Lessons we can learn form big giants in their respective fields.How a time and a trend could impact you irrespective of your present situation.
Probably everyone once had a Nokia phone. Nokia ha a history of huge popularity and great handsets with a sheer dominance in market.
What happened? - Apple and android crushed it?
In recent speech from CEO he quoted, “we didn’t do anything wrong, but somehow, we lost”.
Mostly Nokia was a trusted brand and people looked at it as a quality product. By 2010 iPhone and Android came up with touch screen, ease of use, storage, media and share feature, surpassing Nokia phones.
Nokia known for their sturdy handsets and durable technology phone lost to brittle touch screen phones, and they missed out the fast changing trend.
The advantage you have today may be surpass by the change tomorrow, if you don't learn to adapt, you may thrown out of the competition.
Lost to their own fear.
Kodak is well known photo-camera company, most commonly known and used cameras in last millennium.
Pioneer of the digicam, couldn't sustain the new change they started.
Although Kodak developed a digital camera in 1975, the first of its kind, the product was dropped for fear it would threaten Kodak's photographic film business.
During 1980s Kodak had a time window of 10 years to take a lead in DigiCam business, but their market research failed to realize the future and rather focused on their existing photo-film business.
In recent time yahoo sold out for much lesser price than earlier offerings to it.
Very popular in late 90s and early 2000s. Yahoo messenger, chat rooms, yahoo search and yahoo mail were prominent product of yahoo in late 90s.
Yahoo failed to capitalize on these, failed to acquire competitors when offered cheaply and failed to identify customer mindsets, provided opportunities to competitors.
Search - Early 2000s yahoo included third parties for search, while developing its own. Giving ahead to the competitor.
Charges vs Free - Yahoo decided to charge to customers for services where google started with all free, diverting large customer base from yahoo to google.
Rest is history now.
Take away lessons:
#Change is certain and you have to adopt it, in order to be part of the competition.
#Prepare for future,irrespective of your present situation, you have to prepare for future to survive.
#Keep eye on competition, irrespective of your position, strengths and your hold; you have to keep looking what is in competition and be on your toes all the time.
#Don't fear of change and taking risks - despite you current stable position change in inevitable and fearing it could lead you to failure.