Anyone with an AOL, Yahoo or Gmail account saw the failure of the post office about 5-10 years before the USPS reacted to the changing world of communication. If it wasn’t for being government-backed, their doors would likely be shut.
The same thing has been happening in brick-and-mortar retail for a few years now and their future is increasingly fragile.
Big companies and industries who dug in their heels based on their history and brand.
In an equally troubling business philosophy, you had the biggest bankers in the world 10 years ago, create a new lending atmosphere derived from greed. They weren’t listening to the market, they created a market that wasn’t needed or long-term viable.
Again, digging in their heels on histories and brands too big to fail.
And fail they did.
What do they all have in common?
Neglecting the delicate balance of being nimble vs knowing who you are as a company.
The secret sauce of success comes down to three basic ingredients- market direction, the people, and service to those people.
Success can really be that easy.