Blockbuster in bankruptcy: What Went Wrong?
Blockbuster owned the industry. So what when wrong? Fundamentally, Blockbuster did not pay attention to their customers, did not ask questions of them, never listened, and alienated many with their polices.
How people wanted movies to be delivered to them changed. The Saturday afternoon trip to a strip mall to select a movie—and then return in the next day or face a steep fine—was supplanted by a faster, more efficient and customer friendly model which NetFlix championed—select online, get it in the mail and return it the same way with no late fees (later netFlix shifted to an even better model of online streaming).
All this is a lesson for any customer service oriented company that wants to survive and win. Businesses need to ask their customers honest questions, really listen to the answers and be prepared to change. There are a lot of good questions to ask.
Some of the ones that we in our business might ask include:
· Are you happy with us?
· What can we do better?
· Does our technology do what you want it to do?
· How can we do things better, faster and cheaper for you?
· Which of your service providers is your favorite—why?
· Where is technology (the economy?) taking your business?
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