On Sunday, Nokia revealed a new logo redesign as part of a rebranding process to distance itself from its phone-making past as it focuses on more B2B products. The company also disclosed strategies for faster growth as the world increasingly adopts fifth-generation mobile technologies.
Nokia held a court at Intercontinental Hotel in Barcelona to unveil its new logo, a design of five distinctive shapes forming the company name. According to Pekka Lundmark, Chief Executive,
“There was the association to the smartphones, and nowadays, we are a business technology company.”
Some B2B products that the company wants to focus on include private 5G networks and automated factory equipment, posing the company as a competitor to Microsoft and Amazon in the technology ecosystem.
“There will be multiple different types of cases, sometimes they will be our partners … sometimes they can be our customers… and I am sure that there will also be situations where they will be competitors,” Lundmark said.
Its updated technology strategy details its evolvement to meet the metaverse era’s demands. “The signal is very clear. We only want to be in businesses where we can see global leadership,” Lundmark said.
In its statement, the company said it is focused on “further acceleration” through tech leadership, broadening the share of enterprises within its customer mix, and “seize opportunities” from sectors outside mobile devices.
The CEO disclosed that Nokia aims to achieve growth and development in other areas. One of the telecom equipment company’s strategic upgrades is scraping its blue colour and replacing it with whatever is considered more appropriate.
Nokia’s strategy
When Lundmark took charge of Nokia in 2020, he laid out a three-pronged strategy to put the technology company back on top. His strategy’s three stages are reset, accelerate and scale. Lundmark said now that the reset stage is complete, the second stage will begin.
Nokia still intends to grow its service provider business, which includes selling equipment to telecom companies, but it has shifted its primary focus to selling gear to other businesses.
“We had very good 21% growth last year in enterprise, which is currently about 8% of our sales, [or] 2 billion euros [$2.11 billion] roughly,” Lundmark said. “We want to take that to double digits as quickly as possible.”
Read More; A timeline of the rise, dominance and fall of Nokia phones
Interesting facts about Nokia
Nokia, a Finnish multinational corporation, was founded on 12th May 1865. It started as a single paper mill operation, whereas the company gained expansion through the 19th century and branched into several different products. However, the Nokia corporation was formed in 1967.
Its first mobile phone was introduced in 1987 and was the “Mobira Cityman” and remained its oldest product with 900 networks. It was shipped to Nigeria in 2001, and to date, the brand has existential users.
In 2011, the Finnish telecom equipment company partnered with Microsoft to address increasing competition from iOS and Android operating systems. In 2014, it sold its mobile and devices division to Microsoft.
Read More; Like a second coming, CEO, Florian Seiche says Nokia plans to lead the smartphone market again
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!