Over the past several months, we have seen businesses transform their company and product messaging, marketing activities and even pivot into new markets. External events, such as the global pandemic, create a fork in the road for many businesses. When inevitable trigger events affect a company’s business model, they have to make difficult decisions – stay the course in hopes of keeping enough business or pivot.

In most cases, the company’s decision is a defining moment in its success or failure. Netflix started by mailing DVDs to people’s homes and sending the next movie (or movies) on the subscriber’s wish list upon return. As digital streaming became the preferred method for watching new video content, the company invested in technology and recreated its delivery model. On the other hand, the now-defunct Blockbuster is a classic example of a company that did not effectively transform.

Eastman Kodak’s Pivot Plan

For years, Eastman Kodak was a cautionary tale. In 2013, the once largest employer in Rochester, NY, emerged from bankruptcy protection as a commercial printing provider. There have been numerous articles assigning failure to Kodak for not capitalizing on digital photography opportunities over the years, but in mid-2020, an opportunity presented itself. Gaps in the US healthcare supply chain created new opportunities for many companies, and Kodak fit the bill for pharmaceuticals. The expansion into pharmaceuticals and health products is not unusual for companies with chemical engineering expertise, and pharma is not foreign to Kodak. In 1988, Kodak initiated a diversification strategy through the acquisition of Sterling Winthrop Drug Inc. The Sterling Winthrop Drug business was sold off back in 1994, but it looks like pharmaceuticals are back on the table for Kodak.

The Eastman Kodak team announced expansion into manufacturing generic pharmaceutical components with the organization’s new arm, Kodak Pharmaceuticals. The Eastman Kodak Company may receive a $765 million loan from the US International Development Finance Corporation (DFC) to produce these items.

Partnering with Product Marketing for a Successful Pivot

While it’s not unusual for a company to pivot, Kodak’s expansion into pharmaceuticals leaves many open-ended questions for those looking on from afar (and internally), such as the role the print and camera film business will play in Kodak Pharmaceuticals and what their product portfolio will look like after the pivot? For these and many other considerations, product management and product marketing must remain front and center. A sample of Kodak’s hypothetical product portfolio upon the launch of its pharmaceuticals branch can be found in How to Showcase Your Collection of Products and Services with Product Portfolio Examples.

In Kodak’s corner is a real and significant problem to solve – strengthening US supply chains. Although this is not a new issue, the global pandemic and its restrictions have brought it to the forefront. Kodak sees an opportunity to use its 100+ years of experience, their team of scientists and chemists, and infrastructure to address a timely and national need. Additionally, with the recession brought on by the pandemic, Kodak also addresses another current challenge – employment – they expect to stimulate the Rochester, NY economy with 300 direct and 1,200 indirect jobs.

With the defined market need, a valuable product, and business direction, product marketing has a great story to tell. We will watch as Kodak begins the real work of expanding its portfolio and marketing its new products. As they start their venture with half the battle already won (already being a household name), the company will likely invest considerably in marketing and messaging their newest product line. With any pivot, a company must carefully monitor its direction, success, and customer sentiment. However, making such a dramatic pivot during quickly changing times means Kodak must be extra vigilant and agile, but with over 100 years of experience, eagerness to make a difference, and a past pharmaceutical relationship, odds are in their favor.