What to do when your industry is dying
I recently spoke with someone who works for a large worldwide newspaper company, and he told me about how it’s really tough being in his industry. Everyone says print is dead, and there are fewer and fewer people reading physical newspapers, and fewer and fewer companies want to advertise on them. They are trying to build up their online division, but there are so many free sites out there and so much competition that it’s very difficult to become established too. He asked me for some advice.
Take all your established resources in the dying industry and focus on the new booming industry
I told him that, being a worldwide brand that they are, they should really take that brand, and focus more energy on the online division. Yes, they have more competition, but they are more established, especially to their target market that is slowly moving online.
If they think of themselves as startup in the online arena, they will realize it’s not grim at all. They actually have so much established, so many assets, and a strong brand name. And with that, with the same amount of effort, they will beat their competitors. The problem is that their competitors who are entirely web based, focus 100% of their energy on their online department, whereas this company only spends about 20% of their resources on it. Of course they will lose.
Take what you have, pull it out of the dying industry, and put in all your efforts in the new booming industry. If you can’t adapt as fast as the environment moves, you will become a victim of natural selection.