The Fiora Perspective: Learning from Past Mistakes and Making Informed Decisions
At Fiora, we believe that the path to innovation and progress often involves revisiting past case histories, uncovering lessons that can help shape future decisions. One such case that has been a constant source of learning for us is the story of Blockbuster, an efficient business model that was once the epitome of movie rental success. However, a critical lack of external focus and the inability to assimilate outside influences led to its ultimate downfall. Interestingly, Blockbuster had a chance to buy Netflix, a then-emerging platform that later revolutionised the movie and TV industry, but they declined (hindsight is a wonderful thing).
The Principles of Consumer Focus
The business environment has become highly competitive in recent years, and organisations are looking for ways to stand out from the competition. One of the most effective ways to do this is to adopt a consumer/customer-centric (user-centric) approach to work. This approach focuses on meeting the needs and expectations of users at every stage of the product or service life cycle.