Business Lessons From Three Classic Brands
Watch! Learn! Act! Watch again! Learn again! Act again! That sums up an entrepreneur's moves in a few words. True entrepreneurs know how vital it is to examine other brands and pick a tip from them to build their businesses.
As an entrepreneur, your case studies must include both successes and failures. While it is true that mistakes are inevitable in the path of entrepreneurship, prudent entrepreneurs work hard to replicate the framework for success and minimize losses by avoiding the mistakes that led to a catastrophe in businesses at the forefront.
Among the thousands of brands that have successfully stood out in the business ecosystem, I will discuss just three in this art: Coca-cola, The Futur, and Amazon. One sells products, another renders services, and the latter is a mix of selling products and rendering services.
The company, which has been existing for decades, has undoubtedly stood out in the beverage industry. Coke, Fanta, and water are just a few of the numerous products in the company's product collection.
A particular period where the company experienced a boom was in 2011 when the company launched the "share a coke" campaign starting from Australia. The "share a coke" campaign helped the company rake in more dollars. Customers who found their names on coke bottles were excited to share photos on Twitter and Facebook, leading to free promotion or marketing for the company.
According to data from wrike.com, during the campaign, coke consumption among teenagers saw a 7% growth, Facebook traffic increased by 870%, and 160,000 fans made 170,000 tweets.
Without any doubt, Coca-Cola gave their customers something to feel and talk about paid off. Customers felt more connected to the brand. They began to see the bottle beyond the black drink and red design. During that period, finding your name on a bottle of Coke felt like winning the lottery, and more names meant more purchases of the beverage. This no doubt explains the rise in revenue of the company during that season.
Business Lesson: Your business booms when your customers are happy. Always find a way to connect your brand with the emotions of your customers. You will be unstoppable!
Yes! I spelled that correctly, and it's not a typo. The Futur is a brand that renders top-notch design services. Courses related to Graphic and Visual design are also sold on the platform. One quality that makes The Futur stand out is its ability to meet and surpass the needs of its clients.
The founder of The Futur, Chris Do, once said: "If you can think about who your clients want to be, put yourself in their shoes and empathize with what your clients are going through, you'll earn more."
Knowing your clients' needs and being able to find a perfect solution for their problems is an undervalued quality. Many entrepreneurs fall short in this regard. No doubt, it is logical to project your gains when rendering a service or selling a product. You're running a business, not a charity. However, focusing on your profits alone and how the product or service will add more funds to your wallet will only do more harm than good.
Innovative entrepreneurs are problem solvers, and they realize that solving a client's problem means solving their problems. So in practicality, when a client contacts you saying "Hey, I need a website, or I need a logo for my new business," instead of saying, "Great, that's what l do. It will cost you $5000", why don't you say "Great. I sure can help you build one, and l can also help you structure the SEO of the site so you can gain more traffic organically. How do you see that?"
Business Lesson: Think of how your product or service will benefit your customers. Solve their problems first and you will be unstoppable!
It may be unjust to talk about business lessons from classic brands and companies without mentioning Amazon. Indeed, you can learn a million lessons from this world-class e-commerce company. But for the sake of this article, one will do. When online shopping flashes through your mind, Amazon is likely the first brand you remember. This e-com giant has stood out amongst fierce competition over the years.
One particular reason for that is its speedy delivery relative to other companies. Every customer purchasing online wants to get what they ordered as soon as possible. As absurd as it sounds, some even wish to get their product before placing an order. Amazon capitalized on this behavioral pattern to keep its existing customers and attract new ones.
Amazon became the first significant e-commerce platform to deliver products on the same day the product was ordered. Other competitors have struggled to catch up with this particular strength of Amazon.
Surely, speed of delivery isn't the only strength Amazon can boast of. Many other factors have also contributed to the financial profitability of the famous company. Affiliate programs, funding capacity, diligent and rational board of directors have also played a part in carving out success for the enterprise.
Business Lesson: What can you offer your customers that your competitors may not be able to offer? Always try to stand out among your competitors. You will be unstoppable!
Finally, it isn't enough to watch or read the success and failures of businesses. That's not how entrepreneurs are built. As an entrepreneur, you learn more from your success and failures than from other companies. So don't just watch and learn. You must act! That's how you'll become unstoppable.