Businesses Can Learn From Apple About Shifting A Business Strategy
There is probably no other company in the world that has a more public history of going against the tide than Apple. In a world where the goal of most tech companies is to get the newest features on the market first, Apple seems to take its own sweet time getting it right. At a time when major tech companies were diversifying and branching out into a wide range of offerings, Apple pulled back to offering a skeletal number of core products.
Apple was also the first into the digital music foray, blowing competitors away with the iPod, which remains one of the best selling personal music devices to date. Recently, Apple took a completely unexpected turn once again into the financial services market with the announcement of their soon-to-be-released Apple Card. No matter what the company does, there are always good takeaways for other businesses. Here are three things you can learn from Apple about shifting a business strategy.
Stay True to Your Core
While Samsung, Apple’s largest competitor, offers a dizzying array of products ranging from household appliances to TV’s to cell phones, Apple still maintains a core selection of only 5-6 products. In 2014, they switched gears yet again by acquiring Beats, the company founded by the legendary Jimmy Levine and Dr. Dre. While Apple has not purchased an outside company in decades, the one they did still remains true to its core products.
Market Share is not Everything
In 2014, Window’s market share dropped to less than 90% for the first time in nearly two decades. That means that of all computers used worldwide, only 10% of them are made by Apple, yet in 2018 they became the world’s first trillion-dollar company. Sometimes being the best isn’t about having the most people using your products.
Create Circles Not Tentacles
Many businesses operate like an octopus, with tentacles stretching out into a number of different pots. Apple keeps everything tight and cyclical, with all of its products tying neatly right back into their others. AirPods are designed to work with the Apple TV, Apple Watch, iPhone, iPod, and iPad. Apple TV is designed to operate seamlessly with iPhones and iPads, which in turn also work seamlessly with Macs. Even their latest offering of the Apple Card is designed to support greater dependency on their other products.This article was originally published on MichaelBabyakFinancialAdvisor.net