The Eagles warned us, “they will never forget you ‘til somebody new comes along.”
Now, disruption is a way of life. There’s no going back and staying the course means certain death. So be vital – or be obsolete.
Still, businesses are failing in plain sight. It may already be too late for…
Staples. It’s all available online. Maybe that’s why their stores are always empty. Still, new owners paid $7 billion for these needless warehouses and are drowning in red ink. Clean up on aisle 5.
Car dealerships. Who needs a 5-acre car lot when the web brings the showroom to you? Soon, we’ll take VR test drives from our recliner and order cars on Amazon. Hurry in now for big savings…not.
Optometrists. Check my vision and hand me the prescription. Thanks, but I’ll pass on your $500 frames. With online venders like Warby Parker, why pay the outrageous mark-up? Blurry future.
Radio. Creativity has been gutted, replaced by canned playlists and endless spot breaks. Meanwhile, the streaming giants are storming the fort. If radio was a movie, they’d be rolling the credits.
Diamonds. Apparently, you can have a happy marriage without a $5,000 ring. For many couples under 35, diamonds were fine for their folks. But it’s not their thing. Sorry Jared, no sale.
Here’s my take. They all had time to adjust, but waited too long. They missed their wave and are now getting crushed by it.
Winners embrace change. They constantly attack their business model, as a competitor might. They try, fail and learn from it.
They know that heritage can’t compete against a new kid in town with a better idea.