In many industries, disruption is happening at a rapid pace. We see it with the insurance industry and the marketing industry. We also see it with our clients in their businesses including manufacturing, consulting, financial services, music, healthcare, commercial insurance and others. The way business was done many years ago (or even just a few years ago) doesn’t mean it will work today (or in the near future). Sure, we can take much of the way business was done in the past and apply it to today, but we must recognize that change and disruption in business is inevitable.
In this video, our partner Jared Nichols explores why Blockbuster Video no longer exists and how businesses of today can avoid being the next Blockbuster. We trust The Jared Nichols Group to strategize with us about our business, our clients’ business and you—our audience.
For the purposes of this post, we dissect the failure of Blockbuster since it was a huge business that we have all heard of and many have used. At one point we were all captivated by Blockbuster. We couldn’t imagine life without that visit to the video store so we could have movie night at home. Some probably remember being disappointed when the movie you wanted to watch wasn’t available. The horror!
You recall this, and now wonder why you would drive anywhere to pick up a movie when you can grab your phone or just turn on your television and watch any movie you can think of. And our kids laugh when we tell them of these adventures. The issue now is that there are too many choices.
Blockbuster Video might have nothing to do with your business, but it is a story we can all learn from. In fact at KazSource, we realize the markets change fast so we have continued to build upon our content marketing business knowing the way we and the way our clients communicate with their market has changed and will continue to do so (think website, blog, social media). Content Marketing is the now and it is the future and even content marketing is changing (rapidly).
As we write this article, we can look out the window and see a PNC Bank. Before being a bank, the business in that location was a MattressFirm. And before that? It was Blockbuster Video.