Apple is today announced as the FIRST ever Trillion Dollar company
This week, Apple was announced to have become the first ever public company to hit £1,000,000,000 (1 trillion)… so the question is… HOW did they do it?
So lets look at the facts, see what they did differently and see if we can relate that to our businesses as letting agents… What can we learn from this HUGELY successful company, that appears to BREAK the mould in every way…
A key differential, is that unlike many in the tech field, that continuously try to drive prices down, be the cheapest in order to win business, Apple are one of the highest price products on the market and NEVER tried to compete in price, which considering the space being such a highly competitive field, this is astonishing. So, how do they still get people queuing round the block to buy the latest i-phone (which has merely had a few upgrades? How are they continuing to lead the pack in this space?
Create a Following
They have created Fans, followers, dedicated customers… who love what they do, because their stuff works, it makes a difference, it doesn’t break down, their customer service is excellent, their products look sexy, their shops are spotless, their staff are trained
but HOW did they do that?
Because they didn’t compete on price… from the outset, they valued their business, they maintained their high price and held out for that figure… which meant… they could spend more on delivery, product research, development, staff and team training and premises…
They are constantly committed at looking at ways to evolve, do more, be more offer more… how they can make their product better
so now they have a following of fans, they have high price products and therefore higher profit margins (more cash to play with) what should they do with that?
Offer MORE, fans want to consume more, buy more, they like to deal with the company and its products and some will buy everything they offer, so they produce MORE. They find ways to “re-sell” new things to their existing fans and customers all the time. They keep it FRESH, with new designs, new functions, new products… such as the “latest” iPhone, the newest laptop etc
So what can we learn:
- It’s never about cost it’s about value, so add more value, NEVER cut fees, its your duty to earn more, so you can do more… and create FANS of your brand as a result of being awesome
- Always be looking for ways to evolve and grow your business offering to keep it new and exciting to customers be different, make sure you review your services yearly, your fees yearly, your offering… make sure you are including the right sub services and higher VIP offering, to be in line with todays needs and wants
- Nurture your fans (customers) give them more ways to work with you, hear from you and work up the value ladder, its a bit like SWAG at a concert, people who love you will want to do more with you, but if your not offering it, they can’t.
Ultimately the answer is to take some time out, review your business from the outside and make sure that every year, you review what you look like Is it fresh? Is what you offer still relevant? Are you still making enough profit to take time developing your business? Who is in charge of R&D (research and development) keeping an eye on the market, the competition, the customer needs and your services…
If you haven’t reviewed your service offering form some time, we have a document, that will help you break down everything that you do, look at all the additional work you have taken on over the last 10 years and consider how you could restructure your services, to offer both higher and lower level offerings…
You can get your copy of the Service Layer Restructure Guide HERE