?? The Rise & Fall of This Industry Giant

Let's take a walk down memory lane.

I want you to think back to the 90s and early 2000s... Remember what we used to do if we wanted to watch a movie at home?

Back in the day, we would’ve had to walk into a video store (like Blockbuster) and rent a DVD or VHS.

I can vividly picture my 25-year-old self browsing through the aisles, trying to find something that looked interesting, and then carefully scanning the back cover to make sure it was something I wanted to watch.?

Once I found something that really piqued my interest, I would take it to the counter, whip out my membership card, pay a small fee, and drive home to watch the movie.?

And if you REALLY want to feel old-school, sometimes I might’ve even had to rewind the VHS before I could start watching!

RedBox came shortly thereafter… A unique vending machine service for DVD rentals.??

Ah, the good old days…

But then everything changed when streaming services like Netflix started to become wildly popular during the early 2010s.

Now, instead of having to physically rent a DVD or cassette, all we have to do is open up the Netflix app to instantly gain access to THOUSANDS of movies and TV shows… Right at our fingertips!

Crazy how much technology has evolved in just the past few years, isn’t it?

That’s why as an Entrepreneur, it’s important to always be on the lookout for new trends in the marketplace in order to maximize your company’s true earning potential.

Because by catching trends early and being agile, you can better position yourself to capitalize on new opportunities and likely gain a unique competitive advantage over your rivals.?

Let’s circle back to the Blockbuster and Netflix example…

The primary reason why Blockbuster ended up failing is that they were unable to adapt to changing market conditions and consumer preferences (basically convenience).

Instead of embracing the growing digital trend that was occurring in the entertainment industry by offering a similar service to Netflix, Blockbuster decided to continue to focus on its traditional business model — movie rentals.

Funny enough, they actually changed their minds and tried to compete YEARS later… but it was too late. In fact, the founder of Netflix offered to partner with Blockbuster before they launched, and Blockbuster laughed at the prospect of their success.

This proved to be a HUGE mistake for them as the company was unable to compete with the convenience and affordability of streaming services,? which ultimately led to their bankruptcy in September 2010.

Another example of a company that became incredibly successful by capitalizing on new and innovative trends is Tesla.

Founded in 2003 by a group of environmentally friendly engineers, Tesla was one of the first companies to ever focus on electric cars and has since become a leader in the development of EV technology.

Back then, Elon Musk noticed a worldwide trend where consumers were gradually becoming more and more eco-friendly as solar panels gained popularity.

But at the time, nobody had figured out a way to effectively introduce the renewable energy trend to the automobile industry… yet.

Thus, he decided to purchase Tesla in February 2004 via a $6.5 million investment and eventually became the CEO in 2008.

At first many people thought Elon was losing his mind when he bought the business. I mean, there’s no way an electric car company could ever succeed… Right?

Heck, even Musk himself once said that starting an electric car company was “idiocy squared” since nobody had ever done it before. (There have been attempts, but none were very successful at that point).

Regardless of the high probability of failure, Musk knew that if he didn’t change the world with electric cars, somebody else would… so he had to at least try.

Fast forward to today, and Tesla is the #1 largest automaker in the world by market capitalization (which reached over $1 TRILLION in 2021!)

Not only that, but now almost every major car brand has followed their footsteps by introducing an electric vehicle to their fleet, including Toyota, BMW, Mercedes-Benz, and even Lamborghini.

The key takeaway here is that unless you want to end up like Blockbuster, it’s absolutely CRUCIAL that you learn how to spot and capitalize on new trends in the marketplace.

And from my decades of being a business owner, I’ve learned four HIGHLY effective strategies that allow me to stay ahead of the game by doing exactly that.

Here they are…

Strategy #1: Listen to Customer Feedback

Listening to customer feedback can help you stay ahead of the competition by providing early warning signs of emerging trends and a shift in consumer preference.

For example, imagine that you are the owner of a small bakery that specializes in gourmet cupcakes, (let’s call it Fairytale Cupcakes). You regularly receive feedback from your customers through social media, email, and in-person interactions.

Through this feedback, you notice that a TON of your customers are starting to look for healthier dessert options due to the growing popularity of gluten-free and vegan diets.

This leads to a handful of regulars (that used to shop at your bakery 3x a week) start to only show up once a month now.

What would you do in this situation?

Would you sit on your hands and do nothing?

Or instead, would you expand your product line to include a new selection of gluten-free and vegan cupcakes to satisfy the new demand of your customers?

If your first instinct was the latter, congratulations! You’re one step closer to nailing these four key principles of how to maximize revenue potential by spotting trends early.

Stay tuned for next week’s newsletter where I’ll share the next three key principles—and trust me—you’re not going to want to miss it!

To your success,?

David?

P.S. Imagine?reaching?your BEST Buyers?using?ONE proven strategy?that has been averaging an?over 30% open rate… WE’VE GOT IT. Comment with “Best Buyer” and we’ll get you details.