Nokia, a name that was once synonymous with mobile phones, has recently unveiled a dramatic change to its iconic logo. After a decade of being out of the mobile phone business, the Finnish 5G equipment maker is looking to relaunch its brand in order to signal a strategy shift. CEO Pekka Lundmark has taken over the telecom equipment arm and laid out a three-phase plan – reset, accelerate and scale.
The new logo, which ditches the classic blue colour, is intended to reflect Nokia’s updated vision and position itself as a “business technology company”. Nokia wants to be viewed as more than just a mobile phone maker and is aiming to focus on networks and industrial digitalization. Mr. Pekka Lundmark believes that this rebranding will help the company to take market share without sacrificing margins and to grow its enterprise business from 8% to “double-digit” territory.
So why did Nokia choose to revamp its logo?
Lundmark believes that “in most people’s minds, we are still a successful mobile phone brand, but this is not what Nokia is about”. The company is choosing to move away from its association with mobile phones, something it left almost a decade ago when Microsoft Corp. bought the business in 2014 and gave the license to HMD Global Oy.
The logo redesign is part of a wider effort by Nokia to regain its investment-grade BBB- rating from S&P Global Ratings after more than a decade of being in junk territory. In addition to the rebranding, they will also focus on adding market share in their business serving wireless service providers with network equipment. This has been helped by restrictions on Chinese rival, Huawei Technologies Co., after a number of European governments blocked the company from selling parts for 5G networks.
The new logo is a modern and digital take on the classic look. It is a combination of geometric shapes and bright colours, with the word ‘Nokia’ in bold typeface. Nokia has also released a new brand identity and is embracing whatever colour scheme is more appropriate depending on the situation. Lundmark believes that this move is “a key enabler” to their strategy shift and will help them to stand out from their competition.
Nokia is now looking to the future and taking steps to ensure they remain a leader in the business technology field. By relaunching the brand and updating their logo, they are hoping to signal a new era of growth and success. With the right strategy and a modern look, Nokia is looking to make a splash in the industry and prove that it is more than just a mobile phone maker.
