Written by Ruben Lou, Founder of Authority Specialists.
Many business strategies aim to provide a competitive edge at many levels. Moreover, it’s a collective decision that helps to gain customers, create brand awareness, or achieve other goals.
These business strategies help the companies to achieve various goals without tempering the business’ story. If you want to explore the power of this planning, here are the top three examples of business strategy and its success.
Spotify’s customer-driven strategy
Spotify launched in 2008, and it’s been a leading name for enjoying music, podcasts, and other things. So when it came to its debut, the developers knew what limitations the customer faced.
At that time, the music platforms were illegal, hard to access, and only allowed for download. So to deal with this big problem, Spotify made a platform for customers. It helped music lovers to access global music, create favourites, share, and read lyrics.
What can you learn from?
- They ruled out the limitations of other music streaming platforms and created a seamless platform,
- They included freemium plans,
- They put customers first and invested in technology and engineers.
Airbnb – Created reliability
Airbnb is one of the fastest growing tech companies. But they have their share of ups and downs. For example, the owner’s Brian and Joe, started renting mattresses and created a website listing the bed at $80 per guest.
But, soon after, the business saw the worst phase. The reasons were low-quality photos of the Airbnb listings and bad service. So, they adopted a new strategy, went to every NYC listing, and took professional photos.
What can you learn?
Airbnb found out about scalability and took the matter into their own hands. They adopted a method of providing the listing photos with professional photography, which boosted sales. Now, the company even trains the owners to take professional pictures and show tiny details. They found that customers want the right information, which can be done through the full listing details.
PayPal- It challenged the banking system
PayPal challenged the strong banking system and revolutionised it forever. This is because it focused on how to provide strong security, speed, and easy transactions globally. As a result, it’s one of the most trusted platforms in the banking sector.
What can you learn?
PayPal addresses the needs of people to have seamless translations. They wanted to create a complete platform without any collaborations. Also, the platform doesn’t inform the bank when a person pays through PayPal. The transaction is only marked as “Paypal.” Undoubtedly, 54 percent of customers want to pay through the PayPal platform
Bottom Line
Business strategies, when implemented right, have enormous benefits for any organisation. It helps you remain at the top of every sector while focusing on your main goals. To help you with the best business strategy, you can seek help from experts. They identify your niche and implement a future-friendly strategy to help any business grow.
So, explore all the types of business strategies and their benefits and welcome them to your company today for better growth!
[Image – fauxels on Pexels]
