Know Your Customers

I was in a discussion the other day, trying to express why I thought a specific demographic (the younger generation) might not be good customer base for this person’s business.  It is mainly because of the ease of internet use for tech/mobile savvy people that are able to get the service or product without a third party.  I wasn’t stating that the business they were in is dead but for them to recognize their customer base.  If you are running a business, recognize the demographics (your possible customer base) of your business.  In this day and age of technology things are changing all of the time and businesses are having to shift their business models to keep up with customer preferences.  Look at how Amazon revolutionized the art of purchasing products (goods) online.  A lot of brick and mortar stores had to shift to an online presence to try and keep up so they would not go out of business.  Look at what happened to BlockBuster.  They did not shift their business model fast enough when Netflix came on the seen.  I remember when BlockBuster first opened.  It’s a shame to see businesses that were once thriving go out of business. But that usually occurs when they did not react fast enough to what was going on around them.  Look why would you pay $2 to rent a DVD per night when you can pay $7.99 a month to watch any movie or TV show that was made in the last 35 or more years.  That is what BlockBuster was up against. Will your business exist in 5 years?




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