Having success in business can sometimes seem simple. A company takes a concept, perhaps one that hasn’t been used much in the past, invests a bit of time and money, and boom, they are an overnight success. It’s never that easy, though. Every overnight success involves years of hard work and dedication.
However, sometimes the concept that led to that success really is simple. It’s just that in some cases no one ever thought to try it in that specific way before. Here are some of the secrets that big listed companies have used to reach unheard of new heights.
1. They Focus on the Customer
Every company, no matter how big, should focus on the customer, right? While that is true, there are different levels to how much a business can do this. Take Amazon, for instance. It started as an online bookstore and found almost immediate success. It was one of the few in the market at the time, but still had some competition.
To rise above everyone else, Amazon began to think of their customers as more than just book buyers. People who read books also have other interests, and Amazon evolved to offer seemingly anything that a customer needed. They have become a one-stop online shop. Add to this that their shipping times are also the best in the business no matter where you live, and it should be no secret why they have been as successful as they have been.
WalMart is a brick and mortar retail example of this. They have evolved over the years to sell virtually anything customers would want from a retail store. Now, a person can get their groceries, electronics, garden supplies, auto parts, and much more under one roof. WalMart also went with the strategy of trying to get as many people into their stores as possible. Instead of seeing how high they could price things, they tried to price things as low as possible to help their customers and to maximize their sales. This strategy has no doubt worked amazingly well.
2. They Have Standards
One reason why big brands just continue to grow is comfort. Consumers come to know what to expect when they see the golden arches or the Nike swoosh. This isn’t an accident, especially when it comes to large food chains.
McDonald’s has created a business that is incredibly similar no matter where in the world you enter a restaurant. They have found a way to standardize how their food is made so that it is almost identical everywhere you go. There are some slight regional variations, especially in what is on offer, but for the most part, a Big Mac in Taiwan is the same as a Big Mac in Kentucky.
There is comfort in knowing that it will taste the same, but comfort also comes from knowing that the food will be at the quality you expect. By following all of the corporate standards, the food will be safe and of good quality everywhere you go. Krispy Kreme has followed a similar process to become one of the biggest donut producers in the world. Wherever you see their familiar logo, you know exactly what you are getting.
3. They Have Embraced Open Innovation
The top companies in the world stand out from the crowd in some way. They are innovators who have created new and engaging ways of doing things to make them a preferred choice. Open innovation is an incredible way to develop diversity of thought and creativity, and leverage the knowledge that exists outside of a company’s structure to create ways to grow. There are many ways to do this, and most companies also make use of an open innovation platform to facilitate these initiatives.
Take Samsung for example. On their own, they have a creative and productive research and development team. They have been a world leader for years in electronics. However, they also recognize that their internal team, no matter how intelligent and creative, might not have all the answers and ideas.
Samsung is always looking to create partnerships with startups and smaller tech companies that have amazing ideas and new ways of doing and looking at things. They can do this with anything, from making new products to developing a new system for payments. Samsung is able to benefit from the work that these startups do, and the startups benefit from the revenue and partnerships they get from Samsung. Samsung has become a giant because it understands that smaller and younger companies can bring so much benefit to the market.
If you are just starting your business, or if you’ve hit a rut, then you need to find something that will help set you apart and bring you growth. By understanding how these secrets have helped some of the biggest companies in the world, you can start to strategize for what your secret innovation can be.
Interesting related article: “What does Client-Centric mean?“