To stay relevant in the modern world businesses need to evolve and grow, whether it’s through technological advances or adapting to cater to new generations of consumers that have different needs and preferences, change is vital for any business.
Some of the world’s most profitable companies have remained successful by constantly adapting and moving forward, whilst others have fallen by the wayside for failing to do so.
From toy companies to tech giants, all business have to change at one point or another if they want to remain relevant. LEGO has been around since 1932 and despite its humble beginnings and nearly going bankrupt just 10 years ago, the company is now one of the biggest toy companies in the world and boasts not only traditional toys, but video games, merchandise and a movie franchise which brought them huge revenue. LEGO saw the advances in technology and the rise of video games, and knew they had to change otherwise they would go under. For businesses, it isn’t about total rebranding and scrapping your original vision, it’s about building on what you already have and incorporating new tech and tastes into your brand.
In a similar bid to boost sales and move with times, the company we now know as Netflix, was in fact operating in the late nineties and early noughties. Working in a similar way to Blockbuster, the company would loan out DVD’s and then have them delivered back. However, as more people switched to watching films online and the popularity of DVD’s dropped, the company saw the gap in the market and rebranded to give us Netflix. Now one of the most popular streaming sites and distributors of Netflix Original series and films such as House of Cards and Stranger Things, the once dwindling DVD loan company has grown to become of the biggest and most innovative streaming sites in the world.
And it’s not just advances in technology that have pushed companies to change, it’s also changes in tastes and trends that have forced companies to move with the times. Just about everyone has heard of KFC, a popular fast food brand with restaurants around the world, however there menu has changed a lot over the years to cater to a younger audience. Although their chicken on the bone is popular with an older generation, they noticed that their younger customers, and millennials, preferred boneless meals and food on the go. With this in mind KFC introduced boneless tenders, popcorn chicken and started releasing smaller on the go meals.
Another fast food chain that was nearly brought down by changing tastes and trends was McDonalds. 2001 saw the book Fast Food Nation: The Dark Side Of The All-American Meal, criticise companies like McDonalds for their unhealthy meals, not long after this the 2004 documentary SuperSize Me was released, the doc brought a lot of bad press to McDonald’s door and had people around the world criticizing the fast food chain for their lack of nutrition and their very unhealthy meals, many of which were created for children. In the years that followed McDonalds, changed their advertising and added more nutritional products to their meals, such as milk, fruit and salad. These companies, although huge in their own right, noticed the changing tastes of their consumers and changed to fit to them. They also changed to become favourable brands to their customers, looking into healthier and more convenient options.
To give you more insight, SilverDoor have found 10 brands that have reinvented themselves to remain relevant. These brands are great examples of how businesses need to change to stay successful and also act as reminders to other businesses that change is necessary and doesn’t have to be a negative. Read ahead to find out moreâ€¦