Industries reinvent themselves with new tech like 5G, wireless and AI
How strong is your company brand? Is it vibrant and well known, or is it time for a re-fresh? These days new technology like 5G, wireless and AI are changing everything. With a wide variety of briefings from companies attending conferences and expos like MWC, ITEXPO, CES, NAB and more, I have learned something very important that every CEO and CMO needs to learn and understand.
There is a unique opportunity right now as industries shift. Most successful companies have a strong, well known, memorable and friendly brand among their customers. The brand does not have to be successful in the general marketplace, but it must be well known among a smaller group of customers, investors, workers and the media.
Keeping a brand static over time, it loses luster, energy and effectiveness as the world changes around it.
Any way you slice it, building and refreshing a successful brand from time to time is key to long-term success. Think of the brand as a vibrant, living thing. Especially as existing industries are being recreated.
That’s why today is the time many successful companies refresh their brand.
Every company or sector rides a “growth wave” up and down again
Every company and every product or service rides a growth wave which rises, then crests and ultimately falls. While some growth waves last longer than others, none of them last forever.
That’s why most companies need to both ride the existing growth wave and create the next one before the current one crests and falls.
Think about the past several decades. We have seen this concept in action time after time.
Companies in the wireless handset business like Motorola, Blackberry, Nokia, Palm and others were all well-known leaders in the wireless handset sector. They were all on the growing side of the growth wave, until something happened. That’s when their growth plateaued and quickly started to decline.
As one products growth wave crests and falls, something else always takes its place. That’s why it is so important to create the next growth wave.
Brand name leadership like a fire that continually needs to be stoked
Remember when Apple iPhone and Google Android suddenly transformed the smartphone space sending Blackberry and other leaders to the back of the pack?
If you are fortunate enough to find yourself on a growth wave, it’s important to realize that none of them last forever.
Every growth wave rises, then crests, then falls.
That is one of the key items every CEO needs to fully understand and prepare for. They must not be blinded with their current success and with false delusions they will always lead.
Strong, well-known and refreshed brand is key to long-term success
That’s why building a strong brand, then reinventing and reinvigorating it is important among your customers, investors, workers and your industry is key to long-term success.
Today, there are new segments, and they have no real long-term leaders. Not yet anyway. That means well-known leadership should be the target of every CEO in these spaces today.
Private wireless is new sector that has no real brand leadership yet
As an example, consider private wireless. This is a segment of the wireless industry, which in turn is a segment of the telecom industry.
Private wireless lets enterprises install their own secure and private wireless network. This lets companies improve wireless coverage, quality, reach, security and control on their own network.
One sector is larger wireless companies with well-known brand names are in this space. Think of public wireless networks like AT&T, T-Mobile, Verizon, US Cellular as well as others in the wireless space.
Two are countless smaller, lesser-known competitors. Companies like Juniper Networks, Betacom, Shabodi, Ruckus and in fact many others who build networks.
Three is the many larger and mid size network companies like Qualcomm, HPE, Cisco, Intel, Celona, Federated Wireless, Ericsson, NTT, Cradlepoint, Nokia, Samsung, Huawei, ZTE and many others as well to one degree or another.
Private wireless companies; Juniper Networks, Betacom, Shabodi, Ruckus
We see many companies in this space and the numbers continually rise. Yet, with all this attention and growth, there is no real brand leadership today.
What I have noticed is that many smaller, lesser-known companies saw this new opportunity. They have hot new technology, but they do not have the brand recognition of the marketplace or the deep pockets to withstand the startup process.
At the same time, larger competitors have the deep pockets and brand name recognition and are trusted but are not well known in the private wireless space.
HPE, Cisco, Intel, Celona, Federated Wireless, NTT and others
That’s why we are starting to see private wireless begin the next chapter of its story. We are seeing both partnerships and M&A.
A few examples of this include Betacom striking a deal with companies like Qualcomm and US Cellular. Or Juniper Networks recently announcing they will be acquired by HPE. Or Boldyn Networks buying Edzcom from parent Cellnex.
I predict more of these partnerships or acquisitions will continue as we move forward. This will strengthen both the smaller companies with new technology and the larger companies who want to be players in this new private wireless space.
M&A and partnerships have begun in private wireless
That being said, we still do not know what brand names will lead this sector.
Today, there is a real opportunity for smaller, lesser-known competitors, or for larger brand name competitors to strike.
In this new and competitive playing field, this is a time for key players to strike and become leaders.
Brand will play increasingly important role in FWA wireless broadband
Plus, there are other new segments as well like FWA or wireless broadband. The news will be focused on wireless carriers like AT&T, T-Mobile and Verizon as they offer this new and lowere cost broadband service.
This will also highlight the loss to the cable television industry as companies like Comcast Xfinity, Charter Spectrum, Altice Optimum, Cox and others continue to lose market share with traditional cable TV and wireline broadband.
In fact, smaller cable TV competitors are already starting to exit the cable TV space and focus on broadband.
Next, broadband is starting to face real competition with FWA and wireless broadband. This is the next competitive threat to cable TV competitors.
So, the rules are being re-written. Who will tomorrows leaders be? Now is the time for visionary companies, their CEOs and CMOs, and refreshed brands to scope out their leadership positions in these new sectors.