We all know that the modern-day world is all about change. We also know that innovative thinking is the only thing that brings changes in our world. But why are we talking about all of this? I mean, what this has to do with brands failing and everything?
Well, there is, indeed, a very strong connection between any company’s failure and its inability to adapt to the trends and demands of the growing market in which that company operates. Read this article to know more about it.
Why Do Famous Companies Fail?
Over the past few decades, many businesses rose to fame because they brought in something revolutionary for the world. However, as time progressed, these businesses could not keep up with their innovative practices. After all, even the most creative of the ideas start seeming boring after they have been normalized too much.
Probably, some of these successful companies fired all their creative staff members after they had enough fame (or maybe those creative people were hired for a better job). After these creative peeps left, the time changed and the markets needed more creativity from those brands.
Having nothing new to offer to the advancing markets, these brands start losing their charm for the world. Over time, these poor brands failed further, with no profits coming their way. All of this happened because the brands and businesses could not adapt to the changing times and evolving needs of their potential customers.
Thus, their failure of adaptation left them crushed and these brands eventually had to end their business. The failure, at times for some companies, was so harsh that their very existence was removed from history. Today, no one knows about them at all.
However, at the same time, some of these failed companies were once so famous that people remember them even today. Can you try naming a few?
We managed to compile a list of a few of these famed brands that failed only because of their inability to adapt to the change. So, without further delay, let us get started with these brands and their failure story right away:
We bet you know this one and have seen its posters too. But, did you know that it comes in the list of failed firms? Probably no!
Once a famed name in photography film technology, Kodak is now nowhere close to the top. This company’s biggest mistake could be its inability to understand and acknowledge the modern-day photography business.
Had it been even a bit considerate, Kodak would have been ruling the photography world today. You’d be surprised to know that the company actually came up with a digital camera back in their time. Yet, they found their creations just okay-ish and didn’t tell anyone about it.
Kodak owners were so busy praising their film cameras that they did not know they had created the future’s biggest innovation at that time. Their simple inability to understand and value their creative productions and their stubbornness sticking to their signature film cameras ended their brand’s reputation.
Unlucky is the word, we think!
Remember how back in the days, being a Blackberry user was the ultimate vibe? How did iPhone replace it then?
Blackberry has been lucky enough to have some of the world’s most powerful (politically and wealth-wise, of course) people as its loyal customers. Most of these even kept using the brand’s products until 2015 too.
However, this brand’s bad days started with the arrival of the iPhone. At that time, Blackberry had great phones with quite enough technology. Yet, the company failed to understand the preference of most users that was for smart touch screens.
Another problem that led to Blackberry devices’ failure was that they did not offer smart assistance like iPhone’s Siri. The brand kept many hooked by promising them a Blackberry assistant but Apple took the lead by introducing this feature in all their devices before Blackberry.
In short, this brand’s sloth-like behavior was the main reason behind its failure. (Or probably Apple was a little too fast with their creativity, what do you think?)
Listening to this very name gets us nostalgic every time. This brand failed because of its inability to manage all the fame and users that it had during the peak days of its success.
When the company was ranked at the top they started planning further innovation. While it was a good idea, they simply focused all their attention on their future and gave away their current worth. Yahoo owners were too busy trying to lead as an online portal that they outsourced their search engine to a Microsoft’s search engine Bing.
Yahoo then tries buying platforms like Google and Facebook but failed due to their own mistakes and lack of commitment. Now, both these platforms are doing way better than Yahoo while the latter is just struggling to save whatever reputation of it is left.
If you’re a 2000’s baby reading this, you might not have heard of this brand. However, the truth is, this one was a leader in photocopying and printing in its times. (Now you know why they call a printing machine Xerox.)
When the company started back in the 1950s, it was just one of its kind. Hence, it quickly rose to fame and generated mass revenues within the first few years of its establishment. However, things could not remain the same for this brand for long and it, like all others in this list, failed badly.
In this case, we would rather call it the company’s owner’s stupidity that led their brand to shut down. Whenever the engineers and technicians at the Xerox head office would come up with something innovative, the brand managers and owners would simply praise them and tell them to sell it to someone else.
This someone else in most cases was the emerging Apple. Being the man of brains, Steve Jobs brought some of the best ideas for his innovations from the creative minds at Xerox. Some other concepts went straight to Microsoft’s office and they also utilized them in their personal computers really well.
All of this not just started pushing Xerox behind everyone in the race but also helped its potential competitors win.