2017 is here and with it comes the iPhone’s 10th anniversary. Whether you are a fan of the phone or not doesn’t really matter, as a small business owner there are some key business strategies that you can learn from this event. The success and growth of this product just might have you wanting to run out for a small business loan to move your business in the right direction. Businesses can learn from these key concepts that are a part of iPhone’s success:
There are many businesses that reach their 10th anniversary and no one even notices. Are you wondering why the anniversary of iPhone is such a big deal? It’s because of the way that they market themselves. News feeds are abuzz with people trying to predict what new features the iPhone 8 will include once it is released as part of the 10th anniversary.
One consumer, during an interview with USA Today was asked about about why people love iPhones so much. Her response was, “Everyone is just talking about it. They’re marketing themselves. It feels like you have to get one.” Apple is so successful with their marketing efforts that consumers feel compelled to need to buy a new phone. Each time an updated version is coming, there is a big buildup leading to the release. Even though consumers already have an iPhone that works perfectly, they are enticed into buying the next newest thing.
Small business owners should learn from Apple’s example. Proper marketing is a critical key to growing a business. Businesses want consumers talking to others about their products. Word of mouth is some of the best marketing available, but that doesn’t mean that traditional marketing should be abandoned. If a business doesn’t have a proper marketing budget, it might be time for a small business loan to help them grow.
iPhone is celebrating their 10th anniversary with another new phone, and people are excited. Whether a small business has been operating for 5 years or for 50 years, it is important to spread the word. Consumers feel comfortable with businesses they can trust. The longer a business has been open the more trustworthy they appear.
The iPhone’s journey wasn’t without a bump or two along the way. For example, the iPhone 4 had problems that with maintaining signal when held on the bottom corner. The issues was dubbed “Antennagate”. The company lost a little respect for trying to cast blame before taking responsibility. After a short time, Apple corrected the problem and offered a free case to every user. In the end, they took care of the issue, took care of the consumer, and the world forgot the rest. The iPhone has only continued to grow in popularity.
Small businesses will have storms and bumps along the road. The key to making it to the 10 year anniversary mark, is knowing how to make it past all of the mistakes and errors along the way. Small businesses can retain their customers through the storm by owning their mistakes and offering excellent customer service. Companies that are willing to lose a little money to please their customers, usually wind up with loyal customers.
iPhones is not the lowest price phone on the market. In fact, Apple isn’t even trying to price the iPhone to be the most affordable or to compete with the cheapest brands. The higher price tag has become part of the brand resulting in their customers feeling “special” for having a product that not everyone can afford.
Small businesses need to follow suit and stop trying to always price below the competition. There are always consumers that are willing to pay the higher price for a product or service that is worth the cost. Businesses that aren’t afraid to charge for what their product or service is worth, tend to have better cash flow, leading to a more stable business that is able to continue growing.
Apple does not wait for their current iPhone version to get old before they release a new one. Their phone is the next newest thing at all times. Just released in September, the iPhone 7 is already old news and all the talk right now is about the iPhone 8. Apple knows if they allow their current version to get “old”, then consumers will become interested in the next newest thing offered by their competitors.
Small businesses need to strive to keep their products and services fresh and new so they don’t grow stagnate. Even making small and subtle changes can go a long way with impressing consumers. Small businesses can utilize a small business loan to reinvent themselves and improve upon what they are currently offering. What if Apple had stuck with computers?
As iPhone gears up for the celebration of their 10th Anniversary, small businesses should use this as a time of reflection on their own business. If you are ready to propel your business forward consider funding your growth with a capital from Tiger Funding.
