Blackburied

businessdecline 300x201 BlackburiedDefinition: when a business declines from dominance to irrelevance

How painful it must be to own a market, ignore the changes that inevitably occur, get leapfrogged by your competitors and be in a struggle for survival or, at best, a minor role in the future. That’s the plight of Blackberry, once the talk and toast of mobile communication.

What can we learn from the saga of this once proud dynasty? First, assume that what satisfies customers today may not be enough tomorrow. Second, study and learn from buyer behavior. Third, when a serious competitive threat appears, recognize that you may need to make significant and not just incremental changes.

Easy to say and hard to do, right? Here are some things that you can do right now to ensure that you don’t get black buried:

  • Stay humble and hungry: the world is NOT your oyster
  • Engage your Customers regularly and make yourself invaluable
  • Follow key competitors, especially industry leaders
  • Read regularly about market trends that might impact you
  • Join a trade association and leverage its knowledge to keep you ahead of the curve

Unlike the Timex watch of yesteryear which “took a licking and kept on ticking,” your ticking may slow down and peter out if you don’t watch out.

Don’t let your business get black buried.

JACOBY provides expert Business Planning & Guidance to small businesses who aspire to become successful niche leaders.

 

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