With the news that SEARS is closing even more stores, it takes me back to when there seemed like a BLOCKBUSTER was on every corner. Blockbuster was the leader, had over 50 million customer records and had Netflix where they wanted them – on the ropes. But then there was a change in leadership, they forgot what business they were in and they didn’t adapt to the future trends of customer behaviors or changes in technology.
There is much to learn from Blockbuster and the mistakes they made along the way. With Blockbuster, it was leadership that started the downward spiral and the decision around internet efforts. Understand your environment, where your customers are going, how they are interacting with your brand, how they are interacting with your competitors and where technology is going.