What is Redbox? And what does it mean to me?

If you're a business owner or manager, then Redbox is a business you should get to know.

Redbox Senior Vice President of Marketing and Customer Experience, Gary Cohen, tells us his philosophy in a way that should matter to all of us.

"Simple, powerful business models that yield value to customers will succeed, whether they are online or off."

First of all, let me explain what Redbox is. This innovative video rental option serves as an alternative to stores like Blockbuster or online rental services such as Netflix. Instead, these freestanding kiosks are powered with a high-speed connection to authorize rental transactions and inventory of DVDs. You'll see them at grocery stores, drug stores and other retail locations, providing customers with immediate gratification – $1 at a time. It's a model that's working with estimates of earning up to $780 million in 2009.

Here's why it works, according to Cohen, "It's a great value to consumers. And it's a great value to our retail partners because we drive traffic to their stores and we also provide them a revenue share."

What's the take-away for YOUR business? First, think about how your industry has changed over the last 5 years. Or even the last year. How can you meet your clients' actual needs, rather than your perception of their needs? What partners do you need in the process of redefining who you are? (Redbox got retailers on board by sharing revenue with them.) How will you market the "new and improved" you?