Stories Tell the Story
Stories work. Here’s another example. You know your company needs to drive some fundamental change. Imagine walking into your company and saying to leadership, “we need to fundamentally revamp our revenue sources and business model. If we don’t shift to a model in which one hundred percent of our revenues comes from different products in the next five years, we will be out of business.” Or try this. In 1985, Blockbuster opened the doors of its first video rental retail store in Dallas, Texas. By the mid-1990s, Blockbuster was a household name, and at its peak, the company had over 60,000 employees with branches in more than a dozen countries and 9,000 stores. Then came the internet and Blockbuster’s inability to respond to this clear trend. “Imagine a Blockbuster night without Blockbuster, a time when no video store will slap you with a late fee or fine you for failing to rewind. Because in this world, there are no videos, only home computers,” the Chicago Sun-Times wrote back in June 1999. Already, the Internet was being viewed as a potential killer of the video industry. Amazon had just entered the market, expanding from selling cheap books online to cheap DVDs, and a little company called Netflix rolled out a subscription service. It wasn’t until 2004, six years after Netflix launched–that Blockbuster realized it needed to enter the online DVD rental-by-mail space. By then, Netflix was already turning a profit and Redbox had just launched. Blockbuster was already dead—it just didn’t realize it yet. With the rise of Netflix, mail-order DVDs, video-on-demand and streaming services online, the former-video giant didn’t stand a chance. Blockbuster’s CEO defiantly declared that Netflix was no threat. The best quote: “I’ve been frankly confused by this fascination that everybody has with Netflix …Netflix doesn’t have or do anything that we can’t or don’t already do ourselves.” Blockbuster filed for bankruptcy in 2010, and was purchased by Dish Network in 2011. On November 6, 2013, Blockbuster tweeted an image of the last rental from the once great video-rental chain. The DVD? Apocalyptic comedy “This Is the End.” The aptly-titled rental was made at 11 p.m. on Nov. 9 in Hawaii.