In this digital era, social marketing, and influencer outreach, there are hundreds of business strategies accessible for a wide range of businesses. There are several success stories that used specific business models and strategic management style to serve as an example in the business verticals.
In any case, when you plan your business, your business strategist must customize a standard business strategy as per the available customers, geographical range, products, and services. Every business is unique and novel in its way and the success path remains different.
Still, the basic business strategy, the underlying concept, and theme stays the same, i.e., to improve productivity, introduce new products and services, increase operational efficiency, acquire new customers, retain existing customers, and gain an appreciable return on investments (ROI).
Having said so, let us get introduced with a few business strategies followed by successful companies as an example and motivator for business strategists in general.
Successful business strategy models that might help your business
As mentioned earlier, there are several business strategies followed by successful companies across the globe. I have picked a few inspiring business success stories here.
The adage “how they sell is how they win,” got repeated by Brian Halligan, co-founder, and CEO of HubSpot.
In 2004, HubSpot introduced a software platform to turn around the concept of ‘interruption marketing’. Brian Halligan and Dharmesh Shah, in 2004, noticed that consumers are dissatisfied with interruptive bids and are ignoring them.
They came up with a better solution. They helped companies to write and share content on their social media. The thought process behind this is to develop quality content that can pull people to the website to get firsthand information regarding the product. On the contrary, interruption marketing was expensive.
The payoff for users here is that HubSpot introduced a cool new type of promoting business.
Further, they packed blogging, eBooks, and related concepts to monetize their marketing strategy. They showed the power of marketing by building a USD 2 billion business out of it. ‘Inbound marketing’ is now the expression among business professionals.
“A lot of companies have chosen to downsize, and maybe that was the right thing for them. Apple chose a different path. The cure for Apple is not cost-cutting. The cure for Apple is to innovate its way out of its current predicament,” -Steve Jobs.
Apple Inc. has the best innovative style of management. It has kept pace by using strategic innovation to maintain a leadership position in the technology industry. Apple always comes with innovative products like iMac, iPod, iPad, and GMac.
If you can initiate to make innovations as one of your company’s core values, it would be a successful business strategy model like Apple.
We continue to look at accretive and synergistic acquisitions both in the domestic as well as international markets. Our emphasis, thus, will be on strategic acquisitions, and we will not be doing it just for the sake of making our name bigger – Adi Godrej.
Godrej worked with IBM to respond quickly to market needs. Association with IBM services empowered Godrej to unite the IT footprint across locations. They streamlined the IT spend, accomplished a 20 percent cost reduction, with disaster-recovery readiness raised to 100 percent.
Godrej has strong cyber resiliency solutions with zero severity level 1 or 2 security breaches within the span of these two years. Further, they don’t have a record of any unplanned downtime incidents.
Think big, think fast, think ahead. Ideas are no one’s monopoly – Dhirubhai Ambani
Ambani’s lead Reliance Group thinks big and does things big. They are one of the largest conglomerates in the world with the largest refinery. For instance, the Reliance group invested $5 billion to create a retail store network in a single leap. They think big and are the game changers of India’s business model.
Further, Mukesh Ambani believes ‘investment in excellence is an investment in the future’. Mukesh’s business strategy and style is an inspiration to young entrepreneurs to take risks and advantages of the opportunities in life. The announcement of the biggest foreign investment by Japan’s Softbank in Reliance Jio and Saudi giant Aramco in Reliance Industries’ petrochemical and refining business is one of their any live examples.
Sometimes, it is better to know the other side of the coin too. It helps to mend your business strategy at its bud stage before facing failure and lead toward success. Blockbuster sets an example for business failure.
Blockbuster: The failure story
Blockbuster lost USD 1.1 billion and filed for bankruptcy in 2010. It lost its empire to Netflix. Antioco, though a smart businessman, failed to look from the bigger angle. Antioco underestimated Netflix as a niche player catering to a subset of customers. He never dreamt that they might go mainstream. Though he decided to cut late fees, the decision was too late.
To establish a name in the competitive business world, a sound strategy is essential. These are a few successful business strategy models you can use to model your business. You can pick any of these, one at a time and give it the best with diligence to witness success.