Do you remember these?
My grandad used to say he remembered 'when all this was fields'... And I used to think it was really funny. But it was true.
Now though, I'm the one getting older, and I remember when our local charity shop used to be a Blockbuster Video. (Not-so-subtle clue to the picture above)
We went in almost every Friday night and I'd spend ages trying to pick something new to watch.
I was captivated by all the brightly coloured video cases and would sit cross-legged on the floor reading as many of them as I could... This was always my favourite bit, better than watching the actual film!
But what am I getting at?
Well, the picture above is a warning sign. It highlights the dangers of not understanding your customers and how they behave.
Blockbuster failed to do this.
The world around them changed and their business model became obsolete, very, very quickly.
You'd have thought that being established in the industry they'd have seen this coming... But they either failed to see what was clear-as-day to the rest of us, or they arrogantly assumed people would still want what they offered.
This is the riskiest strategy in business.
You must always listen to your customers and observe any changes in their buying habits. When you start to see a shift, you need to react and see how you can evolve and adapt.
Unless, of course, you want your business to turn into a ruin like Blockbuster... With a battered old 'QuikDrop' being the only sign that it even existed in the first place.