CHANGE WITH THE TIMES – Don’t be the next Blockbuster!
Just wanted to touch on this super-important topic – CHANGE WITH THE TIMES.
Too often, Ill be sat with CEOs of large companies who have been in that position for longer than I have been born! But they just don’t get it – they have to change with the times! I’m constantly explaining to them that they need to be on Snapchat. They need to be on Instagram. But they are like – NO – we will keep sending direct mail shots, which has worked for us for 15 years!
Unfortunately it doesn’t work like that.
The world changes.
Our behaviour changes.
If there is one thing that we can guarantee, it is that consumer behaviour changes. We do not behave the same way we do today as we did 10/15/20years ago. I mean, there are grown men out there who are now sending emojis to their colleagues and family! Did you think 10 years ago that you would be communicating with your mother on Facebook? I mean, it won’t be long before your mum is snapping you on Snapchat saying “Son, Daughter, eat your food!”. Its just how it goes. Consumer behaviour changes.
And if you are not adapting your business to react to these changes, you are going to struggle. I want to make sure entrepreneurs of various levels of expertise and experience understand. Whether you are a young entrepreneur just starting out or an experienced entrepreneur who has been in the game for 20+ years, you need to be able to ADAPT! Nobody is safe…
Look at Blockbuster – they had the home video market in their pocket! It was going fantastic. Yet they failed to see that Netflix had watched and adjusted to customer behaviour. Netflix understood that people wanted to watch movies without leaving the comfort of their homes. They no longer wanted to go to a store with there membership card!
Even worse. Blockbuster had the opportunity to acquire Netflix at the early stages for $50 million. They turned it down. They did not see Netflix as a massive threat! One of the biggest missed opportunities the business world has ever seen! Netflix’s market cap is now in excess of $40billion! Ouch.
My message is to always ADAPT WITH THE TIMES. Think about who can come and disrupt your market. Look at how Uber affected the Taxi Market. Look at AirBnB disrupted the hotel industry. Respect the young buck coming up – they know what they are talking about. Keep adapting to human behaviour.
Don’t be complacent. Make your business timeless… Don’t be the next Blockbuster.