SEVEN REINVENTION TYPES AND APPROACHES
In a fast-changing global environment, reinvention is becoming a necessity. Companies long for universal guidelines that they can hang on to, but not every strategy or measure fits all companies. It is crucial that companies define their specific situation and what goals they are pursuing. This is the only way to ensure successful long-term reinvention management. To assist in effective implementation, seven different reinvention types or approaches were defined, and examples given for each. Dive in and try to find out which type suits you best.
1 Founder-driven: Starbucks, Red Bull, Amazon, Facebook, Alibaba, Tesla
Active founders set the pace through their assertiveness, power and drive. They want to continue creating new things and stay on the move.
2 Hypertrend-driven: Coca-Cola, Ikea, Nestlé
As a company, they always see the new zeitgeist and trend themes and then follow suit. This requires permanent change. Not often the overall trend setter, more the early adopter.
3 Data / AI-driven: Alphabet, Oracle, Uber
Previously heavily data-related and now motivated by the possibilities of AI; always trying new things. There are also concerns that new competitors may emerge; however, this is a motive that holds true for most reinvention types.
4 Survival-driven: Opel, Commerzbank, Airlines
More companies driven out of necessity. To be or not to be is the trigger. Having the opportunity to truly reinvent themselves.
5 Collaboration-driven: Scout24, Migros, Airbnb
These rely heavily on the collective, employing agile working methods and frameworks. They are close to their consumers and have a deep understanding of changing customer behaviour through a holistic platform approach.
6 Consumer-driven: Tencent, P&G, Netflix
These are strongly product-related and see constant change as part of the company’s DNA. Synchronising all efforts and activities, in order to always stay a step ahead of competition. Sometimes with baby steps, but never coming to a halt.
7 New-kids-driven: About You, Gucci Mane, Nio
These have a fresh approach since they tackle the topic unencumbered by legacies, with more of an always-experimenting or school-forever attitude.
Do you like the reinvention type framework? Any recommendations for brands that fit into these typologies? Any brands or companies we should include? Please send your suggestions to firstname.lastname@example.org. We look forward to discussing and exchanging ideas with you!