04.12.2017

If You Refuse to Adapt, You’ll Regret It Later

Be kind, rewind

Many corporate behemoths have risen and fallen over the past two decades, raising concerns in many over the security and longevity of their own businesses.

Much of these changes can be attributed to the internet and the shift of products, services and distribution methods from analog to digital. The digital transition is just a means to an end – ultimately, it’s about listening and adapting to the ever-changing consumer demands for more rapid and efficient experiences.

Responding to those demands allowed Netflix to dethrone Blockbuster as the king of family movie night, ending an era of late return fees. With the rise of Wikipedia, households no longer feel compelled to own the newest edition of Britannica encyclopedias.

And with what we’ve seen more recently with Amazon’s acquisition of Whole Foods, we’ll continue to see companies try to meet the ever-increasing demands for immediacy and ease of access.

It's said that former Blockbuster CEO John Antioco laughed at the Netflix co-founders following their proposed $50 million partnership with his company. 17 years later – Blockbuster is a distant memory, while Netflix is worth $84 billion as of October.

Before looking at Blockbuster’s website (yes, it still exists), take a guess. What kind of platform do you think is being pushed right now?

If your answer was “video streaming service”, you’re 100% correct.

Encyclopedia Britannica, on the other hand, observed the shift in trends and demands and immediately started developments on educational mobile apps. Despite ending 244 years of print publications in 2010, Britannica was able to transition successfully into the digital era.

Proactive business owners understand adaptation is the key to maintaining their industry foothold. And as the demand for efficiency, quality and quantity continues to grow, so too will the need to move in the direction of digital.

As a business owner, how have you benefitted from being observant, staying on your toes and making proactive changes? What steps are you taking now to secure your business for the future?

Editor's note: This article was modified on April 6th, 2018 to enhance readability.

Tags: Agile Business

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