You’ve seen the headlines and you’ve seen them fall: The brutal truth is that even the best-known and seemingly successful companies can go under. Take Blockbuster, for example. The famed mega-giant in the world of home entertainment, once valued at literally billions of dollars, plummeted to a net worth of just $320 million when it was sold to Dish Network a few months ago. This is all thanks, in large part, to the emergence and success of newer brands like Netflix and Red Box.

Nokia’s example, likewise, provides a lesson for any brand facing changes in its industry. With the introduction of smartphones from Apple and Google, Nokia mobile devices are quickly becoming outdated. And as a result of this failure to keep up with the competition, last year Nokia reported a 40% decline in profit. Once considered a pioneer in its industry, Nokia now finds itself behind and racing to catch up. And, although they have introduced a new Windows Phone, it is not yet known if this move will be enough to save the brand.

This is what can happen. Unexpected rivals can appear and, before you know it, revolutionize the competitive landscape. And any brand that doesn’t embrace such changes in their industries is just as likely to suffer or even disappear.

Of course, not all products will be tradable forever. Because, after all, technological developments naturally result in change, both in our homes and in our businesses. But while some, if not all products are destined to be replaced eventually (think pagers, cassettes, and even CDs), it’s still possible for many companies to embrace the latest trends in their industries.

So here’s the solution: Don’t be a follower, but don’t ignore the trends either. True, there is a fine line between revolution and recklessness. But at the same time, you also don’t want to be seen as slow on the uptake and insensitive to the latest trends, which would call into question the very validity of your brand.

One of the biggest mistakes any business can make is to ignore emerging threats from new concepts and brands. Learn from the miscalculations of organizations like Blockbuster and Nokia, and don’t be afraid to take your brand in a new direction. By doing so, you will give your brand the ability to remain relevant and fully competitive with rivals in your field.