The Blockbuster Moment: Critical Lessons For All Businesses Of All Sizes
After a decade of mis-direction, Blockbuster Inc. just recently filed for bankruptcy. Once a key player in the movie rental industry, Blockbusters downfall sprung from the same ailment that affected the Yellow Pages, Barnes & Noble, newspapers and other retail and service industries. They simply lacked a clear vision of the future and were late getting in the game.
And while their customers connected to the Internet and sought easier ways to rent movies, companies like Netflix, Redbox and several other live-streaming and video-on-demand platforms surged forward, endearing themselves to Blockbusters core customers.
Blockbusters collapse spotlights many critical issues that businesses of any size and category should address to prevent an upstart from suddenly coming out of nowhere and cutting them off at the knees.
How Your Company Can Prevent Becoming A Blockbuster
The rise and fall of Blockbuster offers lessons for any company that interacts with customers. We urge your company to tackle these four Blockbuster-prevention questions immediately:
How do you envision your customers wants and needs five years from now? Where will they be and how will you be front and center with them?
How do you envision the distribution and promotion channels of your product or service changing five years from now?
Does your company have a clear online vision in place, a complete marketing strategy that emanates outward from the Internet?
Do you provide an unbeatable customer-focused experience that exceeds customers expectations? Could a push-button kiosk replace your product or service if your customer so decides that having no customer service is better than having poor customer service?
How To Ensure Youre Not Late Getting In The Game
We hope Blockbuster climbs out of its financial situation, but meanwhile the company leaves us with priceless marketing lessons for every business to ponder and act on immediately.
We can help you set up a marketing strategy and a vision for the future, while developing programs that provide great customer experiences. And more importantly, we can help ensure that youre not late getting in the game.
If youre ready to start looking at your future, then contact us. We can show you how to get there faster than ever