The success of Apple is recognized all over the world. In fact, experts claim that it is one of the most innovative companies you can find in today’s modern world. Perhaps you’re wondering what it takes to achieve such greatness and success. For Apple, it is all about innovation strategy.
Apple is very popular for its iPad, iPhone, iTunes, iPod, and many others. A highly successful company will not just hand out its innovative strategy and secret recipe to triumph.
It is important to know that Apple innovates on the following aspects:
• Business model
• Customer experience
It is all about innovation and creativity. Through the company’s founder, Steve Jobs, Apple was able to achieve its peak of success. However, Apple will not always have Steve Jobs and since the market is getting more and more competitive, it must face the challenges and come up with breakthrough innovations that can be converted into sales.
At present, Apple has the so called ‘Innovation Factory’. Through the latter, Apple is able to harness uncontrolled creativity. Their team of specialists are able to come up with new innovations that are profitable through stimulating bold ideas. The company is not satisfied in getting second place. It is always aiming for the top.
The company leverages its various ecosystems which includes Apple’s customers, employees, partners, suppliers, and global networks. It continuously analyses the market for new opportunities to ensure the exponential growth of the company.
Apple is able to increase its revenues, net profits, and market cap at amazing percentages that no other company is able to achieve. The company’s battle with competing companies never ends. In fact, conflicts have raised especially those concerning smartphone sales and patents. These things are able to influence the company to work harder and become a leader in the industry.
In America’s corporate history, Apple is making a spectacular financial run. Selling millions worth of digital devices is hard to achieve, and the company’s monthly profits has reached billions of dollars. The current position of Apple is at a great advantage over competitors and it can set the major trends in the digital economy.
Did you know that Apple almost went bankrupt before it was able to achieve a tech boom? However, through luck and anticipation, the company was able to achieve greater heights because of its innovative strategy.
As mentioned earlier, Apple focuses its innovation strategy in different aspects and not just the products. Steve Jobs believes in the key lesson wherein you have to anticipate for the key action while avoiding late hit. For instance, it is not enough that you look into the results of a market research survey to determine what customers want.
What is more important is that you’re able to define the needs of customers that they themselves are unaware of. This was proven by the success of iTunes and iPod wherein before these things were launched in the market, millions of people were satisfied with their Walkman.
Aside from innovation, Apple also gives importance to opportunity. Currently, the company is working on three trends – Asia, tablets, and smartphones. Asian countries are beginning to boom and this can mean millions of customers for the company. Apple is aiming to increase its sales in Asia through higher production of innovative products for such market.
Tablets are also increasing in popularity these days. The competition in this type of product is limited and with Apple’s amazing tablets, it is sure to grab a higher market share percentage.
Aside from this, smartphones are continuously high in demand. In fact, many people prefer smartphones over the regular mobile phones. The shift in demand is something that Apple is will take advantage of.
Innovation and opportunity are two very important factors. However, the success is more on the executor level. Execution is vital. Jobs and Cook were able to do a great job in reaching the goals of the company.
The levelheadedness of Cook after Jobs’ brilliant leadership is one thing that has sustained the success of Apple.
People want to try something new but there are times when they are unaware of what they really want. The innovative strategy of Apple is the company’s secret weapon to keep up with the competition and remain on top of the industry. When it comes to hottest technologies like the smartphone, no other company can beat Apple.
Until today, the company is continuously growing and meeting the diverse demands of customers.
Innovation is the key and with Apple’s team of brilliant minds, it will continue to provide the market with the best gadgets. When innovation is done properly, success will surely follow.
Many companies invest millions of dollars on research and development. With Apple’s Innovation Factory, it is sure to come up with new ideas and trends that people from around the globe will patronize.