We live in times when technology and the changing demands of the market necessitate the creation of new services and products while existing ones either lose market share or go obsolete. Our aim with this newsletter is to stir your thoughts on the possibility of you moving from your current line of business to another without having to start from scratch.
On 1st March of 1938, Lee Byung-Chull, founded Samsung as a Grocery Store that traded noodles and other items, then over time, it ventured into the business of textile manufacturing, shipbuilding, petrochemicals, and so on, attaining significant success in each endeavor. We see the same pattern with time tested companies like Nestle, Unilever, Procter & Gamble, as they move from their original product into other ones and keep achieving significant success with most of those new products.
Google created more products beyond a search engine, bought YouTube and other products and still run a profitable business, all powered by their existing business systems. The same with Facebook and their purchase of WhatsApp and Instagram plus other products. Perhaps, companies like Kodak and Agfa could have pivoted into a new product/service with rise of digital imaging that rendered their product less relevant.
A business and a product are not exactly the same thing. A business is a system that drives everything for profitability, so product (or service) can be changed without business shutting down. The idea here is to build effective systems and processes that can always be adapted to serve any other line of service or product you venture into. SevenUp Bottling Company was first a transport company.
We leave you with a question that should trigger your thoughts some more:
Can you switch your line of product/service (or create more) and still run a successful business each time you do so?
Remember we have a tremendous capacity to serve you on all things brand development, designs, marketing communications, training, and business support.