Blockbuster was founded in 1985. They owed their early success to some very simple innovative ideas. They were one of the first movie stores to introduce a computer system that would scan the rentals, making it much easier to track their inventory. They stayed open late, they displayed the movies on the shelves (instead of behind the counter), and they refused to carry adult films.
As Blockbuster grew to become the “Wal-Mart” of movie stores, they began to lose their way. It wasn’t the bloated mergers that sparked the downfall of Blockbuster, rather it was their inability to use technology to continue to innovate.
Blockbuster wasn’t in the business of having brick and mortar movie stores, they were in the business of getting movies to consumers…they forgot that.
Netflix was founded in 1999, they began as a “DVD by Mail” company. As technology advanced, Netflix quickly adapted and began streaming videos to consumers online. They will continue to prosper as long as they continue to innovate.
Gut Check time – Are you innovating?
How are using technology to connect with consumers (be specific)?
Are you just “on” Facebook or do you have a strategy?
How are you measuring your success?
How are you integrating “social” into the rest of your marketing?
In the next 6 months, what do you hope to accomplish with “social”?
I’d love to hear what you are doing with your marketing strategy and how has it impacted your business – please share below!
1 comment:
And Netflix has only just expanded outside the US (into Canada) about 6 months ago.
Imagine once they start streaming worldwide? Now THAT'S leverage!
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