Companies, in order to sustain their success, need to formulate multiple strategies. Many successful companies identified their targets by addressing a wide range of aspects through long-term and short-term strategies. There are numerous examples that can inspire budding businesses.
This is a product of Tencent- a Chinese tech company. It is popularly called as “App for everything”. Though it started with basic messaging services, it gradually entered into other service segments. It has features of both WhatsApp and Facebook. Now, it offers even payment services to its 890 million customers.
Started by Elon Musk, this venture is into news for every positive reason. From the initial days, this company focused on cutting capital and operational costs. They created new ways and processes in manufacturing and launching satellites. Today it has become the most reliable satellite service provider in the United States.
To capture the developing market of telecom services, Reliance Industries launched JIO services with nominal tariffs. It made telecom services affordable to people from all walks of life. By this growth strategy, Jio established a large customer base.
Jio also unveiled different apps to provide different services. JioChat, JioTV, JioMoney, JioCinema are the popular apps from Jio. This reflects the business strategy of Jio to capture the mobile service market.
Jeff Bezos, the founder of Amazon.com Inc has become the world’s richest person by formulating dynamic strategies. Started in 1994 with simple book selling services it eventually turned into world’s largest e-commerce giant. It even ventured into AI and cloud computing services to create a sustainable market. Such strategies can withstand market shocks.
So, startups and small businesses should take a cue from the above mentioned success stories and formulate strategies.