Blockbuster Video's bankruptcy filing (Sep 23) should be a wake-up call to every marketer in the world. Blockbuster failed because competitors took their business. These competitors aren't necessarily so much better at marketing that they stole share from Blockbuster. Rather, they responded to the evolving media habits of consumers while Blockbuster sat back and watched.Redbox placed video kiosks at convenient locations with a return-it-to-any-location policy and charged a low fee of $1 a day per movie. Netflix, a subscription-based service, started by allowing their customers to choose videos online and conveniently delivered selections the next day through the mail. Now, they also allow the instant download of hundreds of titles via the Internet. And Blockbuster, meanwhile, responded by feebly attempting to copy the redbox model and twiddling their thumbs in brick and mortar locations.
This is exactly what too many marketers are doing today. There's not a revolution on the horizon folks. It's here. And if you're not engaging your customers and prospects differently than you were a few years ago, you're behind and your chances of surviving get slimmer each day. There's no better way to say it. There's no wait and see how things look when the dust settles; then figure out how to go to market. The dust isn't settling. And, these aren't fads we're talking about. The market has changed. Consumer habits have changed. Media habits have changed. Social habits have changed.
As a result, the plans that we put in front of our clients today, are very different than they were in 2008. Dramatically different. Even better, the results are more measurable and we're capturing helpful data as we go. So, each subsequent campaign will be more efficient and more effective.
Look at your own life. You spend tons of time in front of your computer, online and with e-mail. You DVR your favorite shows. You text. You get plenty of news from the Internet. Bank online... Facebook... Smart phone... Your habits are different. Now look at your marketing plan. Do you have a blockbuster plan or are you Blockbuster Video?