Art of Strategy
Some of the key components of strategy of successful companies today are the following:
1) Simple, clear and concise
2) Continuous innovation
3) Data driven decision making
4) Customer centric
Now we will look into how some of most successful companies today incorporated the above elements into their strategy to become successful.
Apple: ( Innovative customer experience and advertising focussed strategy)
"To turn really interesting ideas and fledging ideas into a company that can continue to innovate for years, it requires a lot of disciplines" ~ Steve Jobs
Apple has one of the most successful business strategies that you can emulate.Apple has come up with innovative ways to increase customer’s loyalty and profit. Apple does this by making sure that the user experience doesn’t end at the cash register. They take great care in designing a user experience from browsing to unwrapping, which relies on incredible packaging and installation procedures.
Netflix : (Big data & Data Analytics)
When no one in the industry were ready produce or distribute House of Cards TV Series, Netflix decided otherwise. Their data analysis on customer preferences and analysis helped them to decide that there is a huge fan base for political dramas. Result, House of Cards became hugely successful after its release on Netflix. This won Netflix huge revenues and new customers.
Visa: ( Innovative advertising strategy)
Visa has had to change its company strategy due to the weakened economy. Credit card customers have used their cards for more common purchases in the weakened economy, so they changed their commercials to ones that show people making common, less-expensive purchases. Previous ads focused on big, expensive purchases like cruise ship trips and going to the Olympics. Visa's strategy also includes adding social media applications like Twitter to its website. They created Gosaic, a photo-sharing website customers . Users submit photos of things they bought with their Visa cards.
Wal-mart: (New Pricing strategy based on data analytics and market research)
Wal-Mart, decided to use strategic pricing as a weapon to overcome their competitors and that pricing strategy has put them in the leadership position. Walmart has a strong Data Science team that empowers them with insights for product pricing and advertising.They came up with a winning strategy that made them industry leaders. Today, Wal-Mart is the most capitalized company in the world and number one on the list of Fortune’s 500 companies.
Clearly data driven decision making, having clear implementation plan and innovative approach to strategy making made these companies leaders in their domains. Successful strategy making involves both science and art.