The speed of technology is matched only by the speed of the media who cover stories of technology. And while there are many stories of successes, there are fewer ones of failure. But failure is not to fear; it is only to learn from. Have you ever heard of Betamax? Or have you seen a laser disc? Did you know that Audible, and not Apple made the first commercially-produced portable music player? The iPod is the most well-known portable MP3 player, and indeed the one that stayed relevant the longest. But, in technology, just as in life, there is often a fight for survival and a race to win.
Lesson 1: User behavior, not better technology, usually wins the technology race
In 1975, Sony launched Betamax technology to bring video into homes through a little device known as the VCR. While Sony hoped that other manufacturers would adopt their format, JVC refused to get in line. JVC had developed the VHS format in the meantime, and they aggressively marketed it, and undercut Sony in price. While Betamax was known to be the better, more stable technology, VHS won out solely for its marketing strategy. Both the iPod and Betamax are today case studies in marketing. But at a more implicit level, they are lessons in success and failure. Sony was secure in its place as the leader of technology but failed to account for people’s regard for pricing and susceptibility to marketing. The company learned its lesson, but it was too little too late, and today Betamax has become a cautionary tale. Suggested Read: How to prepare ourselves for change?