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 1990s showing that Kodak had to lay off 10,000 employees. (Writing on the wall.)
There are definite reasons 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.
9 Reasons 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 marketplace or technology of competitors.
4. Uncle Rico Syndrome
Just as Uncle Rico from Napoleon Dynamite was living off his 1983 successes, many brands are living off yesterday’s wins.
5. The Top Stays the Same
Unwillingness to change the key leadership players (especially in upper management).