Marketing Moments

Consider what would happen if your market was so disrupted that your business was about to fail because the marketplace had changed so much. All that would be left is the essence of your business, what your old customers remember even when receiving the service in another way.

We don’t have to imagine, we can see real life examples. Blockbuster, the video rental store, went under because it couldn’t compete with cable and online services which provided what they did, but far more conveniently. People still wanted to rent movies, but they rather liked the fact that they didn’t have to go down to the store to choose a movie, and then remember to return it so they didn’t get fined.

Blockbuster actually had the opportunity to buy Netflix (now worth $20 billion) for $50m in the early days when it was losing money, but they saw Netflix as canabalising its existing business model, selling franchises, and providing the DVD product to their franchisees. They couldn’t see the writing on the wall, and just considered themselves as rental service for DVD’s, rather than the provider of video entertainment, the mechanism for delivery being almost irrelevant. They had already survived the transition from video tape to digital. This was just another technological evolution.

Blockbuster had a massive database of people who wanted to watch videos, people who weren’t addicted to technology, but who would adopt to more convenient formats as they became available. Blockbuster was a trusted name in delivering that entertainment to its customers, but when it couldn’t adapt, their customers went elsewhere. Blockbuster didn’t understand the essence of their brand, and they closed their doors in 2010.

Kodak faced a similar fate with the emergence of digital photography. Kodak was the most trusted name in photographic images, but it was a very late convert to digital, hanging onto its film legacy well beyond its useby date.
Look at the way you deliver your products and services. If there was a major technology change, and there will be, what would remain in your customers mind about ultimate value you provided, even as they approached your competitors delivering what you used to in a new way?

Market disruption is happening in every sector. Understanding your brand essence enables you to adapt and adjust and continue to provide to your customers the ultimate benefit of your services. This is where the focus of your branding should be. This ultimate benefit and the trust your customers have that you can provide it is the essence of your brand and should define the way you promote your business at every touch point with your customers.

May Your Business Be – As You Plan It.

Dr Greg Chapman – The Profit Whisperer

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