Being among the world’s richest companies means more than just money (though having money is never a bad thing!). It means that your company is successful, it’s powerful, it’s an industry leader, and that it has loyal consumers and good future prospects.
Over the years, the following five companies have made their mark as some of the most profitable businesses to ever exist. Here is a breakdown of the biggest lessons that you should be taking from them –
The Pitch – Quality and Image, in That Order
In the years since Apple was first created 45 years ago, there have been uncountable pundits who have claimed that with the next product, Apple will go down. Why? Simple reason – pricing. Apple’s products have often been the most expensive on the market, as the eye-watering price of the iPhone 11 shows.
Yet, Apple continues to dominate the smartphone market, and has intensely loyal customers who come back to its products again and again. And that’s because Apple has stuck to two core business strategies.
Originally, Apple was pioneer of the technology field, and even today, many features first make their appearance on an iPhone before proliferating to other brands. Apple has built itself on uncompromised quality and innovation, which it uses to justify its price tag.
Alongside, Apple has also firmly positioned itself as a high-end product. Despite many incentives and logical reasons to do so, Apple has never entered the mid-range phone market. It feels that such a move would depreciate its brand value – which might partially be true.
Apple’s quality and exclusiveness is now its image, and these two qualities together have placed it among the world’s richest companies.
The Pitch – Adapt and Innovate, Even When You Are Succeeding
Many of the world’s pioneers have failed in their industries – Motorola, MySpace, and Palm are a few examples of creators that could not keep up with the very industries they had helped launch. But not Microsoft. Even its most hated product – the Internet Explorer – has received a new lease of life as a fairly good Edge browser.
How has Microsoft survived? Yes, there are some monopolistic and problematic practices involved. However, there are also sound business practices at play. Microsoft entered the computer race at the right time and struck gold, but it never got complacent.
Despite dominating the market, it continues to innovate, create, and experiment with new products. This ensures that when new frontiers emerge, Microsoft is already there. Take business clouds, which will likely be the mainstay as work from home becomes more common. Office 365 is there already, while others are fretting their next move.
The Pitch – Consumer is King
Amazon has been known to have a wildly disruptive impact on industries. It is a leader now not just in delivery, but also in streaming, AI, cloud computing, and publishing, to name just a very few. And how did it get here? By following the age old saying – consumer is king.
From the very start, Amazon has been hyper focused on the customer experience. It focuses on getting there faster, doing things better, and cutting their losses just to keep consumers. Indeed, Amazon would much rather replace the product or get the customer what they want than lose them.
As a result, Amazon is now almost an integrated and automatic part of our daily lives, simply because it is the most convenient route for us to take. It might be bad news for workers and competitors, but consumers are thriving.
The Pitch – Get the Right People and It All Gets Going
Google was not the first search engine to launch, but it was the first search engine to launch a multi-billion dollar tech empire. Where Google has succeeded and others have not lies in one simple detail – people.
Technological advancements come when people are not afraid to pour in money, to fail, to take their time with things, and to be open about what they see as problematic.
Google is famous (and infamous) for having a very open work culture, with office spaces build more like expensive community centers, a decentralized chain of command, and the open option for all to pursue their side projects.
In such a culture where they are no pressures of deadlines and reviews, productivity has grown, and with it, Alphabet’s portfolio.
The Pitch – Why Go Anywhere Else
The only Chinese company on this list is the digital giant Tencent, a name that the gaming industry would be very familiar with. Many argue that Tencent’s rise to power has been made possible by the inherent advantage it has in the Chinese market, where external agents are seldom allowed to ply.
While that may be true, Tencent has been able to capture the market also because it provides a whole realm within your smartphone.
Thanks to the success of its initial chat apps, Tencent quickly established itself as a reliable tech company, and its other offerings were lapped up by the market. It provides the functions of Amazon, WhatsApp, Facebook and Spotify – all in one.
It packs convenience and connection in a single package, which makes it very appealing to today’s hyper-connected populace.
Do you think these richest companies can keep their stride going in the next decade? Who do you think will be the biggest shaker, and who will lose the most? Let us know in the comments below!