A Tale of Two Companies

Posted on 08.26.2017, in General

Whether the Economy is Growing or Slowing, One Thing is for Sure, a Good Story is a Powerful Teacher.

Take for example this story:

When Friday nights rolled around most of us would take a trip to our nearest Blockbuster video store. We’d stroll through the aisles, pick out a video, then we’d go pick up the pizza and settle down to some much-needed R & R with friends or family.

Believe it or not, that was a mere 20 years ago.

The Very Last Time

If only I had realized that last time I went into my neighborhood Blockbuster store, that it would be my very last time, I would have savored the experience more.

You see, I’m one of those people who loved to hold the movies in my hands and examine them front and back before renting them.

I took it for granted that my local video store would be there forever.

Blockbuster took it for granted that they would always dominate the video market.

They Were Wrong

And their miscalculation cost them 1 billion dollars. That’s, right, 1 Billion Dollars. That’s 1 followed by a whole lot of zeroes.

We All Know Who’s to Blame

Netflix entered the stage. It understood the new generation. It understood the new technologies. It understood how to make the one work for the other.

The thing is, Blockbuster could have done the same. But they didn’t.

We Now Know That While

 the real reason for BlockBuster’s demise is complacency.

So What Is A Company To Do?

It turns out there’s a lot that you can do to make sure you keep growing like Netflix who has faced a series of challenges over the years and keep coming out on top in spite of them.

It’s All a Matter of Asking the Right Questions

“What should we do to keep our competitive edge?” does not have a simple answer. It depends on many factors.

Here’s a list of 7 factors that we take into consideration when thinking about helping our clients grow their companies in the online world.

  1. What services and products do you provide?
  2. How do you differentiate yourself in the market?
  3. Who is your audience (that includes, past, current, and potential clients)? Has that changed over time, or do you anticipate it changing over time?
  4. How do they find you? Where do most of your current clients come from? Organic search, paid search, word of mouth/referrals, email marketing, or other marketing? Do you know what devices they use to find you?
  5. Who are your competitors and what are they doing to set themselves apart?
  6. Where do you see yourself growing in the future?
  7. What internal resources do you have to help you grow?

If you would like a conversation about what might be right for you feel free to ask any question you might have. We are happy to explain the online marketing landscape to anyone who is interested. It’s what we’re passionate about. And feel free to check out this handy grid that explains the online marketing options available to you.