The Unimaginable Requires You to Take Action
On November 12, 2019, The Walt Disney Company launched their latest service, Disney+, a subscription video-on-demand streaming platform. The service primarily distributes films and television series produced by Walt Disney Studios and Walt Disney Television and features content from Marvel, National Geographic, Pixar, and Star Wars. Prior to launching this platform, Disney used streaming services from other companies to share its product. Though this was working fine, it did not maximize Disney’s bottom line, nor did it enable the company to maintain complete control of its content.
Disney, one of the most recognized and celebrated brands in the world, didn’t have to launch this new service. It was already a 5-Star organization that delivered premium value to its customer base with magical theme parks, captivating movies, and unique merchandise. Yet they refuse to be content, and that is exactly why they are one of the most successful companies in the world.
If you want to have sustained success as well, you must adopt a similar approach. You must constantly adapt and evolve, while placing emphasis on developing new products and services that consumers demand. You must also remove outdated merchandise, archaic technology, and business models that lack relevance and sniff out practices, processes, and people that are not geared toward building for the future, and you must do it now.
Waiting for the perfect time instead of taking action lacks rationale. People will try to convince you otherwise, but there truly is no ideal time to make changes. Failing to make a move because you believe you aren’t vulnerable is unreasonable, and waiting to see if your business model becomes relevant again lacks logic.
This may seem too simplistic in nature, but it carries merit in every aspect of business. Too many companies have built a comfort-centered approach instead of identifying ways to optimize their operation. This causes them to become vulnerable and ultimately lose their competitive advantage. This is what happened to companies like A&P, Gander Mountain, and Sports Authority. They all accepted that their business models could withstand the unimaginable changes that were occurring in their external environment, while putting the glory from years past on a pedestal. And they all suffered because of it.
Retail companies are a prime example, but they are not the only industry that is at risk. Every business in every industry must place emphasis on taking action. Even technology-based firms that live in an exclusively virtual space can be overtaken without notice. For example, Classmates, com, Friendster, and Myspace all had a shot at being the company that would change the world with social media, yet failed because they did not place emphasis on what the customers wanted or where the market was going. They all had a set agenda on what they wanted to do and wouldn’t pivot regardless of what the market was telling them. This resulted in users moving away from these platforms and toward sites like Facebook, Twitter, Instagram, and Snapchat.
These examples highlight what can take place if you do not transition your business to meet the new demands of the market. The market’s allegiance to a particular brand, label, or product line is nonexistent. This puts the onus on you to continually invest time and effort into improving products, optimizing services, and cutting costs. While it is not always pleasant to be agile and adjust to the constant changes the market goes through, you must take this challenge on if you want to remain in business long term.
This has never been more important than it is today. The world is moving faster than ever, so the opportunity to delay decision-making is gone. In order to win in your industry, you must produce results as quickly and efficiently as possible. Stop denying reality. Stop listening to those around you who say that you don’t need to change. And stop talking yourself out of taking decisive action, especially when the unimaginable takes place.
You must determine what you want to do and where you want to go and move in that direction. There is no way around it. The unimaginable requires you to take action.
Bringing It All Together
People now rent baby clothes online rather than buy them in a store, receive packages delivered by drones instead of getting them through traditional delivery carriers, and control every electronic device in their home with their smartphone in place of operating manually. These services were all unimaginable just a few years ago.
The unimaginable has invaded every industry and market, and if you do not make changes to your business, the unimaginable will result in you no longer being in business. Everything you have done up to this point will not enable you to win in the future. You must objectively assess your business and the way your industry is transforming and then take action by adapting, evolving, and improving. The unimaginable is the new normal, and if you do not get on board, you will die.
- 1. Statista.com. “Total Number of Best Buy Stores in the United States from 2008 to 2020, by Segment.” Statista.com. www.statista.com/statistics/249558/total-numb er-of-best-buy-stores-in-the-united-states-by-segment/ (accessed April 12,2020).
- 2. Smith, Craig. “110 Amazing Uber Statistics, Demographics and Facts (2020).” ExpandedRamblings.com. https://expandedramblings.com/index.php/uber-stati sties/ (accessed May 23,2020).
- 3. Ross, Lisa. “US Online Grocery Shopping - Statistics and Trends (Infographic).” Invespcro.com. www.invespcro.com/blog/us-online-grocery-shopping/ (accessed May 23, 2020).
- 4. Chapple, Craig. “TikTok Crosses 2 Billion Downloads After Best Quarter For Any App Ever.” SensorTower.com. https://sensortower.com/blog/tiktok-downloads-2-bi Ilion (accessed August 27,2020).