Today’s business world is a bustling marketplace, with a whirlwind of activity, where competitors are shaking hands, technology is taking over most of the tasks, companies are coming up with new ideas, services, and products, and a constant sense of ambition in the air. Just like any marketplace, there’s excitement and opportunity. Entrepreneurs, like young, adventurous knights, take risks and forge new paths. Established players, the seasoned players, defending their turf and adapting to the advancements.
But like everything, it’s not always all sunshine and smiles. Competition is fierce, like rivals craving for the attention of a king. There’s uncertainty, like navigating through a foggy forest, not knowing what dangers await beyond the next bend. But one thing is for sure in this buzzing world, where every day is a new chapter, there’s no telling who might rise to become the next legend!
In this fast-paced world, where every business aims to be big, there are some names that we all know of, some have been in the market since we were born while some have slowly made their way to the top. So, what makes these popular names stand out in this severely competitive landscape? While most of you may call it “luck” or “destiny”, we surely like to believe that sometimes, it’s all about the right kind of strategy!
Business Strategy
For beginners, a business strategy serves as a compass for a captain navigating their ship through stormy seas. It’s not just about knowing where you want to go, but also charting the course, figuring out the wind and currents, and even having a backup plan when a hurricane comes rolling in out of nowhere!
A good business strategy doesn’t have to be a rigid map. It should be flexible enough to bend with the unexpected, to grab those lucky opportunities that might pop up like hidden gems. An effective strategy is all about having the guts to adjust course when the winds shift and make the best out of whatever situation life throws at you.
The Right Combination
If we closely monitor the journey of small start-ups that have now emerged as prominent figures in the business world, using the right strategy at a suitable time is often the key to unlocking the portal of success. But here’s the deal, sometimes the power lies in the hands of destiny. We all know at least one person in our lives that we look at and simply claim that he just got lucky! Strategy is a major factor but we do agree that sometimes, it’s a combination of the right moves, luck, timing, teamwork, and so much more.
Naim Maadad, Founder of Gates Hospitality states that “Success is a result of many factors, and whilst luck can be one of them, on its own it’s not a sustainable or reliable foundation for success. While luck may present unexpected opportunities and mean that you’re in the right place at the right time, it is the combination of preparation, resilience, and seizing those opportunities that leads to being able to capitalise on them. Relying solely on luck without a solid foundation of skills and effort won’t work in the long term.”
A look into two successful business strategies
1. AirBnb – Unleashing the power of a camera!
The name AirBnb needs no introduction in today’s business world. From frequent travelers to people going on a holiday once a year, AirBnb has revolutionized the way we all travel now, all because of a very-smart strategy that was implemented at the right hour!
The story of AirBnb started when co-founders, Brian and Joe rented out 3 air mattresses on their apartment’s floor. They made $80 per guest. It seemed like a great idea for a start-up, so they launched a website and invited other people to list their mattresses for rent. Initially, they got a few bookings here and there, but things didn’t go well for the most part. Brian and Joe at this point reverted to other means to make ends meet. But they still had plenty of listings on the website and good traffic as well. Customers were there but the little to no number of bookings was a bottleneck.
They eventually spotted the culprit; the low-quality photographs that did not appeal to any potential customers.
The co-founders took the magical route of using the power of their cameras. They visited every one of their New York City listings and persuaded the owners to let them take photographs of their places. After that the photographs were enhanced a bit, and were uploaded, replacing those poor-quality shots that were previously ruling their website. Within 30 days of working on this strategy, AirBnb had double the number of sales and from that point onwards, they took off!
Takeaways
The one major thing to learn from AirBnb’s successful business strategy is that your move doesn’t have to bring a 360-degree change into your business plan. Your move doesn’t have to be a very long-term strategy either. What AirBnb did was take control in their own hands for a while but eventually, when things got better, they hired photographers for the said purpose.
Once the challenge is solved, the company progresses on its roadmap and integrates the solution into the revamped business strategy. So sometimes, all you need are small, but smart moves in the right direction.
2. Apple iPhone – Not the first, but the best!
Some of you might be surprised to know, but “Smartphones” have been in the market since the 1990s. Even before the ever-famous iPhone, Windows came up with their version of a touchscreen phone but do we see it anywhere in the market now? Sadly, not.
Then, BlackBerry came along and released phones that were not only smart but much more usable and secure. Sony Ericsson, Nokia, HTC, and a whole bunch of companies came out with reasonably solid smartphones well before 2007 when Apple finally released the iconic iPhone.
So, here’s the deal. In business, we are often blinded by the idea of “thinking out of the box”, but here, Apple did not come up with a revolutionary idea but instead, learned from the other manufacturers’ mistakes.
Apple could come up with the iPhone much earlier than it did, but it didn’t. Instead, it waited until the technology was mature enough to sell it to someone who has a bigger budget.
Takeaways
What needs to be noticed here is that the first-mover advantage is often not an advantage. A well-executed ‘follower’ strategy will outperform a less well-executed ‘first mover’ strategy every single time and that’s exactly what Apple did with the ever-famous, iPhone.
When you’re an “innovator”, your market isn’t well-defined and doesn’t even know your product type exists. So, Apple carefully monitored the already floating technology in the market, introduced a better touch-screen option, a much more handy size than the huge Windows phone, and a higher budget to make the whole experience sound a bit more luxurious!
Every business that comes after you will have the advantage of learning from your mistakes, so don’t be afraid of doing what other people are doing. Just make sure to add a little touch of improvement and implement it the right way!
So, there you go, whether you are a skilled professional in the business market or a budding entrepreneur, we have given you the bowl of motivation by bringing you the stories of two very popular names in their respective domains. No matter if you are a solopreneur paddling your own canoe or captain of a giant cargo ship, having a solid business strategy as your compass will keep you heading toward your dreams, even when the seas get rough. Know that it’s not just about the destination, it’s about the journey, the friendships you forge along the way, and the stories you’ll have to tell when you finally reach those mountains of success!
