Nokia was once one of the biggest tech companies in the smartphone market. Anyone who's been around when Nokia was at its peak probably remembers the logo, still. However, Nokia is getting a makeover with its logo to go with the modern times.
A New Nokia
The new logo also signifies a change of strategy within the company. They aim to deliver more sustainable and profitable growth, as well as change the company's operating model. The new logo comes with Nokia's first phase, which is a complete reset.
Nokia CEO Pekka Lundmark said along with updating the company's strategy, they are also refreshing their brand as a key enabler in order to reflect who they are today, which is a "business-to-business technology innovation leader" that pioneers the future.
The tech manufacturing company wants to launch a new brand that will be focusing on the networks as well as industrial digitalization, as mentioned in Engadget. It was also expressed that it is completely different from the legacy mobile phones.
With its first phase done, the company continues to work on its second and third, as they work on strong growth, stable profitability, and broadening its customer base. They will do so by executing six strategy pillars.
The first is growing the company's market share with service providers, which it claims will be driven by continued technology leadership. There's also the expansion of the share of Enterprises within their range of customers.
The company will also strive to be in a leading position in all segments by managing its portfolio actively. They will also explore technologies beyond mobile devices in order to monetize their IP and invest in R&D and Nokia Technologies.
According to Nokia's blog post, they will be implementing new business models, such as "as-a-Service." Lastly, they will develop ESG into an advantage and become a "trusted provider of choice" within the industry.
Strategy-Driven Market Re-Entry
Nokia's updated company strategy will be supported by its own technology strategy, which shows how networks have to evolve to catch up with the needs of the current metaverse era. It is propelled by Nokia Bell Labs, which has done research on networks, software, AI, and more.
The company will execute its new strategies using four enablers, which according to Nokia are future-fit talent, long-term research, digitalizing of operations, and a refreshed brand, which they are emphasizing with the new logo for a more contemporary and digital feel.
The brand has been launched on February 26th in MWC Barcelona, and it will gradually be rolled out across the company's sites and assets. Nokia also revamped its website to go with its vision of a brand-new company.
Nokia is redeeming itself after its downfall back in 2014 when Microsoft acquired its Devices and Services division for $7 billion. The rights have since been reacquired by another company in 2016 to start over.
The company that took the rights back is called HMD Global, which is run by former Nokia executives, which shows that the brand name is in the hands of those familiar with it. Although the company has already seen success, they aim to take over a bigger market share.
