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Nokia had recorded and has been regarded as one of the bestselling mobile phones of all time. It surprisingly adapted to various business changes, coming around one storm or the other. The brand’s strength was second to none at that time, as its competitors gained no firm ground in the mobile phone industry. But the disheartening question now is why Nokia disappeared in the market place.
How Nokia lost the market grip suddenly remains a shocker, and the reason for their loss is still a bit more mysterious. This brand was a progenitor in the telecommunication industry, being the first to explore and introduce technical advancement in the smartphone market.
Unfortunately, Nokia’s failure was its own undoing. Its wrong decisions added to its failure.
What actually caused the demise of this one-time exceptional brand? It is crystal clear that Apple and other modernized I.T companies killed it, but then Nokia made themselves highly susceptible to attack leading to their sudden collapse.
Here are four major reasons for Nokia’s disappearance:
- Nokia being the first to explore the smartphone market, introducing its products to consumers which had concrete technical features, disappeared to consistently maximize and maintain the frontier position it acquired in the hearts and minds of its target audience, hence the fall.
- In the world of business, it is paramount to foresee and anticipate dangers ahead of time, to avoid a shocker ending. Nokia was ignorant of competition from other manufacturers; Huawei, HTC, etc, sprung up in the market sphere, and as such, kicked off Nokia in the market. It wasn’t ready for the big change that was likely to occur, it had no strategic forces put in place to help shield them when disaster struck. Now the rest is history.
- Nokia disappeared because it placed no value on their products. For companies like Apple with an elitist value, powerful feature, integration, and high versatility, consumers are left with no choice than to align themselves with the brand. Nokia lacked this, hence was replaced literally.
- Inconsistency is a downward force that acts against the upward movement of a brand. Nokia lacked consistency in marketing voice, which is one factor that drives consumers and prospective customers away. Regretfully, Nokia failed to it, leading to their disappearance. Consistency is key.
The above reasons asides others are the major influencers of Nokia’s disappearance, making their market position drop down to zero. Well, from my research, Nokia seems to do well technically, and there could be some sort of restoration if it earnestly begins to right its wrongs.
Read More: Reasons for Nokia’s failure
Four Deadly Business Mistakes To Avoid.
With the risks revolving the market space, there’s a need to be conscious and cautious of decisions. No brand wants to represent Failure in the business world. Therefore, below are four fatal business mistakes to avoid:
1. Hiring Expertise.
This sounds unbelievable, but it is one big business mistake you should avoid. One secret; hiring professionals break your business edge for creepings to crawl in. When you hire an expert, you are indirectly hiring a competitor for your brand. In business dealings, you should have both foresight and hindsight to secure your brand. It is advisable and of huge profit, when you hire inexperienced people with strong determination and enthusiasm to achieve great wins. This way, they grow with your brand and become inbuilt strategic growth facilitators for your business.
2. Ignoring Your Marketing Voice.
Marketing has always been one business strategy that has helped build and sustain business growth levels. Marketing can apply in different forms. They include; offline marketing, internet marketing, referral marketing. It is best to know which form of marketing suits your business and target consumers. Avoid the mistake of ignoring your marketing voice. Never assume marketing isn’t relevant in boosting your business. NEVER assume your target audience can find you or your brand without strategic marketing.
Read More: Marketing Department
3. Venturing into other businesses at a premature stage:
It is simultaneously exciting and adventurous to dive into other businesses, but doing so at the premature stage of your initial business plan leads to the destruction of your brand in entirety. Stick to the objective of your business, learn from it, grow with it, make it work before thinking of other businesses.
4. Leaning On Your Own Understanding:
This is one mistake business owners of large-scale and small-scale enterprises make. Before even bringing the business idea in your head to fruition, make inquiries, seek advice from successful business tycoons who are dealing with the same business idea you have. Do not assume you know it all and are capable of handling whatever comes your way. Get a business mentor to teach and guide you on all that is necessary.
Read More: Big mistakes to avoid in business