This is the paper:
As previously mentioned, Polaroid was initially a great success. However, 10 years after reaching peak revenue, the company suddenly filed for bankruptcy. To determine the best way to move forward, it is necessary to understand what went wrong. By analyzing Polaroid’s drastic shift from a 3 billion dollar company to millions of dollars in debt, our group will be able to propose ways to ensure the same issues do not occur again. While the seemingly obvious beginning of Polaroid’s demise, the creation of Apple’s iPhone made a tremendous impact on the photography industry, Polaroid’s decline began with their own creation: Polavision. Polavision was an instant home movie camera introduced by Polaroid in 1977. Although part of its failure can be attributed to poor timing, as videotape systems were rapidly gaining popularity during this period, the decision to release Polavision was ultimately a failure in leadership’s foresight and adaptability. The failure of this product led to the forced resignation of the company’s founder, Edwin Land, who would pass before his company fell entirely into ruin.
New leadership made risky decisions, issuing an incredible amount of bonds and borrowing a surplus of money that did not yield any reward. Furthermore, they failed to respond to the up-and-coming digital technologies that began eating away at film sales and instead invested heavily in Helios, a dry film technology used for medical imaging. Leadership’s tendency to rely on developing outside companies rather than producing film like competitors Kodak and Fuji resulted in a massive loss of revenue and abandonment of money-making markets. However, Polaroid’s failure was not only within the company’s ability to sell and produce money-making products.
While procuring revenue is essential for company success, maintaining internal control and harmony is just as important. In Polaroid’s case, the company lost almost as much money through internal operations as it did with its failure to release trending products. From 1972 to 1988, sales staff grew by fivefold, from 140 to 800, and back office staff outnumbered sales representatives two to one. Furthermore, unproductive people in sales were paid as much as stellar ones. Many believe that the failure in the system, which allowed employees to be paid regardless of the amount of work they completed, was the fault of Polaroid’s chief financial officer, Judith Boynton, who soon resigned after facing these accusations. The quick turnover rate of Polaroid’s leadership caused instability within the company, which desperately needed someone capable of unifying employees and management, and making drastic but necessary changes.
As seen in the Nut Island Effect case study, the presence and employee respect of upper management is essential for company growth and stability. If division exists between a company’s workers and those in positions of leadership, no matter how hard each side tries, failure is inevitable. Clear communication, empathy, and mutual trust are essential for the prosperity of any corporation, and Polaroid’s leadership failed on each of these fronts. Rather than listen to employee concerns about the rise of digital cameras, or remarks about coworkers’ inability to do their jobs, Boynton persisted with the same strategy until her resignation. Polaroid’s inability to adapt to changing circumstances, both internally and externally, was perhaps the biggest contributing factor to the company’s bankruptcy.
Polaroid’s inability to diversify led to incredible financial mismanagement. Both the chief financial officer and founder of the company held onto the belief that hard-copy prints would always be the top photography trend, with 65% of the gross margin being allocated to instant film. Leadership’s unwillingness to progress with the introduction of digital cameras and spend more on electronics meant that they gave up on business innovation, resulting in stunted growth. The sale of film was foundational to Polaroid’s business model, and cameras were created to increase these sales. Upon the belated realization that digital imaging was going to take over the photography industry, Polaroid scrambled to catch up. By 1989, digital imaging accounted for nearly 42% of Polaroid’s R&D expenditures. This, coupled with the failure of Polavision and other attempts to develop a digital camera, caused Polaroid to lag significantly behind Canon, which was rapidly advancing digital camera technology and gaining popularity in the broader market. Overall, Polaroid greatly suffered from leadership’s inability to keep up with the innovation of digital photography.
Even when facing a decline in the market, Polaroid’s 1985 CEO MacAllister Booth argued “as electronic imaging becomes more prevalent, there remains a basic human need for a permanent visual record,” and most officials remained firm in this belief. However, Polaroid’s CEO from 1995 to 2001, Gary DiCamillo, explained that “ kids today don’t want hard copy anymore. This was the major mistake we all made: Mac Booth, Gary DiCamillo, and people after me”. The belief in the value of holding a physical photograph meant little to consumers who were perfectly content holding it digitally. While there is something to be said about remaining firm to a company’s initial mission, with technology innovation should come innovation of the business. As stated by Jim Collins in “Level 5 Leadership,” successful leaders are those who “look inside the window to assign blame, never citing external factors” (9). Polaroid’s failure to assign blame to their fixed beliefs in a transitional time hindered their ability to adapt and innovate, putting them behind the trending market and blinding them to the company’s potential. Even when Polaroid attempted to reinvent itself in the 1980s, too many competitors already existed within the sea of digital photography, and the company was unable to penetrate the ocean due to poor timing. In 2001, six years before the release of the iPhone, Polaroid filed for bankruptcy, after the sale of film cameras fell and its brand and assets were sold off. It wasn’t until 2017 that Polaroid was acquired by its largest shareholder of the Impossible Project and was renamed Polaroid Originals. The change in ownership and direction helped revive Polaroid in the modern world but there is still a long way to go to bring Polaroid back to its former glory.
Polaroid was one of the first companies to deliver a product that allowed you to view your picture minutes after you took it, and at the time this was groundbreaking. Fastfoward to today with the smartphone, this happens instantly. Plus, you are able to share it within seconds to almost everyone you know. With the rise of social media and instant messaging, the space for physical copies of pictures has diminished greatly. Our goal at Polaroid is to bring the company back to the market in the 21st century. In order to do this, we need to make some major changes to the brand. Our first step is changing who our target audience is. With our new Polaroid campaign we will be focusing on college-aged individuals. This target audience will be between the ages of 18-23 and we will primarily target students on and off college campuses.
Our first initiative will be introducing a digital app that allows you to have a digital copy of your picture on your phone. We will still have a physical camera that the customer will have to buy, but we will make it cheaper than it is currently. We will also have three different tiers of cameras ranging in prices as well as picture quality and how much film it can hold. We will market the middle priced camera more towards college students while the higher priced camera will be marketed towards the older end of the target demographic. The digital app of Polaroid will allow users to have a digital copy of their picture that they took but it will take just as long as it would for a physical Polaroid picture to produce. The digital copy will have a specific filter that is synonymous with the brand as well as a word mark in the corner. We will be slowly straying away from the instant gratification that we have grown accustomed to with the use of smartphones. Polaroid currently has an app but we will renovate it and connect it with your personal Polaroid camera.
Our second initiative for our new Polaroid campaign are Polaroid walls. This has already been a slight fad in the past but in our new campaign we are planning to have these walls go viral on social media. We will use apps like Tik Tok and Instagram to push our campaign. Again we will focus on the college demographic and we will run a series of advertisements showing how the Polaroid Camera can be used at a party. We will show that everyone will want to take their picture at a party and the next day you can look at all of the physical copies and put it onto your wall. There was also a trend where you take a picture of everyone who has ever been to your home. Over time the wall will continue to grow and you can have a running timeline of all the people you have met and who have come over to hangout with you. Polaroid walls aren’t just set in off campus housing. We also plan to partner with student organizations, on-campus housing, and popular hangout spots on campus to create interactive events centered around building Polaroid walls for students. At these areas on campus we also plan to have props, backdrops, and Polaroid cameras for attendees to capture and print their favorite moments. We will then encourage students to post their photos using a hashtag to increase their popularity.
Our final Polaroid initiative will be on campus brand ambassador programs. We will recruit enthusiastic college students to serve as Polaroid ambassadors on their campuses. Polaroid ambassadors will organize and run Polaroid themed events on campus that will further involve students with the brand. Polaroid ambassadors will also create relationships with local influencers, student organizations, and campus stakeholders to expand brand reach and awareness. We will offer exclusive perks and incentives to ambassadors, such as free Polaroid products, merchandise, event tickets, and discounts. We will continue to provide opportunities for ambassadors to gain valuable marketing and leadership experience, enhancing their resumes and skill sets. Finally we will recognize top-performing ambassadors through rewards, shoutouts, and featured spotlights on Polaroid’s social media channels.
In our endeavor to revive Polaroid’s iconic status and align it with contemporary needs, we propose a strategic pivot that includes the launch of a digital app. This app will revolutionize how users interact with their Polaroids by seamlessly integrating the traditional charm of instant photos with modern digital conveniences. Users can snap photos on their smartphones and immediately print them through our app, creating a dual experience—digital and physical. This functionality not only caters to the nostalgia associated with Polaroid but also appeals to the tech-savvy generation that values instant accessibility and sharing capabilities.
To ensure our revamped product resonates across various media platforms, a significant overhaul of our app interface and functionality is planned. The renovation will focus on user-friendly features, high-speed connectivity to Polaroid cameras, and enhanced sharing options that encourage users to post their Polaroid pictures directly onto social media platforms like Instagram and TikTok.
Our market research indicates a substantial opportunity within the 18-24 age demographic, particularly among college students. This group is pivotal as they are trendsetters on social media and have a substantial influence on viral marketing phenomena. To capitalize on this, we plan to introduce the concept of a ‘Polaroid wall’—a dynamic and visually appealing display of Polaroid photos depicting various facets of college life, from dorm decor to social events. This concept will be promoted through targeted social media campaigns, aiming to make the ‘Polaroid wall’ a must-have trend in dorm rooms and student spaces across the globe.
To make Polaroid cool and relevant again, we will launch an aggressive advertising campaign across popular social media platforms. Utilizing Instagram, TikTok, and possibly YouTube, these campaigns will feature engaging content that highlights the uniqueness of Polaroid photos. The virality factor will be amplified through challenges and hashtags that encourage users to share their own Polaroid experiences.
Furthermore, collaborations with key influencers and celebrities popular among the youth, such as DJs and athletes, will enhance our visibility. These influencers will showcase the cultural and social relevance of owning a Polaroid in today’s digital age, leveraging their substantial followings for maximum brand exposure.
While implementing these strategies, a critical evaluation of the financial implications is necessary. Collaborations with celebrities and sponsorship deals, such as those with events like the X-Games or music festivals, require significant investment. The potential returns, such as increased brand visibility and sales spikes, must be assessed against the costs to ensure a sustainable marketing budget.
In addition to direct advertising, co-branding opportunities with other popular brands and artists could provide unique avenues for reaching new customers. Limited edition cameras and film packs, for instance, could attract collectors and enthusiasts, thereby creating buzz and enhancing the perceived value of Polaroid products.
A co-branding event between Polaroid and X-Games could be an exhilarating fusion of extreme sports and instant photography, blending the thrill of action-packed competitions with the timeless joy of capturing unforgettable moments. Here’s how we plan to integrate this event with our plan: 1) Venue Selection: Choose a dynamic venue that complements both the high-energy atmosphere of the X-Games and the retro-cool vibe of Polaroid. This could be an urban setting with graffiti-covered walls, a sprawling skatepark, or a beachfront locale with plenty of space for spectators; 2) Activities and Competitions: Design adrenaline-pumping competitions that showcase the best of extreme sports, such as skateboarding, BMX, snowboarding, and motocross. Incorporate unique challenges that allow athletes to push their limits while providing ample opportunities for spectators to capture jaw-dropping moments with Polaroid cameras; 3) Polaroid Zones: Set up designated Polaroid Zones throughout the venue where attendees can test out the latest Polaroid cameras and instant film. Offer interactive photo booths, workshops on creative photography techniques, and live demonstrations by renowned Polaroid photographers; 4) Custom Branded Merchandise: Collaborate on exclusive co-branded merchandise, such as limited-edition Polaroid cameras featuring X-Games artwork, branded film packs, apparel, and accessories. Make these items available for purchase at pop-up shops and online stores, creating buzz among fans and collectors alike. 5) Social Media Integration: Encourage attendees to share their Polaroid snapshots and X-Games experiences on social media using event-specific hashtags. Host contests and giveaways for the best photos, and feature user-generated content on both Polaroid and X-Games’ official channels to extend the event’s reach and engagement; 6) Live Streaming and Broadcasts: Partner with media outlets to livestream the event worldwide, allowing fans from around the globe to tune in and experience the excitement in real-time. Incorporate behind-the-scenes interviews with athletes, product demonstrations, and highlights from the competitions to provide comprehensive coverage; 7) Sponsorship and Brand Activation: Secure sponsorship deals with like-minded brands that align with our target demographic of college students, such as energy drink companies, apparel brands, and tech companies. Collaborate on cross-promotional campaigns and experiential activations that enhance the overall event experience and drive brand awareness. By combining the best elements of extreme sports with the iconic nostalgia of Polaroid photography, a co-branding event with X-Games has the potential to captivate audiences, inspire creativity, and leave a lasting impression on participants and spectators alike, which will boost our brand’s presence in the young adult world.
To further solidify the brand’s presence, Polaroid can explore innovative product offerings such as a subscription service for film packs, customizable cameras, and eco-friendly innovations. Hosting photography workshops and participating in art and fashion integrations can also elevate the brand’s artistic profile, connecting it with niche markets and enhancing community engagement.
By embracing these strategies, Polaroid can transcend its classic legacy to become a revitalized brand that holds a special place not only in the hearts of those who cherished its past but also in the lives of a new, dynamic generation. Through digital innovation, targeted marketing, and strategic partnerships, Polaroid is set to re-establish itself as a leader in the world of photography, blending nostalgia with the cutting-edge to create a future as bright as its illustrious history.
This is what you can refer the comeback and how the paper is gonna go:
White Paper Project – Progress Report
Breaking it up:
Why did Polaroid file bankruptcy?
Failure in senior management
Unable to anticipate the impact of digital cameras
Failure to adapt
How do we evolve/comeback?
New marketing campaign
Our plan is to introduce our digital app that allows you to collect the pictures you take on your phone. This way you will be able to have a physical copy and a digital copy of the pictures you take.
Update product across media – app creation
Target new demographic
Our new demographic will be within the age range of 18-24
We plan to target the college aged groups
College-aged people (polaroid wall)
We want to use marketing campaigns through social media like a viral trend that you can only do if you have our product.
A polaroid wall is a wall that is covered in pictures or people that have been to yo
ur house and other pictures of parties and different occasions. Our goal is to make this a viral marketing campaign
Make polaroid cool & relevant again
Ads through social media platforms
We want to market on Instagram and TikTok
Youtube ad? TikTok ad?
Brand ambassadors/Ad campaign through influencers (Fisher)
We will work with celebrities that our desired age group is interested in to spread awareness of our product. Fisher (DJ) and other music artists like Dom Dolla (DJ) are just a few celebrities that we plan on working with. We will also branch out to different athletes like Jesper Tjader (Skier)
Important to take financing into consideration, celebrities require payment, does Polaroid have the funds?
Co-Branding events
We will work with events like the X-Games to spread awareness of our product. We can sponsor the event so that people will see our logo and name as the physical background of the event and during commercials on TV. We also plan on doing this with different concerts.
Finances again – requires research. Is the payoff work the risk?
