Everyone knows times are moving at a more rapid pace, but have you considered whether or not your business is keeping up? If your company is not aware of what's currently happening in your related industries, you might be caught off guard.
The most prominent example of lack of agility is Hollywood Video. To the inexperienced eye, the company was doing great. You could rent a movie for approximately 3-5 days at around $5. Sounds great!…until you consider the late fees, human error on returns and the limited title selection.
Though not as widely know as they are today, Netflix was offering it's subscribers the ability to order movies online, have them delivered to their mail box, keep them as long as they liked, and all for a flat monthly fee!
It seemed as if Hollywood Video didn't consider the appeal of customers not having to drive to get their movies, but also the enticing lure of NO late fees!
Soon, the word began to spread, more people wanted in, and down Hollywood Video went. They seemed as if they weren't listening to the pulse of the consumer. Since the close of Hollywood Video, I have often wondered what would make a company appear so complacent to the very thing that made them successful, their customers?
Their inability to change with the times and offer a more competitive challenge to Netflix is what I believe caused their demise.
Review at the strategies you have in place and take heed to the changes in your industry so you can prepare to change with the times.
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