The Secrets To The Success of Billion Dollar Businesses 

If you’re a person in business then you have to have ambition in order to succeed. You might be starting off with a small shop tucked away on a quiet street corner, or you might already be climbing the ladder to entrepreneurial riches. Whatever stage of the business game you’re at, it’s never a bad idea to take a hard look at those who are really succeeding. There are a staggering number of billion dollar business in the world now. Whilst it might seem that that level of success is almost unobtainable, there are a few surprisingly simple ideas that almost all of the big businesses are following. We can’t guarantee you’ll be earning seven figures by the end of this article, but if you apply the tips carefully and consistently then your business should see bigger successes than before.

Creating Customer Loyalty

Finding new customers is very often at the very top of the marketing plan for most businesses. However, the most valuable asset a company can have is the customers that already trust them. Your loyal customers should be your top priority, as it’s with their help that you’ll be able to find more. A glowing word of mouth review will be far more effective at bringing you new customers than a thousand percentage discount offers will ever be. One of the industries that has taken a sharp turn to this style of thinking recently is the casino industry. Casino gaming sites have historically clamoured for new customers by enticing them with special discounts as thanks for signing up. So much so that often casino companies overlook their loyal customers to try and entice new ones, but casino reload bonuses work in a different way and they’re becoming an increasingly popular marketing tool in this multi billion dollar sector. These bonuses specifically target already existing customers and offer them a great deal as thanks for their continued patronage. Vegas Slots Online provides a rundown of exactly how these deals work, as well as points out the sites that are successfully implementing them. 

The chances are that you aren’t running a casino site, but whatever your business is, it’s important to find ways to show your loyal customers that they’re valued. It could be that you send out gifts on their birthday, offer them a gift wrapping service on their next purchase, or introduce a loyalty card as many of the big coffee chains do, which brings us on to the next point.

Becoming the Biggest Fish

Although it’s sometimes easier said than done, becoming the biggest fish in the pond is the true key to guaranteeing business success. There are two different strategies of doing this, either making yourself bigger or making the pond smaller, the billion dollar businesses tend to be doing a little bit of both. For example, the coffee shops we just mentioned will all have loyalty cards. Starbucks is a huge player and many of us will have a loyalty card in our purse or wallet, that earns us a free coffee for every x number of coffees that we purchase. Whilst a loyalty card seems like a simple idea, the psychological effects are profound. Humans enjoy familiarity, so carrying the card in your wallet means that you’ll see that Starbucks logo multiple times a day. You’ll hold onto it because it’s worth it for the free coffee, so Starbucks is successfully fostering familiarity and then rewarding you for it. If you’ve got that loyalty card, you’re an awful lot less likely to head to Dunkin’ Donuts for your coffee, making the potential pond a good deal smaller for Starbucks.

Another company that’s done this incredibly cleverly is Apple, having reported record profits despite a failure in their supply chain. Whilst they’re working on their becoming the bigger fish strategy by constantly innovating and creating products that are hard to compete with, the shrinking the pond strategy comes by creating their own parts and making sure that their products work seamlessly together. By creating their own parts, they’re ensuring that the aftercare of their products remains another source of income for them. By ensuring that their products work flawlessly together, they’re pushing consumers to buy not just a mobile phone from them, but perhaps a laptop, some new headphones, and a tablet as well. This sort of interconnectivity is a brilliant tool for any burgeoning tech company to work on.

Adapt and Overcome

Finally, every good investor knows that the secret to a great portfolio is diversification, as these companies prove. If your business was recording record profits steadily but has started to plateau, then the key to getting the ball rolling again is likely in diversification. Coca-Cola is an enormous brand and unrivalled (except by pesky Pepsi) but it would have been impossible for them to reach the heights that they did without diversification. A whole selection of drinks and even snacks exist under the Coca-Cola brand, which all help to boost the profit margins when times are tough.