Large companies fail for an unbelievable reason. The last thing you want to do is spend 5, 10, 15 years building an amazing company and then slowly fail because you're unwilling to change. ►Subscribe: https://goo.gl/ScRTwc to learn more secret SEO tips. Find me on Facebook: https://www.facebook.com/neilkpatel/ Read more on my blog: https://neilpatel.com/blog
An interesting question I get a lot is why do big companies fail? Even some of the largest companies out there like, for example, Yahoo! They were once a huge multi, multi-billion dollar company and then they just kept going down. Sure, to this day they're still worth over a billion dollars, but they're nowhere near where they were.
So, why is this? It's because a lot of these big companies aren't adapting. If you don't adapt to what people want, eventually people are just going to pass you by and go on to the next thing. It doesn't matter how smart you are, how much money you have, if you can't execute and get stuff done and adapt to people's needs, you won't succeed.
Look at Apple. Apple was once doing well then they started going down. So much so, that Microsoft had to bail them out with a 100 million dollars. And Microsoft didn't bail them out because they wanted to. If they didn't, they would have had anti-trust lawsuits. So, they put in a 100 million dollar investment to keep them around. And funny enough, look at Apple now, it's larger than Microsoft. When things go wrong, that also means that you can recover, as long as you're listening to people.
The road to recovery is never easy, and it's never quick. If you want to avoid that road to recovery, you should continue listening to your customers. Whether it's picking up the phone and talking to them or whether it's going into the support inbox and listening to what complaints people have. Even if it's surveying people using tools like SurveyMonkey. Whatever it may be, if you can take the time to listen to potential customers, what's their complaints, feature requests, what's the issues that they're having, and fix them so that way they complain less, and you adapt to more of what they want, you're going to be successful. It takes time, and it's not easy. But the last thing you want to do is spend five, 10, 15 years building this awesome, amazing company and then die down because you're too arrogant and you're not willing to listen to other people. Remember, you don't know everything.
The best way to do well is by having an open mind and listening to other people and being open to new ideas and concepts. And if you do that, and you adapt, and you execute fast, you'll continually do alright. You may not be at the top, you may not be the winner, but you'll still be much better off than if you didn't listen to other people. And that's why you see a lot of these huge companies come and go. They don't adapt fast enough, and they think because they have money they can buy other people out and that isn't always the case. If it were, the companies like Yahoo! would still be huge.