One of the quickest ways for new entrepreneurs to achieve their goals is to learn lessons from successful business stories. Doing so can help them understand the do’s and don’ts when running a business.
However, not all stories cover practical lessons. Many of them may talk about general advice, such as working hard and focusing. This may leave new business owners wondering what proper techniques they should try in order to build a successful business.
In this article, we will discuss the strategies of nine giant companies and actionable fast food that you can use when starting your business. We hope these examples inspire more small business success stories in the future.
Tesla entered the electric vehicle market in 2013 with its Model S. From there, the company has grown to become a leader in the electric vehicle industry.
Unlike other car companies that offer fixed features on products, Tesla develops specific software on its devices. As a result, users can update the functions of their cars even though they own the same car.
Tesla also builds company-owned showrooms to create a better customer experience. Customers can get faster product development and not be distracted with other brands like in regular dealerships.
away: Launching new and unique products using industry-optimized business models.
The Corcoran Group is a Manhattan-based luxury real estate firm established by Barbara Corcoran in 1973. Its business has grown from a small business to one of the most popular brokerages in the United States.
For robust business strategies, the Corcoran Group invests in its human resources.
Makes sure that each department has two types of people:
- containers. People who like to keep everything in order and build good systems.
- expanders; Like making new friends and taking risks.
Barbara says opposing personalities in the partnership will keep the business in balance.
away: Hire people who meet your business needs and values.
Home Depot is a large scale home improvement retailer founded in 1978. It has more than 2,200 stores and generated $132.1 billion in revenue in 2020.
The company is expanding its services from in-store experiences to online shopping as well. Using resources, Home Depot builds an excellent omnichannel strategy, which is a combination of online and online marketing efforts.
For example, when people find a product on the Home Depot website, the brand will invite them to come into the store for product demos. It also offers navigation built into the app to guide them to the designated lane and avoid wandering around the store.
away: Try to integrate online shopping and other digital aspects into your actual business plan.
Houzz is an all-in-one platform for home projects. Here you can search for design inspiration, find and hire home professionals, and buy furniture. Today, this company is well established in multiple markets outside the United States, including Singapore and India.
At first, the founders, husband and wife, were frustrated that they could not find the right professionals in the house during their home remodeling project. Therefore, the couple built a home remodeling community named Houzz.
away: Starting a business that solves problems. Doing so is guaranteed to attract customers because your products will make their lives better or easier.
Disney is known as the world’s leading entertainment establishment. It acquired large media companies, such as Pixar and 21st Century Fox. Disney has also released the streaming service, Disney +, with the highest return among other brands, such as Netflix And HBO Max.
The strong storytelling in Disney films has inspired the brand to create products around it, such as merchandise, a cruise line, and theme parks. People tend to feel more connected to the products because the stories win their hearts.
awayCreating products that excite people.
Peloton is an at-home fitness brand that offers exercise equipment with advanced programs.
The company is building live group exercises that are displayed on the screen. Your fitness score will be shown, then coaches will celebrate your high five digitized years and remind you in the community whenever you reach specific goals.
The concept can help Peloton provide a traditional studio experience at home because users can feel as if they are meeting their coaches and other members.
With this kind of engagement, this fitness brand can build emotional relationships with its users, which increases customer loyalty.
away: Make your customers feel the interaction with your brand.
Ben and Jerry
Ben & Jerry’s is an ice cream company built in 1978. The two founders, Cohen and Greenfield, borrowed $4,000 and opened their first store in Vermont.
Today, it has become one of the leading ice cream brands in the United States and has campaigned vigorously on social issues.
For example, they support the global fair trade movement by working only with farmers and their suppliers. Other issues this brand supports include climate change and racial justice, as well as refugee rights.
away: Support a social cause related to your customers. Talking about social issues can help win over consumers because 68% of people expect companies to be clear about their values.
The Huffington Post is one of the most popular news websites with 110 million visitors per month. The main difference between The Huffington Post and other media is the use of User Generated Content (UGC).
This news site has acted as a moderator of people’s content since its inception. Huffington asks people to become contributors or submit content, such as videos, audios, and photos, and then promise exposure.
away: Consider using UGC for your business strategies. It helps increase engagement as people feel they are essential to your brand. With this method, your brand can also keep the content updated as it receives different views from the users.
Etsy is one of the best online marketplaces. It generated $1.7 billion in annual revenue for 2021 by providing its services to 81.9 million buyers and 4.3 million sellers.
This marketplace serves a niche market and community, which helps Etsy differentiate itself from other markets.
Instead of selling generic products, it allows artisans to sell their own handicrafts and vintage items. Therefore, professional buyers can purchase customized products. This concept makes Etsy a go-to place for handmade goods and appeal to a particular community.
awayDiscover a niche market for your products. Doing so will reduce competition and make your brand stand out because you have unique value propositions.
Hard work and self-motivation may be some of the reasons why a business is successful. However, it is important to mix personality traits with the right strategies.
Here’s a quick summary of nine major companies and their creative business practices:
- Walt Disney. Uses products that evoke emotions.
- Tesla. Develops innovative business and product models.
- Corcoran Group. Establishes specific requirements when hiring people.
- Home Depot. It applies an omnichannel strategy.
- Whos. It solves the problems of people in the industry.
- Peloton. Builds communication with clients.
- Ben and Jerry. Supports social issues.
- Huffington Post. People are asked to contribute to its content.
- Etsy. Appeals to the niche market.
Now that you’ve learned some best practices from the myths, it’s time to prove them to yourself in your work. Good luck and God bless you!