The announcement of Kodak going bankrupt was a shocker. Not a shocker because you couldn’t see it coming, but a shocker because yet another once iconic, innovative brand is on life support. This has been a work in progress for quite some time, as there were front-page newspaper articles in the late 1990’s showing that Kodak had to lay off 10,000 employees. (Writing on the wall)
There are definite reasons why these companies are dying and those same reasons contributed to the failure of other predeceased brands. American Airlines – Bankrupt, Yahoo – Up for Sale, RIM Blackberry – Stick A Fork In Em’ and Sears is closing stores around the country. The list of these major brands that will soon be a part of the history books continues to increase.
How can these brands find themselves in the grips of extinction? The same way that you, your organization, church, non-profit or name your favorite brand can end up in the same place. You should see a developing theme as most are in the same vein.
10 Reasons Why Kodak, Blackberry, Yahoo & Other Major Brands Fail
- 1. Inability to Innovate – Unable to produce new, noteworthy and fruit producing ideas.
- 2. Inability to Stay Ahead of The Times – Only look at the here and now, no forward thinking.
- 3. No Adjustments – Not adjusting to the market place or technology of competitors.
- 4. Uncle Rico Syndrome – Just like Uncle Rico from Napoleon Dynamite was living off of his 1983 successes, many brands are living off of yesterday’s wins.
- 5. The Top Stays The Same – Unwillingness to change the key leadership players (especially in upper management).
- 6. Inbred Syndrome – Only hire from within and unwilling to bring outside folks with fresh eyes and fresh perspectives into the fold.
- 7. Reluctance to Take Risks – Playing it safe for a prolonged a period of time can be detrimental. Most brand success stories have many instances of taking risks.
- 8. Refuse to Surround Themselves With and Retain The Best – Letting key players leave without creating opportunities for them to stay. Some of the best innovations from high profile brands come from key players that were acquired from another brand.
- 9. Unwillingness To Change – They simply want things to be the way that they used to be.
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