Corporate Innovation at 3M
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- 3M is a multinational conglomerate known as the world's most innovative company with over $20 billion in annual sales across 65 countries. It fosters a culture of innovation through programs like allocating 15% of employee time to personal projects and executive-led multidisciplinary teams. The company has a diverse portfolio of brands organized into a distinctive brand hierarchy. 3M is regarded as an innovative and socially responsible corporate through initiatives to phase out harmful chemicals and clean the Mississippi River, though it also faced lawsuits over pollution. The company maintains a balanced social media presence divided by region and brands to project different images.
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Corporate Innovation at 3M
- 2. A MULTINATIONAL CONGLOMERATE 55,000+ PRODUCTS CORPORATE OFFICES: 65 COUNTRIES SALES OFFICES: 200 COUNTRIES 132 PLANTS 6700 EMPLOYEES $20 BILLION SALES WORLDWIDE OVER World’s Most Innovative Company
- 3. ‘15 % TIME’ Every employee is asked to dedicate 15% of work time to personal projects ‘EXECUTIVE CHAMPIONS’ Each promising new idea developed through a multidisciplinary team headed by an executive champion ‘SOCIAL NETWORKS’ Internal social networks for brainstorming sessions generating new ideas and market opportunities
- 4. BRAND HIERARCHY- BUSINESS Corporate Brand Industry Individual Brands Automotive Commercial Solutions Communications Design & Constructions Electronics Energy Manufacturing Mining, Oil & Gas Safety Transportation Healthcare Bondo Cubitron-II E-A-R PELTOR PPS Scotch Scotch-Brite Scotch-Weld Scotchlite Scotchguard Scotchkot Scotchlok Speedglas Trizact VHB Aqua-Pure DI-NOC Petrifilm Diamond Grade Thinsulate 360 Compass Avaguard Bair Hugger Cavilon Curos Filtek Unitek Littmann Petrifilm RelyX Tegaderm
- 5. BRAND HIERARCHY- CONSUMER Corporate Brand Industry DIY Home Office Personal Healthcare Post-it FUTURO ACE PELTOR SandBlaster Scotch Scotch-Brite Scotch-Weld Scotchlite Scotchguard ScotchBlue™ Filterete Hand Masker Aqua-Pure Littmann Nexcare ScotchBlue™ Painter’s Tape Delicate Surface with Advanced Edge Lock PELTOR Sports Ultimate Hearing ProtectorScotch PRO Thermal Laminator ScotchBlue™ Painter’s Tape ScotchBlue™ Painter’s Tape Original Multiuse ScotchBlue™ Painter’s Tape Multisurface with Advanced Edge lock Command Easel Back Picture Hanging Strips Scotch Brite Scrubbing Dish Cloth 3M Ultra Sanding Sheets and Rolls ScotchBlue™ Platinum Painter’s Tape ScotchBlue™ Painter’s Tape Exterior Surfaces Family BrandLevel Individual BrandLevel Modifier Level
- 7. A House of Brands “Broad Brand” Diverse Portfolio Product Differentiation through Innovation
- 8. A CULTURE OF CORPORATE INNOVATION
- 9. AN ENVIRONMENTALLY CONCERNED CORPORATE 1999 2002 2006 2008 First company to phase out environmentally damaging PFOs, PFOA and PFOS – despite being the primary producer of the products Separate environmental fund of $147 million Took up cleaning of Mississippi River at a budget of $56 million Renewable Energy Division Created
- 10. … BUT IS IT? 1989 2010 3M’s Oakdale Dump detected with significant groundwater and soil contamination by VOCs and heavy metal State of Minnesota Sues 3M for releasing toxic PFC into local waterways AN ENVIRONMENTALLY CONCERNED CORPORATE
- 11. CORPORATE SOCIAL MEDIA PRESENCE
- 12. Different YouTube Channels Based on: BRANDS GEOGRAPHY INDUSTRY
- 14. CORPORATE LEVEL PRODUCT & GEOGRAPHY BASED FACEBOOK PAGES
- 16. Innovative concepts of ads reflect the brand’s personality Focus on functionality: Product is the King! Subtle Humor Appeal
- 17. SUMMARY • 3M, a multinational Conglomerate, is regarded as the most innovative company in the world • Collaborative Corporate Culture to foster Innovations • Distinctive brand hierarchies to facilitate different images for products for different industries and customers • Creative, collaborative and passionate brand personality • 3M is a house of brands with immensely diverse product portfolio • Corporate Image dimensions of the company is that of Innovative and socially responsible corporate • Company’s social media handles are divided on regional as well as product basis • Corporate level social media presence in addition to regional and product levels • Innovative and minimalist ads with primary focus on product’s functionality • Company’s stocks have grown more than 20% since the beginning of the year 2016 • Features in the top 10 most admired US Companies ratings year after year
- 18. DISCLAIMER Created by RITIKA SRIVASTAVA during the PGP Brand Management course taught by at IIM LucknowPROF. SAMEER MATHUR
- 19. References • http://www.forbes.com/sites/gregsatell/2013/03/07/how-to-manage-innovation-2/#7a0b0ed333d9 • https://en.wikipedia.org/wiki/3M • https://unsplash.com/ • https://www.youtube.com/user/3M • http://www.forbes.com/sites/investor/2016/08/15/3m-microsoft-and-these-three-stocks-led-the-dow-to- an-all-time-high/#2ca0d1944b86 • http://www.forbes.com/sites/greatspeculations/2016/07/18/why-has-3ms-stock-risen-over-20-since-the- beginning-of-the-year/#5a70e354436a • http://www.forbes.com/sites/ashoka/2016/03/31/how-3m-drives-innovation-through-empathy-and- collaboration/#7373257f3aaf • http://www.wsj.com/articles/3m-targets-new-products-to-aid-sales-growth-1459275654 • http://www.nytimes.com/2015/03/06/business/3m-moves-toward-using-sustainably-logged-timber.html