Learning from Century-old Companies
Welcome to the Why to Wow newsletter which is all about inspiring the hearts and minds of people worldwide with the Power of Differentiation. In the Why to Wow newsletter, I share my experiences over the last 40+ years helping leaders differentiate their brands and products. I hope it will inspire you to discover and share your own brand’s uniqueness with the world.
Take a moment to add up the few companies you know that have existed for 50 years. Now, think of the brands that are over one century old. It’s a short list. That’s because 96 percent of businesses fail in their first 10 years. Fewer survive three decades, and almost none are still around a century later. It’s a rare distinction to survive and something to be proud of.
Over the years, my firm has worked with dozens of companies that have reached this stratum. There’s much to learn from resilient brands that have weathered the storms for a century or more and survived. And yet, often they are too humble to appreciate their success. After all, a company founded in 1902 has withstood two world wars, the sinking of the Titanic, a half dozen recessions, the Great Depression, and two worldwide pandemics.
There are five difference-makers that every company can learn from:
Difference-maker #1: The best companies care, even after a century. To them, it is personal; their product, quality, and relationships matter to them deeply. That sense of ownership and dedication permeates the greatest companies long after the founder has passed the baton. Their leaders feel responsible for continuing what the business has always stood for and “don’t want to mess this up.”
Difference-maker #2: The great ones have a deep connection to their product—they live it, own it, and experience it. It’s a passion, a lifestyle. And it is never just another widget or whatever is being built to make money. The great ones not only created their brand, but they continue to “live” it. They consume it, experience it, and understand it better than anyone. It’s not just a brand or product, it’s “us.” Whether it’s beer, Scotch, motorcycles, cars, trailers, trucks, components, or jet services, the leaders—and often the entire enterprise—are consumers of, and ambassadors for, the brand.
Difference-maker #3: Century-old companies have reinvented themselves over the years. As the world changes, they’ve kept up with the times, continuing to develop and innovate. That might mean realigning products or services to keep them relevant. It can also be a complete reinvention. Look at Procter and Gamble (P&G). They began as a soap and candle company in 1837. Today, P&G owns numerous iconic brands, from toothpaste to detergent.
On the opposite end of the spectrum is Kodak, once a giant in the photography industry. It failed to reinvent itself when digital imagery disrupted the market. What’s even more astonishing is that one of Kodak’s engineers invented the first digital camera in 1975. Kodak could have remained a leader in the industry but failed to adapt to a changing market.
Difference-maker #4: Stay close to customers. To reach 100 years and beyond, exceptional companies ensure they meet their customers’ needs. They do that by developing a deep connection with their end-users, treating them as an extension of the brand and an invaluable source of unofficial research and development. These companies genuinely adore their customers, embracing their quirks and differences without reservation because they are considered part of the family.
The visionary leaders of these immensely successful companies actively seek input from buyers to enhance their offerings, often sharing the brand experience. Whether the product is a motorcycle or a fire truck, they happily join bike owners on cross-country motorcycle rides or proudly stand shoulder to shoulder with customers as fellow volunteer firefighters battling the flames. By immersing themselves in these experiences, new ideas are born, unbreakable bonds are formed, and companies remain relevant and valued.
Difference-maker #5: Community commitment. The great ones understand that the community needs to be served and honored. Centenarians support their community as well, often being the marquee business in their area. These brands are the greatest of givers, yet they usually underplay it. And they consider their employees to be family, committing to providing them with a stable, proud work environment.
I have nothing but admiration and respect for those companies that have survived and thrived for a century or more. They’ve achieved where so many have failed. Whether a company has survived two pandemics or is a start-up, we can apply learnings from these trailblazers as we strive to be counted among their ranks in the future.