Businesses are tricky and risky to run. One wrong product launch or a strategy and can all go down the drain. However, these failures, too, are part of the game. There are some companies that give up at this stage and go bankrupt or shut the whole business down. On the other hand, there are others that turn things around and come back stronger.
Whenever you are stuck in such a situation, you can sit down with your partners or management and find out a feasible solution to control the damage, just like these brands did.
Today, Apple is one of the leading brands in its category. However, there was a time when the brand was going through its worst. It remained in the same state for more than 12 years. The spell of the downfall was finally over when iMac was launched. The rest is history and we all know Apple as one of the most successful companies today.
Fed Ex is worth more than $30 billion today and it is also considered as one of the largest self-sustaining brands across the world. However, back in the 1970s, the company was bearing a loss of $1 million per month in the name of fuel costs. It continued to an extent where the overall worth of Fed Ex was not more than $5000.
When Starbucks was launched, it did great. Later the company was hit by recession and increased competition by Dunkin Donuts and McDonald’s took away its market share. In 2007, The company was also expanding fast and easily lost 42% of its value. To sustain its market share, the company introduced in-store merchandise and heated sandwiches. It also shut down 600 of its stores. by 2010, it finally overcame the losses and came back stronger than ever.
What do you think about this story?