In the current times where small businesses are changing rapidly, it appears that it is only the latest companies that are lively enough to gain success. This is indeed true except that entrepreneurship can, however, fuel all types of business regardless of size or age. A good example, in this case, is the Apple Company that almost fell through back in the years. Nonetheless, Steve Jobs came to its rescue before things could get worse and as a result, it emerged to become the most priceless firm in the universe. Apple’s success is rated high due to staying relevant.
Fast forwarding to today; who are the recent brand turnarounds and what we can learn from them? Here’s our pick:
Anyone who loves computer games would remember this brand, back in the 90s. Nintendo came up with products such as Game Boy that made it famous in that era. Later on, however, problems occurred were competitors like Sony beating them with new games. The famous Nintendo product had to collapse after Sony released the PS2 and the X box. Nonetheless, after setbacks, Nintendo came back strong with a new strategy. It came up with products such as the DS and Wii, where it managed to sell over 100 million units hence again experiencing success.
Converse is a 20th-century firm that widely dominated the athletic market. However, with the Adidas and Nike emerging into the industry, Converse was forced to downsize. That was in the 70’s when they also had to file for bankruptcy. However, the converse brand managed to rebound with a full force into the athletic market. How it did that, no one knows.
Since earlier, Starbucks has been establishing itself as the greatest coffee house worldwide. Aside from just concentrating on expanding the initial product, they had in the recent years ventured into music dealings. With the numerous Grammy’s Starbucks scooped during this era, they managed to ride high economy-wise. They also managed to put up a music studio where everything was victorious. Unfortunately, in 2008, the company faced some setbacks. Due to the financial problem it underwent, it was disastrous where Starbucks was forced to close many of its stores and as well interrupt job opportunities to over 15, 000 people. They, however, came back on track with a bang after releasing new coffee brand later on. This was in 2009 where from that time, they have been among the best selling business.
4. SMOK Vaporizing
Vaporizing or vaping is not something new as most would think. Back in 1963, the digital cigarette was invented by a person known as Herbert A. Gilbert. The smokeless non-tobacco cigarette as he called it, caused people to immediately replace smoking. The heated, moist, flavored air cigarette, however, did not last long as the inventor claims the invention was way ahead of time. As a result, tobacco smoking quickly resurfaced among the users. Nonetheless, Herbert A. Gilbert did not give up, he went on to put up a manufacturing company (Ruyan) and distributed his products. From China where it was first marketed, he went ahead to distribute it worldwide. From there, it kicked off very hard across the world including in the United States. Today, vaping has occupied almost every state in the world. It has strongly resurfaced tobacco smoking and has taken a whole new look. Besides, the SMOK vaporizers are with the latest technology as compared to earlier.
Overall, a floundering brand can be brought back to life. According to studies, the only step to take, in this situation, is to identify the aspects of the business that are out of whack. Poor management is noted the main reason in the downfall of most brands. Easy to fix then!