What can we learn from the Border's bankruptcy? While there were many instances of bad management that lead to Border's declaration of bankruptcy and the beginning of it's stores liquidations tomorrow, one reason is important here.
Borders is in bankruptcy, in some part, due to its failure to keep up with and use internet marketing and sales opportunities. Worse than that, they actually fed the competition that help to squash them. In 2001, Borders placed its internet marketing and sales with amazon.com. Borders gave Amazon access to it's mailing lists, thereby feeding the giant that was responsible for the big box retailers demise. Borders did not retake control of their on-line distribution until 2008. By then it was too late. Amazon was a power player. Borders could not compete against the giant it had helped to create!
Don't do what Borders did. Pay attention to emerging trends and technologies, such as social media marketing. The internet is critical to your success. Do not turn your back on it as Borders did!
