Biggest Corporate Comebacks- In the business world there’s nothing better than a corporate comeback story. It’s not uncommon for a company to become irrelevant and fall to the wayside. It is rare, however, for an failing company to make a comeback.
Which begs the question– how do companies become new again? Let’s take a look at some of the most incredible corporate comeback stories of recent history to see what we can learn.
Biggest Corporate Comebacks
Often changing trends, a company getting out of touch with it’s market or a product just becoming not needed anymore contributes to a company’s demise. Think of things that used to exist when you was younger? Polaroid is probably one of the latest examples of a company that died off through it’s product no longer be needed due to the digital world replacing the need for instant prints! Fond memories are sadly not enough to keep a company making their wares and turning a profit! Sometimes though, even after a massive demise and near extinction a brand / company crawls it’s way back up and flys high yet again!
The following companies are some of the best examples of corporate comebacks:
Apple - Despite it’s longtime existence of introducing home computers in the 1980′s to the public, Apple’s fortune didn’t really become established until 2001-2003 with the introduction of the iPod. For years they held on due to a strong core user group but these days Apple is known by everyone and their grandma and everyone and their grandma owns an Apple product or something possibly based on an Apple product!
Ford - Says Investopedia about Ford’s corporate comeback:
“Unlike its U.S. rivals, Ford avoided bankruptcy protection during the credit crisis. This means it didn’t fall as far as Chrysler and General Motors. As a result, Ford’s reputation remains intact and the company picked up market share. An improving economy since then has helped to further boost sales and profits, and the stock has risen from under $2 in early 2009 to a current $15 per share. “
Best Buy - Best Buy did a dramatic retail turnaround from the year 1997 to 1999. Stock prices (in that two year timeframe) jumped from $2 a share to $60.
LEGO - Few people are aware that the LEGO Group has been around since 1932. While it was one of the leading toy manufacturers for 70 years in 2002 Lego’s sales dropped. In 2004, the company had debts of almost $1 billion and was near bankruptcy. They took quick action, cut its workforce by 1,000 and reduced the amount of pieces it produces from 13,000 to 6,000, discontinuing its low-sale toys. Today it’s back on top, last year sales were back up by 25%.
Old Spice -Founded in 1938, Old Spice seemed to hit its peak by the 1970s. In 1990, however, the was associated more with its aging consumers than anything else. Then, in 2000, they came out with Old Spice Red Zone and focused its advertising campaigns and focused ad campaigns on the younger generation. In June 2010, sales increased a whopping 107%