Earlier this week we talked about challenges at the Leading edge of change. But what about at the other end of the spectrum? It’s a salutary reminder of the unrelenting pace of change, when you hear that Eastman Kodak have filed for Chapter 11 bankruptcy protection. It is a mighty fall from grace, given the near monopoly status that Kodak held in the world of photography for over 125 years. Yet it is also a stark reminder of the dramatic changes that our digital based economy has wrought.
Kodak was once viewed amongst the world’s most innovative companies, providing innovation not only in the camera but also in the development and print field of photography. Yet in the last 30 years it has gradually slipped further and further from the mainstream, as smaller more agile competitors, better able to respond to the rising tide of digital technology started to take its place, alongside that of the multi-media smartphone.
Management arrogance is one of the accusations for its demise. Yet perhaps its biggest failing was not realizing that the moment to change had arrived and passed it by; quietly and swiflty. It is one of life’s truisms that the moment to change, is just when everything seems to be going swimmingly. It is at the point of our greatest successes when we have to consider its demise and therefore the need to innovate and change.
The Danger of resting on one’s laurels
Whilst Kodak fades to black, we can see a similar struggle occurring with Research in Motion's (RIMs) Blackberry. Once the smartphone of choice for Executives around the world, it has become more and more obscured by the rise of Apple products and the demand for tablet-based technologies.
Blackberry like Kodak is accused of failing to read the market conditions and consumer choices. Being unclear where its core market base lies – ‘are we the smartphone for executives, or the consumer product for young people?’. This fuzzy marketing focus has led to inconsistent R&D (such as the disastrous launch of the Storm and Playbook and the lack of a single OS platform for software development).
Fuzzy leadership and poor engagement are also cited for Blackberry's demise. As we fully embed ourselves in the digital age, companies that fail to provide a figurehead to tell their story, or those that don't engage their customers through the infinite options of social media are at risk of being ignored, overlooked and eventually shunned completely by their once loyal customers.
Engagement & responsive-ness, the new watchwords
How can you ensure that you are listening to and engaging your customers as you develop your products and services?
- The world’s most innovative companies all have a strong and clear strategy, communicated by a strong and clear leader
- Using social media – twitter, facebook, youtube etc., as well as the traditional media channels ensures the widest possible circulation
- Creating closed loop marketing opportunities e.g. Once an Apple product owner, one naturally migrates to the next Apple product.
- Anticipating rather than responding to trends – this one of course is the silver bullet, but the world’s most innovate see this as their raison d’étre. What are you doing to anticipate?
About us
Agents2change works with some of the world's largest companies on change and implementation issues. We'd love to hear your thoughts on this blog, innovation or change in general. Share your comments here or email us on feedback@agents2change.com
nice thoughts Msry,good reflections on the challenges of innovation.
Posted by: toby | February 23, 2012 at 01:45 PM
Toby, thanks for your comments. Always appreciated, especially given your expertise in the area. Trust all is well.
Posted by: Mary@agents2change.com | February 23, 2012 at 05:50 PM