Remember Blockbuster Video?
You may not, but in 2004 Blockbuster Video had 60,000 employees. Today, it doesn’t exist. Its value proposition was pretty straightforward – you’d walk into one of 9,000 Blockbuster Video stores and rent a movie to take home.
What Blockbuster didn’t take seriously was that streaming movies online was going to be a thing. By the time it figured it out – even tried to stream movies itself – it was too late.
Perhaps you realize that you need to adapt and change to survive. In Blockbuster’s case, they were at the top of their game when the market turned. Rather than leaning into the change and using their considerable market share to remain at the top – Blockbuster denied the required change and paid the ultimate price.
Whether you are a market leader or trying to become one – technical change is part of your future. Charles Schwab is a perfect example of an “old company” that has shown it can embrace change. Faced with the prospect of the internet and the impact it would have on investing, Schwab recognized the need to commit to online trading fully and was one of the first major Brokerage Firms to do so.
If you now realize that you need change and are considering a digital transformation for your company – know this going in Change is an all-encompassing organizational decision.
Once you’ve selected and procured the software – congratulations – you are now done with the easiest part. Too often there is little thought given to the hardest part. Buying Software isn’t the hard part. I can go out and buy a Chinese Dictionary. Learning the language is unquestionably the harder part. Software is no different. Once you have the software, invest in patience and the right people to make your change effort a success. If you don’t – can you go pick up the latest Star Wars for me at Blockbuster?
If you want to learn more about what you can do to make change a success at your organization, start with a self-assessment.
Here’s more on Blockbuster’s downfall.
For a snazzy infographic – go here.