Connect with us

Brand stories

Why Nokia failed and 4 ways to protect your business

Published

on

Why Nokia failed

Why Nokia failed has been a hard nut to crack but with a lot of lessons on 4 ways to sustain your business that you easily might take for granted like the Nokia giant. Nokia was recognised as the king of phones but not until the evolution of smartphones began. This article isn’t centred alone on why Nokia failed, it also would show you 4 easy ways to sustain your business that Nokia neglected.

Nokia was the most valuable phone brand like what the Apple brand is today. It takes a lot to get to the top but it takes more to stay at the top. Studying the market disruption in the mobile industry that was pioneered by blackberry, there are majorly 4 reasons why Nokia failed. The same reasons brought the blackberry brand down and other top brands. Below are the business mistakes that reveal why Nokia failed and 4ways to sustain your business against these mistakes.

1. Complacency

It’s easy to feel relaxed when you are dominating the market. Competition, not monopoly is what makes a brand ruthless in its market dominance. In an open market controlled by the forces of demand and supply, complacency is your biggest enemy.

The open market is like a jungle where the lion wakes up knowing if it must eat, it must have to outrun the fastest Gazelle and the Gazelle wakes up knowing that if it must remain alive, it would have to outrun the fastest lion.

Here is the lesson, No matter your market positioning and how much of the market share you have, you must understand that business somewhere, somehow, is making plans to disrupt and take your market share. It doesn’t matter if you’re enjoying a monopoly. This is the major reason why Nokia failed. When you have come to the top it’s important you start leading with innovations that make new market entrance almost impossible.

2. Nokia Lacked foresight.

Another reason why Nokia failed was a lack of foresight. When Nokia got to the top, they were more interested in building an ecosystem and collaboration within their mainstream platform just like what google had successfully done with their android ecosystem.

There move was right but their platform was the problem. This is like building a massive structure on a sinking soil. The era of Java mobile apps was just phasing out but they couldn’t see it. This is like climbing a ladder leaning on the wrong wall. Once the platform was phased out by market disruptions, their whole ecosystem collapsed.

Here is another lesson on why Nokia failed.

Going forward is not enough in business, it’s going forward in the right direction that’s important. The direction is more important than speed. Get your compass right before accelerating with speed.

3. Wrong partnership

There is every logical reason for Nokia to partner with Microsoft. They joined the leading operating system when it comes to computers. If people loved it on computers, they would surely love it on phones. This singular assumption contributed to why Nokia failed.

Why Nokia failed

Nothing kills a business like a wrong partnership. Windows phones were different likewise iOS phones. What was the difference? Market acceptance. Apple built a brand that made customers believe they were buying more than a phone. They were buying quality value, class, and prestige thus, their prestigious pricing. Nokia started its recovery process with its freedom from the partnership.

Here is the lesson, not all partnerships are valuable in business, consider partnerships based on strengths and weakness, opportunities and threats it can bring to your business. Another lesson is that the assumption is not enough, data-based decisions are more important in pivoting a business.

4. Fast follower strategic plan should be handy

First-mover strategy pays off so much though not without its own disadvantages as I wrote in my last post on first-mover strategy: the success secret of American businesses. Nokia reaped of the enormous benefits of a first-mover in the mobile space but when disruption happened in the industry, the least they could have done was to follow fast on the new market leaders.

Read Also: How to follow fast with the fast-follower strategy [with case study]

The first mover is to be the first to penetrate a market, first to start an innovation or first to introduce something new to the market or even create an entirely new market. Fast follower strategy is simply to copy what others are doing and making it better or taking it to a place it has never been. Why Nokia failed to apply this could be their desire to cause a more disruption that will gain them back their market share of simply a lack of finance and technical advantage required to fast which led to the partnership with Microsoft.

Here is the lesson to learn.
In business, be flexible enough to make changes. Grow big but remain small enough to make changes when needed. Big businesses lack the speed of execution due to the numerous gap in the management ladder from top-level managers to lower-level managers. Be small enough to be fast in making changes. This is one of the reasons small businesses disrupt the market before big businesses realize what is happening. This contributed as well to why Nokia failed.

Favour Emeli is passionate to see businesses grow and yield increasing profit. He consults for business and has helped some secure grants and funding. He is the Author of 365days Business Devotional For Entrepreneurs

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Brand stories

THE APPLE BRAND EXPERIENCE

Published

on

Apple Brand

As the digital world takes over the marketing space swiftly, the Apple brand follows suit at the same pace. Unarguably, this’s a brand that goes the extra mile, exceeding expectations, leading and dominating the marketing platform in the tech world. Moreover, it has optimized customers’ experience and expectations.

With their superb products displayed in phone stores and slots, you can’t seem to not take a third look at them as you yearn to have one or more of their products in your possession. There’s this feeling of fulfillment that comes when you buy Apple products. However, to others, it is an opportunity to earn respect, having a high-ranking placement in society.

Read More: MOST VALUABLE BRANDS 2020.

What does the Apple Brand represent?

The Apple brand has become a valuable asset and has successfully created a euphoric atmosphere, an all-new brand experience in the lives of their customers. Therefore, the brand represents creativity and passion.

The Apple brand personality is solely about lifestyle, imagination, actualization of dreams and aspirations, innovations, and liberty to the people through technology.

Apple is an I.T brand in which customers have fierce loyalty towards, having built a stellar reputation via voluntarily trading and accepting criticisms from customers. This is how apple creates value for customers, as they build strong convictions about its products compared to its competitors.

Read More: CREATING A BRAND THE APPLES WAY

7 Things Apple Brand Experience Mean To Customers.

1.  Advancement:

Truthfully put, you can’t use an Apple product and remain an amarture technologically. There’s no pain agreeing to the fact that the Apple brand is incredibly powerful, technical and at the top echelons of I.T gadgets in the world. Customers take notice of recent models of its products introduced and surely, there’s always improvement recorded meeting their needs satisfactorily.

2. Productivity:

The Apple brand has build trust with its customers over the years. Its productivity rate has been remarkable over years. Apple has improved its brand’s customer experience in this regard to the benefit of consumers.

3. Communication:

Apple brand experience means communication to customers. And this is another strategy it has taken to broaden its space in market positioning. Today, there are different options customers can switch to in order to air their views; make suggestions, ask for help, inquire about the product, and relate well and interact with the customer care representatives. All of these are lacking in other brand products but has created an edge for the Apple brand.

4. Simplicity In Complexity:

 Apple products are often complex but appear to be simple still. Accordingly, the technique incurred is one that other brands need to learn and understand. Apple helps reduce the complexity of its products, in fact, it simplifies its users’ guide manual, web page, and detailed description and package. Apparently, the beautiful designs and structures of Apple products satisfy its customers. The company understands the need for its customers to be aware of the pros and cons of the utilization of their products. Hence, the use of simple, precise, and direct words were instrumental in passing information across to its customers, in their language.

5. Broadened Connectivity:

The Apple experience goes beyond its stores, that is, spreading its tentacles across various cities and locations in the world. Connectivity begins the moment you take a step in the purchasing journey, down to unveiling the product and utilizing it.

6. Possibilities:

With the introduction of its thrilling features, the Apple brand never cease to amaze its customers, and the world at large. Apple depicts that everything is possible; every idea and dream is achievable, with determination and consistency.

7. Acceptance:

Apple has shown that little things matter. Their acceptability has earned them the leading position in the world of tech. Hence, customers show more interest in the Apple brand as the company accept and act upon their feedback. This brings about the satisfaction of their needs.

There’s, indeed so much to learn from this tech giant.

Read More: How Apple built their brand

Continue Reading

Brand stories

THE COCA-COLA BRAND STORY: 5 Growth Attributes

Published

on

THE COCA-COLA BRAND STORY: 5 Growth Attributes

For every brand strategy planned and implemented appropriately, there is a high tendency of it experiencing a skyrocketed growth level in all ramifications. Similarly, for every successful brand, there lie stories and lessons that follow afterward. Same applies with the Coca-Cola brand.

The Coca-Cola brand story remains invariably a big bang theory that rings through the heights and depths of the vast world of business.

The Journey So Far:

The Coca-Cola Company was established in 1886, when Dr. John S. Pemberton, a pharmacist in Atlanta got an idea to experiment a soft drink that’s refreshing and can be sold out. The idea birthed the excellent Coca-Cola drink and was well commended by everyone who tasted it.

However, the pharmacist, Dr Pemberton struggled to attain success because he had no marketing plan suitable for the drink. Fortunately, Dr Pemberton’s bookkeeper, Frank M. Robinson became very resourceful at that time. He gave the name “Coca-Cola” and designed the initial brand logo, which has been modified overtime. After a while, a man, Asa G. Candler took Coca-Cola out of Atlanta for the time. This saw to the astonishing feat the brand later attained globally.

One marketing effort embraced by the Coca-Cola brand is based around offering customers’ satisfaction, which is stemmed from creating sustainability of their strategic growth admired by all and sundry.

Coca-Cola Company is undoubtedly one of the best distribution networks in the world, as long as the beverage industry is concerned. Its market focus and growth strategy cannot be overemphasized. Owning to the fact that there are other beverage brands in the industry, the Coca-Cola brand remains topnotch and has since recorded tremendous successes in its market position.

Attributes That Sustained Coca-Cola Growth:

Brand success can be an easy task compared to its ability to sustain the success story. It all boils down to knowing the nitty-gritty of the strategic growth and sustainability of the brand’s growth.

So, what has helped sustained the growth of an iconic brand like the Coca-Cola brand?

1. Vision:

The Coca-Cola Company’s vision statement is a strong influence on the company’s needs towards achieving the sustainability of a qualitative growth scheme. Its vision is, however, centered on fundamental growth factors. They include:

  1. People
  2. Partners
  3.  Portfolio
  4.  Profit
  5. Planet
  6. Productivity

With the vision in sight, the brand never ceases to dish out fresh, exciting, noteworthy, and unique marketing campaigns for over 130 years. Coca-Cola brand identity has also gained firm market positioning in the hearts and minds of customers at all levels from generation to generation.

2. Wariness of Changes:

Change, as we know is universally constant. Marketers and brand owners in general, seem to shy away from big changes that are likely to occur. The fear of these changes resulting in a diminishing return is inevitable. The decisions made during such changes can either make or mar the brand and as such, it is paramount to be wary of changes.

With the excellent success recorded by the Coca-Cola brand so far, it might be a shocker alert to know that there have been mistakes made in the past which at some points affected the company’s growth. In its bid to satisfactorily meet the needs of customers, the company faced a terrible shift in branding and drink flavour compared to its counterparts.

Therefore, it is advisable to cogitate seriously when it comes to rebranding or restructuring. This is one factor Coca-Cola subscribed to, which of course has helped sustain its growth.

3. Maximizing the Brand’s Power:

The growth of the Coca-Cola company has stood over the years because of the maximization of their brand’s power. They’ve been able to focus on building a brand, rather than its products.

Most brands in the business world today, are still very much shaky and are on the verge of collapsing because they have the “my product, my pride” mentality. One secret is, your product or service is zero without a powerful brand. The Coca-Cola company has been able to sell their brand, their idea, and experience, rather than their product.

4. Consistency:

You will strongly agree that the Coca-Cola company is one that remains consistent in all areas. Regardless of the umpteen customers, they’ve attracted, they never cease to create awareness and come up with new and captivating marketing campaigns to attract both old and new target audiences. With the introduction of a new brand logo and product package, they still maintain their vision of refreshment to life, as well as putting smiles on the faces of all who have a taste.

5. Value:

What has helped sustained Coca-Cola growth, is their ability to stand firm on their values as a brand. Since conception, it stands on positive ideas and a determination to achieve the brilliant desired result. The Coca-Cola brand remains timeless.

Read More: How to sustain your business (4 step by step guide)

Continue Reading

Brand stories

THE COCA-COLA HISTORY: Success Facts

Published

on

Coca-Cola History

The Coca-Cola history like every other history is a compendium of testimonies of birth and growth. The Coca-Cola drink was established in Atlanta, on May 8, 1886, by a U.S pharmacist, John S. Pemberton. His bookkeeper, Frank Robinson gave it the name “Coca-Cola” and was penned beautifully in his flower-like font script which is still in use today. The drink came up for the sole purpose of relief and relaxation from exhaustion and has since been able to fulfill its purpose duly. Asa Griggs Candler marketed the Coca-Cola drink with his marketing tactics. Consequently, this led to Coca-Cola’s dominance in the beverage market throughout the 20th century to date.

What was the original use of Coca-Cola?

It would interest you to know that, the original intent of the Coca-Cola drink was medicine for temperamental patients, and hence its nickname, nerve tonic.

For over 130 years in history, the Coca-Cola brand continues to be a pacesetter for other beverage brands in the world. Its story has been an epic one, which this generation will tell the unborn one.

3 Facts About Coca-Cola That Will Change Your Business Strategy.

The need for strategic marketing and market positioning can not be overemphasized. This is because, it boosts the Coca-Cola brand, thereby keeping a firm lead in the business world at large.

Coca-Cola has the hearts of its target audience in its palms. In this regard, they’ve achieved a greater competitive advantage over their competitors. Hence, Coca-Cola seems to have no competitor in the beverage business world. This has relatively increased their consumption statistics in the last two years of production.

Here are three top facts that will change your business strategy;

1. Insensitivity to changes impedes the actualization of business goals.

Note, sensitivity to changes and strategizing in that regard complement each other. Coca-Cola experienced a change in meeting up with the needs of its consumers. Hence, they resorted to cutting back on the intake soda due to health considerations. It wasn’t an easy-to-do task as they had no choice than to adapt rapidly to the change. They believe that the brand has what it takes to successfully adapt to change in consumer demands.

2. Leveraging on opportunities is a path to attaining maximum growth.

It will interest you to know that when drafting a strategy for your brand, opportunities lie at your disposal. It is advisable to leverage on these opportunities, big or small. As you do this, you tend to improve customers’ perception about your company’s brand.

3. Expanding your vision for an ideal business is tied to strategically planning for the fulfillment of the vision.

In a nutshell, to actualize your brand’s vision, it is paramount to strategize to bring the vision to fruition. Your brand’s vision should come alive, and not remain an imagination of some sort of unicorn. It has to be clear enough, and be in existence, such that can come through marketing strategies.

Continue Reading

Trending

%d bloggers like this: