Reinvention has been deemed as one of the most important aspects of a brand’s progress. However, this umbrella term usually encompasses many meanings than what is attributed to it. Brands can ‘reinvent’ themselves when they are on the verge of becoming irrelevant or obsolete in a market. Or they can take the reinvention route when it appears like the logical next step, even when they are ahead of competition. Lastly, and perhaps the most important of the three, is when reinvention can deal with brands changing the way one looks at the field itself. Brands might simultaneously fall in more than one category but each of these categories defines a different characteristic of reinvention.
We have spoken about reinvention to ‘adapt’ earlier. The focus now is on the last two of our definitions with the aid of following case studies.
General Electric: Industrial Internet of Large Things
GE industry’s transformation from a hardware manufacturing company to ‘hardware with a built-in user-friendly software’ was a leap that REDEFINES how we typically look at such machines. This leap, which is termed as Industrial Internet of Large Things, also managed to present the more technical engineering tasks as common chores in layman’s terms. It is perhaps only fair to mention that this hardware-software combination was first envisioned by Nikola Tesla who proposed that ‘when wireless is perfectly applied the whole earth will be converted into a huge brain’.
Starbucks: The Office–Home Combo
The second in our list is Starbucks coffee. While this example can generally fall in different categories, it is perhaps one of the few where drastic measures were taken even when the company was making huge profits. Viewed as most as a ‘second home – second office’, Starbucks resonates with the concept of leisurely working under the aromatic influence of coffee. However, the rapid expansion of the company saw some of its core values being compromised. And despite increased revenues, Starbucks decided to shut down multiple branches to focus first on quality. Truly defining reinvention.
In writing this article, it became quite clear that the stories that fall in this category of reinvention are rather few. But that is also what makes them unique. To think of an idea that boasts reinvention by changing a global mindset, is as complicated as it sounds. The act, even more so. But these probably also suggest an open space for global marketing companies at a very basic conceptual level –– one that redefines marketing itself.
