As far as the business space is concerned, nothing is more important than learning from the successes (and failures) of others. Many businesses have actually borrowed ideas from their predecessors in the market, modified them, and used them to turn their own ventures into the next big success story.
If this sounds like anything intriguing to you, here are some business ideas or lessons you can learn from big businesses and use to your advantage.
Be Keen to Provide Value to Your Customers
As a business person, the customer is basically your employer. As General Electric’s former CEO and Fortune Magazine’s leader of the century, Jack Welch once said to his employees, “Only a (satisfied) customer can guarantee you a job.”
Well, this is something that big businesses from the likes of JetBlue to Uber, Netflix, IBM, Buffer, and an endless list of others well understand and capitalize on.
One of the secrets they use to provide customers with great value is by offering great, personalized customer service. This is usually accompanied by promotions, rewards, offers, and shipping discounts. On top of purchase and shipping discounts, certain business niches like online florist services such as Bouqs allow you to order Valentine’s Day flowers in all types and colors, and arrangements and nailing down the customer’s preferences to a tee.
Understand Your Target Audience
Big businesses know that understanding their target audience is key to success. They are often meticulous in conducting research to gain insight into their target audience and use this knowledge to tailor their products and services to meet their needs. To get ahead, small businesses should also focus on understanding their target audience and use this to develop their products and services.
Always Keep an Eye on Your Competition
Another common idea big businesses use to succeed is to stay ahead of the competition. This can be achieved by staying up to date on current trends and utilizing new technology, as well as by anticipating customer needs and introducing innovative products and services. It’s how companies like Google, Amazon, Toyota, and Apple managed to beat their biggest rivals in the market.
Focus On Your Brand
Branding is an important element in the success of any business. Big businesses understand this and invest heavily in developing a strong brand that resonates with their target audience. If you run an up-and-coming business, putting more focus on establishing a strong brand can help differentiate you from the competition and increase your share of the cake over time.
Want some inspiration from the behemoths when it comes to branding? Companies like Starbucks, Nike, Tesla, Amazon, and Harley can be great sources of inspiration. Your ‘About Us’ page is a great starting point for establishing what your motives and values are.
Utilize Social Media
Over recent years, social media has become an essential tool for businesses of all sizes. From Coca-Cola to Nike, Spotify, GoPro, and National Geographic, big businesses have mastered the art of leveraging social media to reach new audiences and engage with existing customers. Doing the same can help propel your own in the right direction.
Use Technology to Your Every Advantage
Social media aside, technology has become an integral part of running a successful business. Leveraging technology can help you land new business opportunities, increase efficiency, improve customer and client engagement, and gain access to powerful data-driven insights that can help spearhead your venture up the success ladder.
With just the right technology, you can reach a wider audience and even automate processes, which can in turn help streamline operations and reduce costs, allowing businesses to focus on their core activities. As anyone would expect, leaders in this realm have to be tech giants like Microsoft, Tesla, Meta, Apple, and Alphabet.
When your business is just taking off, you’ll probably be up against businesses that have been in the industry for years if not decades. Borrowing ideas from successful leaders in the market can be a great way to rise.