You’re Late To The Party!

We all know the importance of time. But not everyone fall for it. When it comes to a solid business move, you can’t miss a moment. There have been many cases of the downfall of big brands. Once a popular culture may not be a popular later if they couldn’t cash the right time.

Take Nokia for example. It was once the most famous and trusted brand among every mobile phone users. It was titled as the best-selling phone brand in the world in 1998. It’s profit went from $1 billion to almost $4 billion by 1999. Nokia’s first phone was introduced in 2003 and Apple introduced iphone in 2007. Surprisingly by the end of 2007, 50% of the total sold phones were of Nokia. Their USP was durability, longer life and a good sound quality during calls.

The problem rose when many tech companies came forward in the mobile phone market with more advanced technologies in 2008. They kept throwing one after another new tech in the market and people were buying those phones. That is when Nokia’s egoistic approach to stick to their league failed. Within 6 years Nokia fall about 90% in its revenue. It further damaged after acquiring Microsoft as their software technology in their phones. Its UI was poorly designed, confusing and less customizable and the customer trust broke once again. In today’s mobile phone industry Nokia is no where. What we see in Samsung, Apple or Huawei among popular names.

This is what happens when you’re late to the party and miss every chance of staying relevant to the modern day market.