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Sunday, October 17, 2010

Staying with the Times

This is a follow up post to When is it Time to Change the Status Quo? 

Best Buy understands the need to stay with the times and move towards selling digital so they are able to remain as an industry leader.  They also have a great understanding of social media and its importance, that is why they are one of the leading companies on social media.  There are numerous case studies available to show how Best Buy is staying current and understands the changes that are occurring in its industry and the consumers shift towards digital. One of the better ones I have found is from case studies online which has numerous case studies available.  

Another company trying to shift towards digital is Blockbuster, but it seems they have waited too long to keep up with the new competition.  They have waited until it was "broken" and needed to be fixed where Best Buy started the transition early in the digital life cycle.  

Many other industries are also seeing the need to stay with the times, while it might not be the shift towards digital.  If you are not able to stay current with the times or the industry you will face problems similar to Blockbuster.  

When should or do you make a change to how you or your company operates? Any other companies that you think are great example of staying with the times?  Any other consumer shifts occurring that could pose problems to an industry?

Photo Credit to Big C Harvey

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