff like this, says the companies whose stock prices do the best are still the ones who manage to get good press for their products. What a concept.

Companies that aren't doing well can’t buy a good story about their products. It used to be a company was doomed when people quit buying their products. Now a company gets into trouble if their stock price takes a dip. And a lot of people lose their jobs.

Bad sales have always led to a bad stock price. But it's different now. Today, a sinking stock price can make sales worse. That wasn’t true back in the days when the stock pages belonged to the old men in the dark suits.

Qwest is a good example. They're one of the Baby Bell telephone companies. The media doesn't write about what they do any more. Or at last not very often. But you don't have to look very far on Google to see that their stock price is sliding downhill faster than a bobsled on slick ice.

In fact, they don't do something about their stock soon I'll have to get rid of my phone. And I certainly won't miss those telemarketers who call during dinner.