Innovation and Its Importance!

Innovation | Importance | 02nd August 2022 | Virtual Wire

 

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Innovation means not only accepting the change but also implementing them to get valid results. Innovation has to go hand in hand with the proper execution of the plan for the brands.

There have been a few examples of how certain brands have failed to innovate or evolve with time or have failed to deliver a proper execution of their plan.


Nokia

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The most important thing that made Nokia unsuccessful was that it failed to realize the importance of the lifestyle products that the iPhone or Samsung did in a certain way of the demand of the time. Nokia did not focus on the Android or software, the same way they focused on their hardware. They overestimated their brand value and market share more than upgradation. These were all the main areas where innovation was required and where Nokia mainly failed to deliver. In 2013, Microsoft finally acquired all of the Nokia phones range but eventually even the acquisition failed because Microsoft and Nokia were not able to work together as a unit with the same school of thought.


Kodak

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Kodak is a company that produces various products related to its historic basis in analogue photography. Kodak was a dominant player in the late twentieth century and at its peak, the company had taken over more than two-thirds of the global market share but began to fail when it lacked innovative products at the right time. Kodak failed to reinvent itself, at a point they understood and created the digital camera. But they failed to realize that the main business was not only printing photos but rather sharing pictures online. Kodak teaches us to be prepared to innovate with time, to make radical changes instead of focusing and being dependent on the company’s competitive advantage at a specific time.


Yahoo

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Yahoo is a web service provider. That mainly failed due to Google building a broad platform that extends across the entire web by focusing on simplicity and flexibility while Yahoo’s infrastructure failed to do it. Their two major data breaches, one being the record-setter which leaked the information of over 500 million users in 2014. Global market share of search engines 2010-2022 reported that as of July 2022 Google had around a share of 83%. Bing accounted for nearly 9% while Yahoo’s share was nearly 3%.


Blackberry

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Blackberry is a former brand of smartphones, tablets and their service provider. The reason why Blackberry failed was due to a lack of innovation. Their excessive focus remained on the enterprise over the consumer tastes and preferences. They failed to provide their users with plenty of applications for their day-to-day usage which their competitors did well. Hence led them to fail mainly against Apple and Samsung.

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