A business strategy is a set of activities and decisions necessary to achieve specific business goals. Specialists implement this plan to achieve a leading position among competitors. Business people use it for the long term. Specialists develop business examples to achieve such goals as:
- improving efficiency;
- proper use of opportunities and resources;
- rating increase;
- control over the situation.
The right business strategy can increase the customer base, improve the company’s image, and increase productivity. However, it is essential not to confuse the two concepts: business strategy and business model. The first is the plan and example of the proposed goals and principles of business development. The model is the tool for the implementation of these plans of examples.
7-TOP Examples for Building a Business
There are many types of business strategies. However, before implementing any plan or development, it is worth considering the most famous and successful ones.
Alibaba took as an example the strategies of such giants as Amazon and eBay as the basis of its business strategy. As a result, the platform took over China’s entire Internet trading space and became an ecosystem.
The main direction and goal of the company’s strategy is the further development and support of the ecosystem. Alibaba expects to get more than 2 billion customers worldwide in the future. Its management has identified three areas: world, rural, and cloud technologies.
To implement its plans, the company uses:
- competitive prices;
- individual approach to clients;
- quality ratings for goods and sellers;
- convenient service.
It increases the client base, product range, and expansion abroad.
Instead of gradually developing a brand of comfortable and modern cars, Tesla immediately declared itself a brand of expensive and luxurious vehicles. As a result, they had to make considerable investments in the budget.
An essential point of Tesla’s business strategy is that they have sensibly assessed their problems and matters that could derail their plans to implement a cost-effective electric car for the mass market. Therefore, they completely controlled the production and supply of critical spare parts (batteries).
Just like any startup, Tesla needed investments. Musk relied on his personality and the desire of people to touch the technologies of the future. So, he made the company’s brand and attracted investors.
Booking’s mission is to help people explore the world. To do this, they follow two principles for their strategy example:
- Customers are offered the best value for money, convenience, and services.
- Partners are provided with high-quality and diverse platforms and resources.
So, they promoted love as a business strategy. The company adheres to:
- using modern technologies to gain new experience;
- developing partnerships;
- investing in profitable parts of the business.
The company had succeeded in a field that did not exist before entering the market. They have developed a platform for commenting and creating helpful content on websites. In addition, it allows blogs to bypass paid advertising on Google, which is very beneficial.
HubSpot has created a new business strategy concern in the business world. The HubSpot guys have applied examples to promote your product. For example, they showed how you could monetize a blog, website, or e-book.
It is one of the fastest-growing technology companies and a successful business strategy example. However, the start didn’t start with technology at all. The founders tried for themselves how profitable it is to let guests travel. Then they launched a website for fellow travelers. But there were very few customers.
The problem was the poor presentation of the ads. They did not arouse interest and trust among potential customers. Therefore, guys replaced all photos with high-quality and bright ones. In addition, they added guides, reviews, testimonials, etc., to the site.
The essence of the company’s strategy is to focus on the main problem that hinders business promotion. Then, after its decision, it is actively introduced into the business.
The banking system is one of the most challenging areas to enter. You will need a considerable amount of capital, lots of government approvals, and customer trust (which has been built up over decades). But the guys from PayPal decided to take a chance and succeeded.
Moreover, banks began to take the company seriously and perceive it as a worthy competitor. And there were reasons for that:
- The technical ones are probably well above the average bank, even though PayPal spends little on their development.
- The company has gained the trust of customers in a short time.
- PayPal keeps purchases private but uses them for its analytics.
- The company often launches payment innovations on the market.
- PayPal works directly with merchants, bypassing banks.
The secret of the payment system’s success is hidden in its international business strategy:
- The system has become a payment system on the Internet. It is used on eBay and other platforms.
- The company boldly finds partners among sellers, unlike banks. As a result, today, PayPal accounts for more than 50% of transactions in the market.
Thus, the company could break through even in the most challenging conditions, finding loopholes in the gaps of its main competitors.
The company has created a unique brand that people associate with success and prosperity. The Apple business strategy includes the following principles:
- stylish design and branding,
- regular technical updates,
- creation of a closed ecosystem,
- nice packaging product.
Thus, Apple sells products for more than their accurate price, allowing customers to access a closed ecosystem. The company has created an image of premium products (luxury) guaranteeing high-quality functionality. Apple’s main task is to control its customers and not release a closed ecosystem.
The company showed an example of a successful follower, not so much a pioneer in the field of high technologies. Wise decisions are needed to attract the attention of buyers in an already known area rather than create a niche product.
Business strategies can either succeed or fail. It was a selection of successful examples of developing a business and reaching the top in your field. It is a valuable tool that helps you understand in which direction to move when creating a company.
However, it would help if you did not stick to the option of only one company. It is vital to seek and try. The success of your business depends entirely on you and your representation of the society around you.