Change is inevitable. The question is, how do you make it work in your favor?

Early on in our business a client gave us some brilliant advice. He stated “If you find yourself in the same business you were in ten years ago, you’ll soon find yourself out of business.”

His words are amplified by the fact that technology is eroding entire industries only to create new ones. This has, now doubt, caused everyone to re-evaluate who they are and where they stand. As you do so, we suggest that you ask yourself some questions:

• What areas of our business will still be viable in ten years?
• How can our core competencies provide new opportunities?
• What consumer needs are we able to address that no other brand is addressing?

Here are few companies who are in far different businesses today than those they first started.

Nokia
In 1865 Fredrik Idestam founded the paper mill Tampere. In 1871 the company incorporated as Nokia. Over the years the company grew and entered a number of industries, finally focusing on telephones in 1960s. By the 1990s Nokia was a world leader in mobile technology and devices.

The brand’s now famous “Nokia tune” was the first identifiable musical ring tone on a mobile phone. It is said to be one of the world’s most recognized sound trademarks.

Wrigley
The name now synonymous with a chewing gum company originally sold soap. In 1891 William Wrigley, Jr. founded the company with the goal of selling soap and baking powder. He enticed his customers by offering free chewing gum. Eventually, Wrigley realized his customers didn’t care so much about the baking powder, they wanted the gum.

With a portfolio that includes Juicy Fruit, Doublemint, Big Red, Extra, Winterfresh, Orbit, Eclipse, 5, Excel, Hubba Bubba and Big League Chew, if you’re chewing gum it’s likely Wrigley’s.

Tiffany & Co.
Conceived as a “stationery and fancy goods emporium,” Charles Lewis Tiffany and Teddy Young founded Tiffany, Young and Ellis in 1837. Their New York City store initially sold a wide variety of stationery items. In 1853 Charles Tiffany took control and shortened the name to Tiffany & Co, shifting emphasis to jewelry and silverware.

When Tiffany talks about quality standards they mean it. Tiffany’s standard for sterling and platinum have been adopted as United States Standards and Tiffany was instrumental in the internationalization of gem measurements, the metric carat.

Hasbro
Hasbro is one of the world largest toy and board-game manufacturers. With a portfolio spanning Transformers, G.I. Joe, My Little Pony, Candy Land, Twister, Chutes and Ladders, Yahtzee and many others, few would guess that the company was founded in 1923 as Hassenfeld Brothers who sold textile remnants. Over the years the business gradually shifted into school supplies. Then, in 1952, they entered the toy and game market with the introduction of Mr. Potato Head, the first toy advertised on TV.

Today, Hasbro is leveraging their huge brand portfolio into an entertainment empire. Transformers (2007) is the thirty-fourth most successful film ever released, grossing approximately US$709 million worldwide.

Categories: Brand Management, Brand Strategy