Back in January, Kodak filed for bankruptcy. As one of the most influential companies in the 20th century, it did not stand much of a chance when the 2000’s hit. With the wave of technology moving faster and faster each day, Kodak was not able to keep up with demand and expectations. Kodak was unable to properly adapt to the digital realm, and fell behind in the rankings. One thing is true and constant in life: change. It will happen, it will have an impact on your business, and you should always be prepared for the consequences if you don’t adapt.
What can you learn from Kodak’s mistakes?
Change is hard but necessary – If you want to know what trends are happening in technology, the information is readily available. Successful companies are 10 steps ahead of the technology game, and are always looking for ways to be innovative. If your company is successful in its’ methods now, it is incredibly naive to think that your techniques will still continue to work effortlessly in even the next 5 years. While we understand that refocusing your efforts on change and growth can be challenging, it is incredibly important if you want to remain viable in your business.
Icons eventually fall down – Being an iconic brand today doesn’t guarantee your success down the line. When your relevance has worn thin because you are no longer making headlines, the money will eventually stop as well. Make sure your company is constantly making waves in your industry in order to keep your brand thriving and alive.
Reinvent your brand if necessary – The most successful brands know that while today’s money maker is working extremely well, tomorrow’s big idea may not bring in the same cash, but will certainly increase their momentum. Your next big idea may not bring you the most financial gain, but it should help you obtain a status that eventually leads you to more money. If this means starting over with your brand and finding a new way to reach your customers, then so be it.
The moral of Kodak’s story is that no brand, regardless of its’ initial strength and relevance, can hold onto success if it chooses not to evolve with the market. Find more ways to keep your brand relevant and changing by staying in the know of what branding and reputation management trends are important to society today and tomorrow!
Christopher Bower is a Member and Marketing Director of Detroit Internet Marketing, LLC and brings over 20 years' experience in marketing and online marketing. His education includes Bachelor of Science in Psychology and Marketing, and has been involved in both national and local marketing in Chicago, South Florida and Michigan.