Owning a small business is one of the most fulfilling choices you can make in your life. But what can you do if your business isn’t living up to your expectations? The following five brands can be inspirational if you find your own business needs a re-brand or revival. You may not be as big as these giants (yet!), but there’s still a lot you can learn from them.
Arguably one of the greatest comebacks of all time, and a leader in innovative technology, Apple came back from the dead in the late-90’s with the introduction of the iMac and the iPod.
The Lesson – You can’t copy innovation, but you can always look to the past to see where you went off track. Bring back or improve a popular product, or eat your humble pie and hire back the people you may have lost.
In 2008, Domino’s was at the bottom of consumer surveys and it’s stock had fallen from $21 to $3. They bounced back by introducing a new recipe and an interesting self-effacing ad campaign.
The Lesson – Change is good, so make changes, and acknowledge them. Everyone loves a makeover. Also, don’t ignore feedback – face it head on.
As the landscape changed from DVDs to streaming content, Netflix stumbled by increasing prices, causing their stock to plunge. They were unable to secure valuable licensing deals for content, so they made their own. Today, we have House of Cards and Orange is the New Black.
The Lesson – Don’t be afraid to change sources, or to become your own supplier.
In 2006, Nintendo had lost 50% of its sales to Sony and Microsoft. They widened their focus to include non-traditional gamers, and launched a new product called the Wii. Their competition has since replicated their motion-control technology.
The Lesson – Broaden your scope and when the demands of the market change – change with them. You may have potential customers you don’t know about.
The world stood still when Hostess announced it was going out of business. We all sighed a breath of relief when new owners restructured the company and began producing one of America’s favorite snack cakes again.
The Lesson – Consider all of your financial options when things look grim and consider what’s best for you, your business, and your employees. You may have to look really hard to find the silver lining.
And of course, if you ever find yourself in need of a retail packaging re-brand or upgrade, you know who to call!