It’s a shame how some brands disappear. A massively successful brand can become extinct quickly without constant monitoring. Staying in tune with industry trends is part of maintaining brand relevance. Brands must innovate, change, and adapt.
Failure to Innovate
The traditional taxi industry did not adopt mobile technology quick enough. Traditional taxi companies dismissed the popularity of technology-enhanced on-demand transportation. Taxi companies insisted that digital enhancements would not work due to governmental regulation. Unfortunately, customers needed more than just a way to get from point A to point B. GPS enabled devices provided an opportunity to connect people with rides on-demand. Ride sharing companies seized this opportunity by building customer-centric platforms. As a result, taxi companies lost business and critical time to innovate.
Failure to Change
Blockbuster, a booming video rental business. A staple on Main Street USA. Fast forward to Netflix and RedBox. The writing was on the wall. Clearly, the overhead costs of operating thousands of brick and mortar stores was no competition for mail order DVDs and automated DVD rental machines. Blockbuster needed to change, but they lacked foresight. Blockbuster waited to see how things would play out. Unfortunately, it was too late in the game when Blockbuster determined that video rental stores were obsolete.
Failure to Adapt
People will take pictures on film forever! Ironically, the internal consensus at Kodak Film. The digital world grew quickly. Internet usage soared along with electronic data storage capabilities. Hand held cameras that stored 24 pictures with each film capsule now stored hundreds to thousands of pictures. Bringing pictures to your “developer” was now a click of a button on your computer. People will still use film they said.
Reaching your target customer where your target customer wants to be reached is the name of the game in this world. Companies must be able to innovate using relevant technology. Companies need to focus on customers, and change with customer needs. Industries change quickly, so your company needs to be quick to adapt. DJR Jeeves Consulting is here to help. Contact me today!