From failure can come positive returns…
Now failures are something we all encounter in life and in business but is this the end to our dreams?
Back in 2011, Netflix announced their plans to split it’s DVD and streaming services into two separate companies. The DVD company would be rebranded “Qwikster”.
The response from their customer base created a massive backlash and feeling of dissatisfaction. Market share dropped by 7.4 percent, they encountered their first subscriber losses in 10 years, stock prices fell and future forecasts for business growth were effected negatively.
Netflix quickly reversed their decision and maintained both services under their existing brand.
The incident led to a renewed focus on streaming services, which ultimately propelled Netflix to become the dominant player in the streaming industry.
Another example of may have been an epic fail:
Nintendo’s Virtual Boy: The Virtual Boy was a virtual reality gaming console released by Nintendo in 1995.
It was met with poor sales and negative reviews due to its monochromatic display and discomfort during gameplay.
However, the Virtual Boy paved the way for future advancements in virtual reality gaming and influenced the development of Nintendo’s successful handheld consoles, such as the Nintendo 3DS.
So, you see, even the Mighty may fall, but sometimes, perhaps, things that happen, stumbling blocks, may just have a positive result. Learning from mistakes both in life and business is key.
Until next time