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Business failing to keep-up

As a child, I enjoyed nothing more than popping to the toy shop (Gamley’s) with my few spare pounds, to see if I could afford the latest toy. As a kid there was no Internet to allow me to peruse the latest toys available. This form of knowledge was either gathered in the playground, or whilst watching Saturday morning TV, or very occasionally through a magazine.

If there was nothing on sale in Gamley’s that took my fancy, then a quick wander to the local Our Price store normally allowed me to buy a new album on Casette, for my Sony Walkman. It was a time I recalled quite fondly however, only in the last few weeks has this memory been shattered with the ‘rose tinted glasses’ removed – on emptying the loft a few weeks ago I managed to find my Sony Walkman and a few old tapes – with a spot of luck in my ‘man drawer’ in the kitchen, were a few AA batteries. I quickly inserted the new batteries and plugged in a set of modern headphones.

The sound was dreadful and to find the next song was quite amusing compared to today’s ease of using an IPod. I must also admit that the Walkman was a lot larger than I remember; today the music player I use, is in fact smaller than the cassette!

Gamley’s and Our Price are now both defunct business that failed to evolve to keep up with the consumer and their buying behaviour, and the same is happeneing in the record industry and it’s HMV that’s the last one standing.

The reason for writing the above triggers the thought of wondering what will happen in time for today’s automotive buyer? What will today’s teenager be experiencing, the first time they walk into a garage of the future when they are old enough to buy their first car?

The business of the future must have a technology platform that connects with the consumer on their terms. In addition to this, the business that is set to survive must embrace todays consumer’s thirst for information with levels of transparency that it used to typically feel uncomfortable in admitting. In summary making itself, ‘very easy to do business with’.

The great news is that the technology exists long before the culture of the organisation is willing to adapt. This for many entrepreneur will make them very wealthy as they move in harmony with the buyer and their habits.

One thing is for sure, although reminiscing is enjoyable many a great business lessons lay within the tales of not evolving….

Billy Crystal summed it up well, ‘change is such hard work’

Is it?

2 Comments to Business failing to keep-up

  1. avatar Kat Matfield says:

    I think the automotive industry is actually very well placed to meet the challenges created by the changing retail environment and changing shopping behaviour. Because other sectors have already gone through these shifts, there are lots of examples of best practices (and what not to do) to learn from.

    And I quite agree with your assessment of the importance of engaging with consumers on their terms, giving them all the information they demand in an open and transparent way. It’s actually to business’s advantages – far better in the long run than competing on price!

  2. avatar GForces says:

    I couldn’t agree more with your last statement.

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