Global businesses that rebounded from the brink of collapse
Category Commercial and Industrial News
If there's one thing you can be sure of when you open a business, it's that you'll endure tough times when things don't go according to plan. The secret to success is finding ways to reinvent your business and its offering during these times to adapt to the ever-changing demands of your target market. 3Cube Property Solutions takes a look at some examples of household names that have come back from the brink.
Marvel: A bumpy transition from comic books to superhero flicks
At least once a year, Marvel releases a big-budget superhero film that rakes in millions at the box office. These days, the brand is a household name, but 20 years ago, the brand was facing a very different picture. Despite having a huge assortment of comic books, the company's reading material was no longer appealing to its target market. Their initial attempts to follow in their rival's footsteps by bringing superheroes to the big screen were failures - the 1986 flop Howard the Duck being a classic example.
After enjoying some limited success in the late 1990s with licensing deals acquiring some of Marvel's characters like Spiderman and the X-Men, Marvel made the bold decision to start its own studio - and the ambitious plan led to unprecedented success. The brand was eventually acquired by Disney and now regularly releases hugely successful films.
From Kodak moments to technology
There's a reason that special moments used to be commonly known as "Kodak moments". As a camera giant, Kodak focused on photographic film, thriving in an era when people would take their film to stores to have their photos developed. When the digital revolution began, however, Kodak struggled to keep up, eventually filing for bankruptcy in early 2012. By September 2013, Kodak had rebranded itself as a tech company specialising in various types of imaging and in 2021, the company reported a net income of $24 million.
Rebuilding a brand, one block at a time
While Lego is a household name around the world, the company hit a rough patch in the early 2000s. A case study published by the Guardian reveals two primary ways in which the Lego brand was transformed and repositioned. For a start, the transformation plan initiated by the brand's chairman, Vic Knudstorp, slashed the brand's inventory, cutting the number of individual pieces Lego produced in half. The other crucial step was starting to encourage interaction with Lego's fans. Allowing fans to share their creations online meant that people could share their Lego creations and promote adult Lego fan conventions. Over and above this, developing sets linked to popular franchises like Harry Potter and Star Wars has helped Lego achieve exponential growth.
From rejection letters to billions: the Airbnb story
When Airbnb first launched in 2008, it was almost an immediate failure. In an article penned by founder Brian Chesky, he provides screenshots of the numerous emails he got from prominent Silicon Valley investors who rejected his idea. On one level, the cynicism displayed is understandable - who would invest in an accommodation business that owns no real estate? Fortunately for those with wanderlust the world over, the brand found the right investors and went from an almost failure to an overwhelming success.
Every business goes through highs and lows and the lessons to be learned revolve around ongoing innovation, communication with target markets and evolving with your industry. The first step to any business's success involves getting the foundations right - and that includes finding the right premises. If your business is in Gauteng or the Western Cape, 3Cube Property Solutions is here to help. Get in touch and let's talk about your business's success.
Author: 3Cube Property Solutions
