There has been a lot of talk in recent months about companies pivoting into new areas as a result of the struggling UK economy, but there is also a long history around the world of businesses dramatically altering their strategies in order to thrive. Many of the world’s biggest companies have revolutionised how they functioned over the years, whether they altered fundamental services, product types, target markets, or distribution methods.
B2B PR Agency experts ProhibtionPR have given us some massively successful companies that used business PR strategies and techniques to grow their core businesses.
Amazon
Amazon, one of the world’s highest-valued companies, started as an online bookstore for physical books. It advertised itself as “Earth’s Biggest Bookstore” when operations began in July 1995 and competed with large bookstore chains as a result. Amazon carried more than 2.5 million different book titles using this approach, which was moderately successful.
Amazon created its Marketplace in 2000 to allow other businesses to sell products online, boosting the variety and revenue of Amazon products. Amazon wasn’t just selling books; it was the go-to online retailer. In 2006, Amazon started to offer cloud computing services that lead the industry today.
YouTube
Even though it was founded in 2005 by co-founders Jawed Karim, Steve Chen, and Chad Hurley as a dating website, Google-owned streaming video service is among the most frequented websites globally.
The founders even took out advertisements offering to pay people $20 to post videos of themselves. However, this approach failed, but as users of the site began posting whatever videos they wanted, the founders welcomed the idea. Google acquired the website in November 2006 for $1.6 billion in stock. As of May 2019, over 500 hours of video are uploaded on the site every minute, thanks to the improvements made to the site.
Wacom
Wacom is a Japanese corporation based in Kazo, Saitama, that manufactures graphics tablets and related items. In 1992, the Compaq Concerto computer screen featured Wacom tablet technology, making it the first tablet computer. Wacom chips were used in the Samsung Penmaster tablet computer, which was marketed as the GridPad SL by Grid Systems in 1991.
Wacom designs its products with great care, and rightfully so since they are directly connected to them. Despite the difficulty of redesigning a website, Wacom targets two different customer demographics. The general public may be interested in more entry-level tools, whereas creative professionals may prefer to stick with more advanced equipment.
Tobias can Schneider took on the issue of how to satisfy both groups without turning off either one with Fantasy studio’s help. Their overhaul was extremely successful, bringing about a 300% jump in overall traffic.
Netflix
Netflix, one of the world’s top streaming entertainment providers, began in 1998 as a firm that provided consumers with physical DVD films to rent and buy. The firm expanded its subscription programme in 1999, allowing people to rent as many DVDs as they wished and receive them by mail. The entire entertainment landscape altered when Netflix decided to invest in streaming rather than DVD rentals in 2007, and today the company is valued at over $200 billion.
Netflix unveiled a fresh user interface in June 2011. The new UI was covered with movie covers more densely than before, hence the codename ‘Density’. They extensively A/B tested the interface elements. Despite the loud few complaints, user engagement still increased.
Starbucks
Starbucks first opened in Seattle in 1971. When Schultz and a few investor partners bought the company, it was limited to selling coffee beans and coffee-making equipment. What the company is today is the result of that purchase.
Schultz transformed the stores into coffee shops where beans, as well as coffee, were sold. Schultz led the company to success, and he eventually resigned as its chief executive in 2000. In 2008, he reinvented the company once again as its CEO. Schultz tried to improve customer engagement through technology during his second term as CEO. Today, Starbucks has the most frequented loyalty rewards app among significant restaurant chains thanks to its app.
IBM
IBM has been one of the world’s leading computer producers for much of its history. The company was forced to alter its direction in the early 1990s because its hardware sector was becoming excessively competitive.
IBM suffered an $8 billion quarterly loss in 1993, forcing executives to quit producing computer chips, hard drives, and printers. IBM then shifted its focus to software, IT consulting services, and computing research and development, bringing the corporation back to profitability and boosting its standing.
Corning
Corning, a leading manufacturer of glass, ceramics, and industrial materials, found success in the late 1800s by mass-producing glass bulbs for Thomas Edison’s lights. Corning has continued to innovate and reimagine what it can do with glass.
Pyrex durable cookware, internet communication via optical fibre, and tough-to-crack Gorilla Glass for tech gadgets like the Apple iPhone, iPad, and Watch were all invented at the company.