Business revolves around making a profit by reaching the society for its needs and thereby creating an impact in the society. This needs a good strategy. Developing a strategy requires a competent business strategy professional who can plan diligently and manage strategically with technical precision. We shall come to this point again later on.
There are two principles to gain success in business. One is, emulating the strategies of successful companies as such or with little modification as per your business and the second one is creating a new path toward success. Though the first one looks seemingly easier, both call for due diligence.
Let’s deep dive into each of these two business principles. Let’s start with the easier one, that is following the successful business leaders.
Emulating the strategies of successful companies
A business strategy is a deft methodology with tools and techniques to capture customer attention, achieve business targets, earn revenue, and set a competitive position in the market. It is critical to identify clear objectives, gather market research information, statistics, plan, and manage performances.
You can follow the footsteps of bigger and successful companies to capture customer attention and gain a competitive advantage. Here are a few examples of strategies followed by successful companies.
PayPal – Disrupting the status quo
PayPal continues to be one of the world’s most reliable payment services. Before PayPal, people were transferring money through bank accounts. There was no method available to transfer money using the Internet.
PayPal’s small imagination set a new trend in the money transfer system. It facilitates customers to deposit and securely withdraw funds, holds balance with full compliance and control over the financial data.
It is one of the world’s largest online payment processor with 203 markets and multiple currencies. The company follows ethics and vouches for its moral standing in the market from day one.
The Key takeaway here is disruption, smartness, and ethics. PayPal is the first player in the market to provide online fund transfer services.
Walmart – Low pricing strategies
Walmart continues to be the world’s biggest retailer. Quality and brands offered at low prices targeting the lower-income shoppers was the marketing plan of Walmart.
Walmart has a strong and loyal customer base as every customer walking into any of Walmart’s stores knows they can count on the pricing of the goods. To amend its low pricing strategy, the business strategy framework it followed is briefed here. Walmart kept its overhead costs low, minimize operation costs, leveraged barcode and RFID technology, pioneered cross-docking in its supply chain strategies, leverage bargaining power with manufacturers, and motivated the associates.
The key takeaway from Walmart’s success is that customer is the ultimate boss in the business.
Apple- Innovation is the key
Apple is known as the most successful company in history. Perfection and innovation are what Apple strives for from day one.
Way back to their history, they were down in sales and losing customers. When a lot of companies chose to downsize during business loss, Apple took a different path. Instead of cost-cutting, Apple went to innovate products. The launch of the iMac computer became the first breakthrough and Apple never turned back.
The key takeaway from Apple’s success is performance and design, the drivers for Apple’s ongoing success.
If you can follow these leaders’ paths to success, you can hit the market with the right business strategy framework as per your business.
Now, coming to another path, i.e., creating a new path toward success.
Creating a new business strategic framework
Have the drive to own a business, be your boss finding new and innovative ways of making money. Everything you do should create an impact on the surroundings and business. For that, you should reach the people. ‘Reach’ and ‘Impact’ are the keys to a successful business.
Let’s discuss in detail about the business strategy professionals here that I mentioned we will discuss later on at the start of the article.
Understanding the income source is the best possible way to create a strategy for a business. There is nothing to follow or lead. View your revenue generation from a different perspective. Become a business strategist in a true sense and gain new insights into profit drivers.
Further think in terms of an incremental growth like profit per product, per client, per region, per employee, per billable hour, and visitor. Identify what a customer or employee or a region wants. Know what is holding back and decide where you can drive change or growth. As you focus on strategic innovation, you get the ‘eureka’ moment and there will be no one to beat you thereafter.
Further, you can leverage connections, customize strategies as on date, region, and customer end goals. Your progress track will be talkable different.
This is how you become the pioneer of a business that was unknown to the world before.
The key takeaway
As a business owner, it is critical to look for new ways of profit-making opportunities. Think business from customers’ point of view. Keep shifting your focus toward new markets, new customers, new products, new technology, new employees, and the customer is the central point of focus.