24/7 Wall St. has chosen the top 15 most hated American companies in 2010, and listed them in no particular order. Nokia, the world’s largest mobile manufacturer, is included in the list. Yes yes, I know Nokia is a Finnish company however they obviously do a lot of business in the US which is probably why they are on the list. Anyway, the criteria included employee opinions, return to shareholders compared to other companies in the area, brand valuation, negative press coverage and how taxpayers, Congress and Administration see these companies.
Nokia was included because its reputation in terms of quality has dropped, and they’ve received the worst grades in JD Power’s 2010 Mobile Phone and Smartphone ratings. Only Palm did worse in the rating. Ease of operation, design and how satisfied the customers were taken into account.
I tend to believe that Nokia had it coming and I think the main reason is that the company seems to believe that their leadership is intangible. This is why it clings to an OS that many see as obsolete (Symbian) while almost everybody else is going towards Android (even Amazon supports it, by creating an app store). Nokia refuses to do so and could lose it all in my opinion by playing the Symbian card despite the great hardware platform they sit on, the N8.
The lesson here? Well as I read this I was reminded how important it is to listen to the consumer and keep pace. Nokia was the 800-pound gorilla in the Pre-iPhone era across the world (and still the leader across most of the 3rd world countries). Rather than learning from the success of the iPhone and now the Android, Nokia has arrogantly refused to adapt to the market and as a result, watched their market share crash. So no matter how well you as a company might be doing today, never stop listening to the customer and adapting. Sometimes change hurts but refusing to change can in the long run, hurt even more.
Fortunatly it look like Nokia might actually be waking up but that still remains to be seen: Nokia considers the Android option – Will need to keep an eye on this.