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Businesses Need to Ditch Older Business Models

June 29, 2009

NEW YORK — Companies within nearly every industry are on the verge of becoming immaterial with the changing consumer, according to a nationwide survey conducted by Resultant Research, the research arm of brand development firm Stealing Share Inc.

The research asked consumers about issues across a whole spectrum of industries – including airlines, automobiles, banking, computers, entertainment, manufacturing, media, technology and many others – and the result was nearly the same: Consumers have moved on while companies have stubbornly held onto business models that are now out of date.

The study, which can be found at www.stealingshare.com, demonstrates that consumers are well aware of being misunderstood by U.S. companies as 70 percent of them said they believe the U.S. is falling behind.

“What was most striking to us was that, while consumers have fundamentally changed, and companies they serve haven’t,” said Tom Dougherty, CEO and president of Stealing Share Inc. “The current state of the economy has played a large role in the shift, but the impact of technology cannot be overestimated. Because of all that, companies need to accept new business models or they will lose. And many are losing now because of it.”

The study includes analysis in a variety of other industries, including retail, pharmaceuticals, telecommunications, educational institutions and travel as well as noting gender and generational differences.

The nationwide survey was conducted with a random sample of Americans, giving it a 95 percent confidence level with a margin of error of +/- 4.65 percent.

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