Some well-known brands have thrived by embracing change, while others missed the mark because they couldn’t, or wouldn’t, change tack. There are lessons to learn from both sides of the coin.
How businesses handled change and came out on top
Almost synonymous with adaptability – Amazon. What began as a humble online bookstore transformed into a global powerhouse, reshaping the retail landscape. Amazon’s relentless pursuit of innovation led it to diversify its offerings beyond books, venturing into digital media, hosting services, and even groceries. By constantly reassessing market needs and leveraging data-driven insights, Amazon remains a prime example of adaptability in the digital age.
The remarkable turnaround of Slack is also worth a mention. Initially struggling as a mobile gaming company, Slack pivoted to capitalise on its internal messaging system, transforming into a leading communication platform used by 77% of Fortune 100 companies. Their ability to recognise an overlooked opportunity and swiftly adapt their business model led to huge growth, showcasing the power of agility and innovation.
On the physical product front, Levi’s stands out as a brand that continues to thrive through adaptability. With a history spanning over a century, Levi’s has weathered numerous fashion trends by consistently evolving its offerings to meet changing consumer preferences. By keeping up with market demands and embracing new trends, while staying true to its heritage, Levi’s maintains its position as a timeless fashion icon that transcends generations.
Toyota’s approach to problem-solving, known as the ‘five whys’, also deserves a mention. Although not directly related to adaptability, their commitment to uncovering the root cause of issues shows a culture of continuous improvement. By addressing underlying problems proactively, Toyota ensures its operations remain adaptable and resilient in the face of challenges.
Outpaced and outdated, lessons from businesses that couldn’t keep up
The stories of Kodak and Blockbuster are key examples of businesses that failed to adapt. Kodak, a pioneer in the photography industry, stumbled in the digital era. Despite leading the market with innovative digital cameras, Kodak faltered in recognising the shift in consumer behaviour towards digital imaging. This failure to adapt led Kodak to exit the digital camera market, ultimately contributing to its downfall. The company’s struggle to switch to digital solutions and make the most of new trends highlights the importance of flexibility in a rapidly changing industry.
Similarly, Blockbuster, once the go-to for movie rentals, needed to innovate in the face of emerging streaming services like Netflix. Despite early signs of the changing landscape, Blockbuster continued its traditional brick-and-mortar rental model, hesitant to embrace the digital revolution. As a result, as consumers gravitated towards the convenience and variety offered by online streaming platforms, Blockbuster lost its foothold in the market, leading to its eventual demise and bankruptcy.
The key takeaways
The message from these examples is clear – adaptability is essential, not just for a competitive edge but also for survival. Brands that embrace change, innovate and respond quickly to market shifts position themselves for long-term success. But, those who refuse to adapt could be left in the dust, forgotten, or become irrelevant.
Whether managing digital disruptions or keeping up with changing consumer preferences, adaptability is key. By learning from the successes and failures of iconic brands, businesses can gain valuable insights into the link between adaptability and longevity. Whatever they sell and wherever they sell it, businesses must adapt or die.
