The global economy continues to stagnate, and we see one country after another fall into recession. This must be questioned against the upside of growth and competitive advantage that a new offering may deliver. Therefore, a careful analysis of the business situation is essential to avoid either premature or delayed investment. But despite this challenging economic climate, some leading brands have successfully launched products in recent years, attracting significant revenue and demonstrating superior return on investment. Their success offers us an insight into how best to navigate our way through today’s challenging economic climate:
As the global economy stagnates and one country after another falls into recession, it is easy to question whether now is a good time to invest in product innovation. The apparent risk of other lousy market conditions must be challenged against the upside of growth and competitive advantage that a new offering may deliver. A careful analysis of the business situation is essential to avoid either premature or delayed investment.
The most important thing for businesses today is to make sure they are making decisions that uphold their organisation’s long-term health, creating an environment where short-term gains can come at the expense of sustainability over time.
But despite the economic downturn, some leading brands have successfully launched products in recent years, attracting significant revenue and demonstrating superior return on investment. Their success offers insight into how to navigate our way through today’s harsh economic climate.
The iPhone is an excellent example of a successful product launched during a recession. Established in 2007 and updated twice during the depths of a recession, this smartphone has been a massive success for Apple. In addition, it paved the way for other successful products, such as the iPad and Apple Watch.
While some companies may have been tempted to postpone launching products until economic conditions improved, many leading brands have successfully launched products in recent years, attracting significant revenue and demonstrating superior return on investment. Their success offers insight into how to navigate our way through today’s challenging economic climate.
Here are five examples of leading products created in a negative financial period:
Apple is an excellent example of a company that has consistently produced innovative products during periods of negative financial growth. An example is the iPhone, launched in 2007 as part of Apple’s comeback from bankruptcy.
The iPhone 2G was released in 2008, just two years after the first launch and at the height of the recession. The product provided users with access to apps for productivity and communication purposes, which helped them stay connected even when money was tight.
In 2011, Apple released its third generation phone (3G) following another economic downturn for consumers worldwide. However, this didn’t slow down sales—the 3G model sold 20 million units within six months! This success can be attributed to features like 4G connectivity, Wi-Fi hotspot capability and improved battery life over previous releases that appealed directly to consumers’ needs during challenging times.
Apple has also continued its innovative streak when it comes to design: In 2013, it launched what many consider one of its most iconic designs yet: The iPhone 5S (and 5C). Its popularity continues today due to outselling competitors like Samsung by millions each quarter since its release date, thanks mainly to increased user demand driven by new features such as the fingerprint ID unlocking system called TouchID introduced with these two models only available so far on iPhones until now…
Apple iPhone – “Reinventing the phone.”
The iPhone was first introduced in 2007. When the recession hit, it seemed like a strange time to start up a new product line. However, Apple was able to create an entirely new category of mobile phone with their device and launch it into the market at an opportune moment. The iPhone was updated twice during the recession, with its first version released in 2008 and its second version coming on stream in 2009. By March 2011, Apple was selling 2 million phones per week, netting almost $12Bn in annual revenue from just one product line!
Although first introduced in 2007, during an upswing in the US economy, the iPhone has since been updated twice during the depths of the recession. The second version was released in 2008, and the third in 2009. By March 2011, Apple was selling 2 million phones per week, netting almost $12Bn in annual revenue, equating to nearly $500M per month or almost $20M per day! In 2022, Apple’s revenue came to $205.4Bn
If a company is to create a successful product, it should be launched during an upswing in the economy. This allows for maximum exposure and means that the product can benefit from increased demand as consumers have more disposable income.
However, not all products are created equal; some are successful even when their creator is financially troubled.
The iPhone was introduced in 2007 during an upswing in the US economy. At first glance, this may seem like a good time to launch such a product. Still, Apple’s financial situation was quite bleak at this time, given their plummeting stock prices and huge losses incurred by early versions of iMac computers that caused significant job cuts among development teams (Wade). Despite these setbacks, Apple still managed to launch two versions of the iPhone – 1st version was released in 2008, 2nd version was released in 2009, 3rd the performance was released in 2010! By March 2011, Apple was selling 2 million phones per week, netting almost $12Bn annual revenue, which equates to roughly $500M per month or nearly $20M per day!! That has grown to $204.5 Bn in 2022
Bottom- Line
The iPhone is a perfect example of how leading brands can launch products that redefine the industry during periods of economic uncertainty. Apple has successfully brought innovation to market under conditions where many other companies would have delayed their investment or even cancelled it altogether.
Who am I?
I am Dotun Adeoye, a Business Growth Strategist & Author of the 5 Pillars of Business Growth.
I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 29 years.
Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, ensure business continuity and achieve a legacy.
Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718
