The mantra we have always lived by at Leddy’s & Associates; “Innovate or Die”. It may seem a little aggressive, but it really isn’t, it is a way of changing and surviving. Over the last few years, we have seen a lot of businesses flourish and a lot of businesses fail. These businesses have ranged from small businesses to public companies, and no one is immune from turmoil. The businesses that flourished despite the challenges are those that have been willing to adapt, innovate and think outside the box.

Let’s look at Blockbuster, a company everyone has heard of whose unfortunate demise was due to their failure to innovate. Blockbuster provided a video games and home movie rental service; they offered an easy way for consumers to access the games and movies that they wanted most. However, as the world became more technologically oriented, Blockbuster failed to follow suit. They continued to offer their in-store service, Blockbuster believed (according to their data) that people liked - and arguably even preferred - going into their stores. Blockbuster felt that their customers enjoyed the experience of opening their games and movies so that they could see the contents in their entirety. Moreover, Blockbuster also felt that their customers enjoyed the possibility of seeing neighbours around the stores. The reluctance to go digital was ridiculous and because of their decision, Netflix managed to soar past them as they attracted millions of keen customers who wanted to view their movies or favourite shows on their devices. Blockbuster’s reluctance to innovate and update their sales strategy is what eventually led to their demise.

Blockbuster enjoyed massive amounts of success; however, this was all brought to an end due to their failure to innovate. People became reliant on methods which caused them the least amount of hassle and the company did not adapt. Their attitude, however, to the idea of adapting their strategy is what has baffled most people, Netflix even approached blockbuster to invest, and they rejected this opportunity. Having such a narrow-minded approach to the idea of innovation is most definitely going to make you struggle, so it is hard to fathom why one of the biggest brands thought as they did. Nonetheless, let it be a lesson to all aspiring businesses - your life can be made much easier if you innovate according to the demands of the people. Reluctance to innovate can cripple a business, so don’t let it cripple yours. If you want to learn how to innovate in your business. contact us today.