Regardless of whether your business is just a startup or biggest player in the market, you will always need to deal with business strategy.
You may have come across companies that fail and companies that have risen tremendously. But have you ever wondered what triggered the business to boom? Like how a ship needs a sail, a business needs a well-outlined strategy to follow.
A defined strategy not only defines the goal of the organization but also leads the way to the paths of success. Without one, the organization may falter and lose its way into the market.
Below are some of the top companies that developed the best business strategies in history.
- Harley Davidson
Harley Davidson has been a great brand in many unique ways. Considered as connoisseurs of lifestyle branding, they have always been selling emotive themes even before social branding came into existence.
Though considered as connoisseurs of lifestyle, they faced stiff competition with the Japanese rivals i.e. Suzuki. This trend came as a threat to damage the image they managed to build in the motorcycle industry for nearly 100 years. In such a situation, they did what thought was best for them, they started to create great experiences for their customers. Almost 15 percent of their marketing budget is spent to promote their brand on their traditional media, instead of spending their time on events like ‘the bike party’ held in Rome.
Customization as a business strategy was a blessing for the Harley Davidson, an approach that the brand embraced with open arms that further helped in developing a great relationship with its customers.
When you think of the word Amazon and strategy together, what strikes your mind? Well, does the word personalization comes way out loud? In the beginning, the recommendation tools they were using, there was quite a buzz around the market. But it has changed and revolutionized the way retailers now think about their products, most importantly, the data that is generated.
Eventually, it kicked off the trend and this was seen mostly with the retailers. They started using the streams in providing customers everything they wanted and that too when they wanted it. There’s a saying that says the target can know if a girl is pregnant. It is the same way with retailers at Amazon today.
The past ten years was a great moment for Apple.
Their iPhone range is the biggest selling product and continues to do so with every new edition that is released in the market – the 5C and the 5S models outselling their products by 4 million units. Apple’s business strategy has never been about cutting the cost. Their brand is a premium brand whose strategy lies in providing the best quality to their customers. Apple maintains its continuous lifestyle marketing campaigns projecting a major focus on the brand image. It is also said that the brand managed to create a halo effect on their customers, meaning every Apple customer will crave for the next product Apple is about to release as if it was some sort of an addiction.
At the backend, Apple managed to develop their supply chain strategy significantly within the past decade. If we talk about the past incidences, a customer is unlikely to leave the iPhone store with a new iPhone mobile set in their hands. Off late, the scenario is different. The chances are much higher as compared to the past. Managing smooth-running supply chains has always been a thing for Tim Cook, and with the way things are moving ahead in the supply chain management, it is a delight to experience the products being efficiently and quickly distributed to the stores.
One of the go-to examples of interacting with customers is Starbucks. They stand to be as one of the most innovative companies on social media – dealing with customer queries. Starbucks follows a strong strategy framework that not only helps them dealing with the queries of each customer but also addressing them with their first-name terms.
Besides this, their mobile marketing strategy is a great hit. They managed to obtain 26 million mobile transactions through their mobile app, a number that positions the brand in one of the topmost mobile marketers.
- General Electric
General Electric came up with a very interesting strategy in 2011. The American multinational conglomerate used its experts in strengthening the quality of their product. If you browse through their website, you’ll be able to see the link that leads to demonstrating how people at GE are making things work. This will take you through a journey where you can also see how their experts are sifting through Twitter channels as well.
GE was also able to sponsor the magazine called “Technologist.” This magazine talks all about how you can tackle and overcome challenges via industry, ingenuity, and technology. You can a find a wide range of stories related to nature, construction, life, etc. an excellent book stating how content strategy can be nicely done.