From the beginning of the industrial revolution to the ongoing digital era, we all know how innovations have improved the state of the world in which we live and work together. First of all, thanks to the innovators who have tirelessly worked to revolutionize the way our world works. However, while we embrace tech innovations and advancements in each industry, we also have to acknowledge the efforts resilient entrepreneurs have put in to bring about a change in their industries.
In every industry, amidst a group of competitors, a few companies have established themselves as the game-changers by pioneering innovative products and technologies and bringing them to the masses. Instead of trying to battle over competitors, they focus on developing their own products and services that simplify the lives and bring new experiences for their consumers, On account of technologies and products they have developed; today they have built a strong relationship with customers and have become leaders in their specific industries.
Take this example: while iTunes revolutionized the music business, Netflix changed the television and movie viewing culture, and Uber reinvented the transportation industry. All of them are today’s market leaders in their particular industries, and that don’t stop them from innovating new products and adding new features for their customers.
Market Leader: Everybody’s Dream, but only a Few Achieve
Becoming a leader in the market is what every organization look forward to when they venture into a niche market. And many of them have only one position to attain in the coming years: be the next Netflix or Amazon. To achieve their end-goals, they discuss strategies; they hire efficient people; and invest in many other resources. Down the line in five or six years, they confront the harsh reality that they don’t have even enough money to sustain their business.
This situation of uncertainty is becoming prevalent across Silicon Valley. And no one can disregard the fact that this trend started with the glorification of entrepreneurship. Today, many young entrepreneurs start their business without knowing why they have to be in the market at the first place. Besides the revenue, they are not concerned about their purpose or mission that determines the success of their businesses in the long term.
Successful Companies have a Few Traits in Common
A company having a clear idea of their purpose and mission will know how to go about their business. They introspect themselves with many questions: Are we capable of innovating something exceptional and unique for customers or our strength lies in adding new features to the existing technologies or building a new technology that addresses the pressing problem of customers and many more.
From developing the right product to finding an appropriate market fit, successful companies consider a host of factors before launching a product or service. Only then they delve into their marketing strategies to showcase their product and attract their targeted audience. Like Mark Cuban, owner of Dallas Mavericks puts it “No sales. No company”. However, without a right product or service, your marketing strategies also can’t save your company from the downfall for a long time.
While a sound marketing strategy can help organizations expand quite quickly and reach targeted consumers in less time, a customer-centric approach and the ability to foster a culture of innovation within organization will only help them to distinguish from other companies and establish themselves in their specific industries. Companies that consider these consistent set of factors, under the leadership of resilient leaders, will become the organizations that customers trust today and tomorrow.