I read Good to Great by Jim Collins. I admire the companies that have sustained growth over many consecutive years despite the economic upheavals.
However, Circuit City should serve as a warning to the Good company Radio Shack. You could easily go from Good to Gone as is the case for Circuit City.
It is also likely the case for Radio Shack. The cause… a lack of innovation.
When Radio Shack stopped being first-to-market in anything meaningful let alone innovative, Radio Shack went from good to ‘me too’ to almost gone.
Radio Shack was the definition of an innovator, pushing to find the next breakthrough product customers wanted. And then it all changed. No more breakthroughs, no more innovation, just me too’s. Radio Shack shifted its energies from innovation to sustainment. They started to play it safe.
Before we say adieu to Radio Shack and with my business mind wired for “winning in spite of everything”, let us ask ourselves, “What can be done to save Radio Shack in spite of all of the challenges”?
The answer is Innovation. The Board, CEO, and Executive Team of Radio Shack need to go retro and rediscover their innovation soul now or die. They need to get out of the “me-too” death spiral and stop following trends. They need to stop selling only what customers can buy elsewhere more conveniently.
Advertising executive Carl Ally in 1965 said "A consultant is someone who borrows your watch…
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