It’s an established fact, businesses can learn from other businesses, especially when they follow the examples of some of the most successful brands in the world like Apple, Google, or Coca-Cola.
Companies rarely have enough time to solve all the problems they want to solve, and that’s why maintaining focus and having a strategy is essential; the organizations mentioned above are good examples of brands that maintain their focus by following their core strategies.
Here are some tips from industry leaders.
At Google, they succeed not only because of their innovation, but because they have a strict set of mantras that they instill in employee thinking:
- Launch and learn. This means Google puts out its product and lets customer experience and feedback help evolve the product, rather than trying to make it perfect ahead of time.
- Fail fast. Failure is OK at Google, but not if it means dying a slow death in the marketplace. Launch, learn, and learn from potential failures as quickly as possible.
- Focus on the user. Each product and service should connect with a challenge or problem that makes the user experience easier or better.
- Forgiveness, not permission. This helps Google employees do things they think are right, at their own initiative.
From Apple, you can learn a different set of tenets; nevertheless, they are innovative and progressive:
- Keep reinventing yourself. In this age of innovation, companies, that keep evolving and changing, lead the pack. Find an underserved market and fill the need. Find a complimentary company or service and share customers. Redo your website. Whatever you do, standing still can be the kiss of death.
- Turn your customers into evangelists. Apple makes a great effort in turning customers into its best sales people, through word of mouth. You could consider offering a reward for customers that suggest new products through a wiki. Think of new ways customers can expand your brand presence for you.
- Don’t be afraid to wade into new territory. Make your company’s product and service offerings sticky. Give people a reason to keep coming back. One way that both Apple and Google do this is with amazing customer service. Many companies firmly believe if you make the customer first, everything else will fall in line.
- Move quickly, and make a lot of small bets. When you see a need or hear about one, jump into it to be first to market. With digital products in the platform age, you can make changes and improvements on the fly.
The world’s most iconic brand, Coca Cola, started out as a small idea, just like any other company. What you can learn from a company like Coke is much more basic than from high tech companies:
- Profits don’t come right away. Since young companies take time to develop, that can require massive investments of time without a return. Like any investment, if it is well spent, it will probably pay off.
- Failures are stepping stones on the path to success. Look at each failure as one less between you and success. There’s little point in wasting time and energy being discouraged. Learn. Move on.
- Don’t be afraid to change. Don’t let a commitment to a plan blind you to evolving.
- Brand big. Plan to dominate your segment, and develop a name and a message around it. Keep in mind that every product and service is global today; there are no more borders to commerce.
The business landscape is rife with successes and failures. You have an advantage in that you can learn from each and every one of them with your enterprise. Pay attention to history and help new ventures plan for the future.