Does anyone remember a company by the name of Blockbuster (you know, the one with $5 billion in sales and 9000 stores)? When Netflix came on the scene, they changed the way we watch movies and challenged the conventional approach that BlockBuster had built their fortune off of. Wayne Huizinga (an owner of Blockbuster Video) bet against innovation and believed that we would still go out in the middle of the night to get a video that would likely be out of stock. Netflix did over $15 billion in sales last year. Blockbuster no longer exists.
Remember how much you loved Toys R’ Us as a child? You would beg your parents to bring you there every time you saw Geoffrey the Giraffe. Amazon and Walmart successfully annihilated this company, but it didn’t have to be that way; Toys R’ Us executives refused to innovate. They didn’t “believe in the internet” until it was too late, so they failed. good
So what is it that holds us back from learning the lessons of these companies which have failed? How should we prevent history from repeating itself? Walking down a path of failure and disappointment is entirely avoidable if we turn away from the familiarity of comfort; WWE, as human beings, are afraid to be uncomfortable. Changing what is “working” is scary, and failure is the biggest fear of all. So, we continue down the path of doing it the same old way. If you always do what you’ve always done, you’ll always get what you’ve always got. Innovation is the key to success.
Sir Winston Churchill said it best: “Success is not final, failure is not fatal: it is the courage to continue that counts.” The world of business is constantly changing, and this change generally happens in two forms: change in regulations/policy and adaptation of consumer behavior.
The challenges business owners, in the trial Nutra business are currently facing, are the new policy and regulatory changes. MasterCard clearly has a desire to end the vitality of that business model, for what seems to many as a meaningless affront to logic and common sense.
Like changes in policy and regulation, evolution in consumer behavior is like a moving target. Companies like Netflix, Amazon, and Walmart have embraced these roadblocks and continue to experience explosive growth due to innovation through both categories of change. Blockbuster, Toys R’ Us, and other companies were not able to innovate, which resulted in their demise.
Whatever business you operate, innovation is the only way to remain viable in the marketplace. Great companies innovate their way out of adversity and others buckle under it. Which one are you?
At Pinpoint Payments, we continue to innovate and grow. Every day, we challenge ourselves by anticipating the future needs of our clients. We identify the best solution to help fulfill their business goals.. We work with some of the most intelligent, innovative, and driven entrepreneurs on the planet; There are so many ideas and endless opportunities.. We continually refocus our efforts based on the marketplace; our team is always on the lookout for new opportunities and ways to optimize.
At Pinpoint Payments, we are here to help you grow your business. We offer Merchant Processing for all of the latest verticals:
Straight Sale Nutra
Online Single Product Retail
Take the opportunity to set up a consultation today with entrepreneurs that know how to innovate, adapt and change.
With a blessing of good fortune,
Benjamin I Grossman, CEO