One of the fastest ways new entrepreneurs achieve their goals is by learning lessons from successful business stories. Doing so can help them understand what should and shouldn’t be done when running a business.
However, not all stories cover practical lessons. Many of them may talk about generic advice, like hard work and focus. This may leave new business owners wondering about the suitable methods they should try in order to build a successful business.
In this article, we’ll discuss nine giant companies’ strategies and actionable takeaways you can use when starting your business. Hopefully, these examples will inspire more small business success stories in the future.
Tesla
Tesla entered the electric vehicles market in 2013 with its Model S. From there, the company has grown to become the pioneer of the electric car industry.
Unlike other vehicle companies that offer static features on the products, Tesla develops specific software on its hardware. As a result, users can update their cars’ functionalities even though they own the same vehicle.
Tesla also builds company-owned showrooms to create a better customer experience. Customers can have faster product development and not get distracted with other brands like in typical dealerships.
Takeaway: Launch fresh and unique products by using improved business models in the industry.
The Corcoran Group
The Corcoran Group is a Manhattan-based luxury real estate company built by Barbara Corcoran in 1973. Her business grew from a small startup to one of the most popular brokerage firms in the US.
To have solid business strategies, The Corcoran Group invests in its human resources.
It makes sure that every department has two kinds of people:
- Containers. People that love keeping everything in order and building good systems.
- Expanders. Like making new friends and taking risks.
Barbara says opposite personalities in a partnership will keep the business balanced.
Takeaway: Hire people that meet your business’ needs and values.
Home Depot
Home Depot is a large-scale home improvement retailer founded in 1978. It has more than 2,200 stores and made $132.1 billion in revenue in 2020.
The company extends its services from in-store experiences to online shopping too. With the resources, Home Depot builds an excellent omnichannel strategy, a combination of offline and online marketing efforts.
For instance, when people find a product on Home Depot’s website, the brand will invite them to come to the store for product demonstrations. It also offers built-in navigation on the app to direct them to the specific aisle and avoid wandering around the store.
Takeaway: Try to integrate online shopping and other digital aspects into your brick-and-mortar business plan.
Houzz
Houzz is an all-in-one platform for house projects. Here you can search for design inspiration, research and hire home professionals, and purchase furniture. Today, this company is well established in multiple markets outside the US, including Singapore and India.
At the start, the founders, a husband and wife, got frustrated because they couldn’t find the right home professionals during their home remodeling project. Therefore, the couple built a home remodeling community named Houzz.
Takeaway: Start a business that solves problems. Doing so is guaranteed to attract customers as your products will make their lives better or easier.
Walt Disney
Disney is famous as the most prominent entertainment enterprise in the world. It acquired big media companies, like Pixar and 21st Century Fox. Disney also released its streaming service, Disney+, with the highest revenue among other brands, like Netflix and HBO Max.
The powerful storytelling in Disney movies has inspired the brand to create products around it, like merchandise, a cruise line, and theme parks. People tend to feel more attached to the products because the stories win their hearts.
Takeaway: Create products that evoke people’s emotions.
Peloton
Peloton is a home fitness brand that offers workout equipment with advanced software.
The company builds live group workouts displayed on the screen. It will show your fitness score, then the instructors celebrate it with digital high fives and mention you in the community whenever you reach specific goals.
The concept can help Peloton provide a traditional studio experience at home because the users can feel like they meet their trainers and other members.
With that kind of engagement, this fitness brand can build emotional connections with its users, increasing customer loyalty.
Takeaway: Make your customers feel engaged with your brand.
Ben & Jerry’s
Ben & Jerry’s is an ice cream company built in 1978. The founders, Cohen and Greenfield, borrowed $4,000 and opened their first shop in Vermont.
Today, it has become one of the leading ice cream brands in the US and built strong campaigns on social issues.
For example, it supports the global fair trade movement by working only with farmers and as their suppliers. Other issues this brand endorses include climate change and racial justice, as well as refugee rights.
Takeaway: Support a social cause that relates to your customers. Being vocal on social issues can help you win consumers because 68% of people expect companies to be clear about their values.
The Huffington Post
The Huffington Post is one of the most popular news websites with 110 million visitors per month. The main difference between The Huffington Post and other media is the use of user-generated content (UGC).
This news website has functioned as the curator of people’s content since it started its business. The Huffington asks people to become contributors or send content, like videos, audios, and photos, then promise exposure.
Takeaway: Consider using UGC for your business strategies. It helps increase engagement as people feel they’re essential for your brand. With this method, your brand can also keep the content fresh as you receive various points of view from users.
Etsy
Etsy is one of the top online marketplaces. It made $1.7 billion in the 2021 annual revenue by catering to 81.9 million buyers and 4.3 million sellers.
This marketplace serves a niche market and community, which helps Etsy set itself apart from other marketplaces.
Instead of selling generic products, it lets artisans sell their homemade crafts and vintage items. Therefore, niche buyers can purchase custom products. The concept makes Etsy a go-to place for handmade goods and appeal to a specific community.
Takeaway: Discover a niche market for your products. Doing so will reduce competition and make your brand stand out because you have unique value propositions.
Conclusion
Hard work and self-motivation may be some reasons why a business can become successful. However, it’s important to blend the personality traits with the right strategies.
Here’s a quick recap of nine major companies and their creative business practices:
- Walt Disney. Uses products that evoke emotion.
- Tesla. Develops innovative business models and products.
- The Corcoran Group. Sets specific requirements when hiring people.
- Home Depot. Applies an omnichannel strategy.
- Houzz. Solves people’s problems in the industry.
- Peloton. Builds engagement with customers.
- Ben & Jerry’s. Supports social issues.
- The Huffington Post. Asks people to contribute to its content.
- Etsy. Appeals to a niche market.
Now that you’ve learned some best practices from the legends, it’s time to prove them yourself on your business. Good luck!
