Customer demands are changing – are you?
by Siri Maldonado
What do Blockbuster and Kodak have in common? They were both once incredibly successful and were world renowned brands. But something happened and now they don’t exist anymore.
On the flip side, there are companies like Colgate and Dr. Pepper that have stood the test of time (both were established in the 1800s!).
While it’s challenging to pinpoint the reasons why some companies last and others don’t, one common thread for those that succeed is their willingness to change and evolve their business to meet the changing demands of their customers.
So how can businesses make sure they aren’t forgotten or made obsolete like Blockbuster or Kodak? They changed for their customers, usually by implementing new technology that keeps their business models up-to-date with current trends, makes customer service faster or provides a unique product or offering.
The power of the customer
Today customers have a significant influence on whether or not a business succeeds. They are accustomed to getting what they want, when they want and how they want. And if businesses don’t deliver, well, they can expect to be beat out by another company that will. Take Netflix for example. While Blockbuster was slow to evolve, Netflix completely disrupted the market and transformed how people watch television and movies today. It’s become so common now that Netflix has become a verb.