Business-Building Action From Terry L. Brock
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Blockbuster has filed for Chapter 11 bankruptcy protection. This is sad, but not a complete surprise.
Companies like Redbox and Netflix are gaining enormous market share. I can understand why. Just last week I (finally) installed the Netflix app on my iPad. WOW! What a wonderful experience! For $8.99/month I can watch all the streaming video they have and still order 1 DVD at a time. This is the way many want to consume video today.
It comes as no surprise that the future of video consumption is online. DVDs are on their way out (but not finished yet). Even Blu-ray is a format that has a short life left. As bandwidth increases, there will be more and more video delivered online.
So, what does this mean for you and me in our businesses? Here are some lessons from the experience of Blockbuster :
- Nothing Stays The Same. You can’t remain stagnant — even when you have devoted fans. Even though I have loved Blockbuster for years, when I saw the Netflix capabilities, I was sold!
- Video Online Is The Trend. This is where we are and where we’re going as speeds get faster al the time. For you and me, make sure you have video of your services and products available online. Get to know YouTube and leverage it. Tell your story through video and have systems so customers can purchase online.
- Customers Want Access 24/7. Blockbuster has great hours but, if I want a new movie at 2:00 am on a Sunday (not unusual for many), I can’t go to the store. Blockbuster could enhance their online presence and the customer experience. You and I need to have online video and other services available anytime, anywhere.
- Be There Ahead Of The Curve. Blockbuster would have a substantial lead if they had built and used streaming video 5-7 years ago. Sure, not many people had sufficient bandwidth for that back then. Still, Blockbuster could have refined their system and been branded as the source for videos streaming. You and I need to watch trends and be willing to put in the time, money and effort (TME) to be ready and experienced in a new field when customers want it.
Areas For Opportunity
Still today there are enormous opportunities for Blockbuster or someone else. All TV shows could be available on demand for a reasonable fee. This would allow greater opportunities for producers and distributors. It would also help consumers.
In addition it would be great to see trailers and features streaming. These are usually not available. They enhance the viewing value and hold a lot of promise for the studios who make them available.
There is always room for opportunity when we are willing to adapt and change. Think of how you can embrace the right technology to serve your customers and be ahead of the curve. Perhaps then you can prepare for some “blockbuster” revenue coming your way!
Copyright (c) 2010, Terry Brock and Achievement Systems, Inc. Terry Brock is an international marketing coach and professional speaker who helps businesses generate profitable results. He can be reached by e-mail at terry@terrybrock.com or through his website at www.terrybrock.com. Join the Twitter adventure with Terry through his Twitter address: @TerryBrock. Join Terry’s Facebook Fan Page at: http://www.facebook.com/SpeakerTerryBrock
