STAYING RELEVANT
How 100-year old companies survive By: Emily Goodman Americas Marketing ADP How can a 100 year old company stay relevant in the modern world? We know it’s possible, but it’s not inevitable. Everywhere you see the results of what happens when companies fail to stay relevant – Kodak, a formerly robust household brand is near declaring bankruptcy after being slow to adjust to digital imaging trends. Hostess snacks recently declared bankruptcy due in no small part to lack of adaptation to changing health trends and a down turn in the economy. The world is moving fast and innovating quickly. Great strides in technology occur each year and lifestyles have changed accordingly and almost as fast. The needs and expectations of our customers today differ greatly from those of customers just 10 years ago. High-tech, consumer-facing companies struggle every day to stay ahead of the ever-changing curve and to remain relevant to consumers. If you need any more evidence, just look at the phone you had
Cell Phone - 2000
Cell Phone - 2005
now when compared to cutting edge phone technology just 5 years ago – and going back 10 years seems like ancient history. The times may not be changing as rapidly or as obviously for some of Ingersoll Rand’s more industrial based brands, but we must still adapt to changing needs and expectations or face results of companies like Kodak who were too slow to see the change they needed to make. An obvious tactic in understanding what direction the market will move is to ask our customers. Social media offers an excellent opportunity to interact with, engage, and ultimately better understand our customers. There are other resources like surveys and focus groups used in an effort to understand what the customer wants. All of these strategies are excellent ways to hear directly from our customers about their needs and expectations.
Cell Phone - 2012
However, while it is important to be in touch with the voice of the customer, the more important consider-
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