Great Brands Rise Again
DOES AGE MATTER?
In a time where we’re not surprised and half expect to shelve products and services a year after they are purchased, the notion of a fifty-year-old company seems almost quaint. But what about a company that is 100 years old? Better still, what about 100+ year-old companies that are not only growing, but scaling? It’s all not only possible, it’s happening right now. Reid Hoffman, the founder of LinkedIn and host of the Masters of Scale podcast, calls these types of companies “Phoenixes” because they have inevitably risen and fallen numerous times to reach this age. In the podcast episode, How to Build a Company that Lasts, he honors 10 companies that have hit the 100+ year mark, including Fiat, IBM, and Radio Flyer.
This requires a completely different skill set than a founder-led company, as many of the Silicon Valley wunderkinds are discovering. What got you to the top won’t keep you there. If your goal is to stay at the top and last as a company, here are five common themes of those that have done it taken from the podcast and our experience.
1. Truth Tellers
One thing all of these companies had in common, especially when times were darkest, were leaders willing to speak the truth to those immediately around them. The truth inevitably comes out, sooner is better than later.
2. Essential Elements vs. Unnecessary Traditions
Not all of a brand's history and tradition translates into relevant points for the organization going forward. “Because that’s the way we’ve always done it” is not the path to success.
3. Defined Mission vs. Expandable Vision
Goals and mission statements are important—but what happens when there needs to be a rebirth? At that point, organizations need to draw on the multiple strengths to see what’s next.
4. Audience Rediscovery
Staying connected and relevant to an audience doesn’t happen by accident. Organizations that have successfully retained and recruited audiences have done so through a dedication to their brand core.
5. Deliver the Experience
It’s easy to see how much experiences have changed. The fact that you can send a live video stream from anywhere with a device carried in your pocket is amazing. Amazing doesn’t mean it’s right for your brand and audience in every instance, or maybe ever.
WHAT’S POSSIBLE?
Before it was acquired by another company, the Japanese construction company Kongō Gumi lasted more than 1,400 years. Let that thought absorb for a second, then realize how long your brand can last is up to you and the paths and decisions you take.
This is an excerpt of the post, Great Brands Rise Again, originally published at http://www.wilsonadv.com/2018/02/great-brands-rise-again/