What do Blockbuster, Myspace and Sharper Image have in common? At one time, all three were at the forefront of their industries. The Sharper Image built its brand recognition on offering luxury products and futuristic tech that wasn’t readily available anywhere else, Myspace was the definitive social media hangout for an entire generation, and Blockbuster was the leading provider of entertainment nationwide.
The other thing they have in common? All three have failed miserably, their stories told in bankruptcies and layoffs. Even worse, each has become part of our cultural shorthand for outdated, outgunned business models.
When innovation trumps experience
These examples show how no business is too big to fail. A company that can’t adapt to changing markets is bound to fall behind, even if it was once the leader in its industry. All three of these corporate giants were ousted by innovative startups that offered much better services to a wider market. Today, word of mouth is more powerful than ever before. An individual’s or a company’s reputation can travel around the planet and back again in the blink of an eye, and it doesn’t take much to lose a once-loyal customer. Even on a local level, the same theory holds true. Your customers are free to investigate your competition, and review sites, such as yelp.com, make this easier than ever. Are you certain your experience and reputation are enough to hold on to your customer base?
Innovate to grow
The companies that replaced Blockbuster and the rest did so by offering new takes on old services – and they continue to innovate. It’s time to ask yourself what makes your company stand out from your chief competitors. Offering consistent, trustworthy service is admirable – it might even keep your business afloat – but it’s no longer enough to keep you at the head of the pack.
Fresh ideas come from fresh minds
When companies fail to grow, it’s often because they stubbornly hold onto outdated policies and practices. It’s too hard to see your company’s flaws from the inside; sometimes, a wider perspective is needed. You can accomplish this through market research; you can also achieve it by bringing fresh minds on board. Your workforce has a powerful effect on your company’s future. Talented, energetic minds can make all the difference. With over two decades as a leading staffing agency in Lancaster, PA, we’ve helped many local businesses succeed by connecting them with the staff they need. If you’d like to bring some innovative, talented employees into your workforce, contact us today to learn more about our services.