This article is meant to be a “reality check” for the direct marketing industry. It suggests that, in order to succeed in the 1990s, direct marketing firms must avoid “marketing inertia” by becoming more adaptable to both internal and external conditions. Empirically, this study re-analyzes data from a fall 1990 survey of direct marketing industry executives conducted by the Direct Marketing Association, Inc., in cooperation with David Shepard Associates, Inc. It investigates these direct marketers’ perceptions of the internal strengths and weaknesses and external opportunities and threats that might influence their firms’ strategic decisions and future success in a changing market environment.