Big Lessons for Small Business

Tue, 11/07/2017 - 22:42 -- Leonard Shostak

As small business owners we want to learn the best practices to achieve results; to emulate good business practices and make smart business choices to properly establish/run our businesses. With our technologically advanced world, this information is readily available at the tips of our fingers. Knowing what we need to do to successfully run a business is what separates the small business owner with less experience and resources from the Fortune 500 CEO. To begin, if we can answer these questions easily then we are already ahead of the game:

  • How much more business do I need to break even on the new expense?
  • How fast can I grow my sales to exceed my new break-even point?
  • How can I know I won’t run out of cash?

Adopting strategies on a small scale will guarantee success. Successful brands like Coca-Cola have kept its brand identity consistent for over 100 years; it is the best known brand in the world. The company has remained consistent in the use its logo/advertising and taste of the drink. In the process it has become a household name over the years.

Apple has created a movement. The brand hast turned ordinary people into a “tribe of fans.” The company creates a hype and continuously delivers products that are unique, making them leaders in the market. Apple also offers an unparalleled customer service.

Starbucks has taken social media to a whole new level, beyond any of the Fortune 500 companies, creating a killer strategy. Generally, about 80 percent of the Fortune 500 companies are active on Twitter and Facebook. The key for Starbucks has been maintaining an active and outstanding engagement with their followers. Some of these marketing tips include:

  • Starbucks makes smart use of GIFs and videos in its Twitter feed.
  • Nearly every tweet has a custom image.
  • Outright marketing is slim and hard to notice.
  • Starbucks tweets back to its customers with emojis and full messages.
  • Starbucks publishes custom infographics just for Twitter and responds consistently.
  • Starbucks keeps a pulse on popular trends and tweets about them.
  • Starbucks dominates the hashtag world and owns several unique ones.

According to Roger Martin, author for the Harvard Business Review, “Good marketing and good strategy are both about making choices that build and maintain a particular set of capabilities that enable the company to outperform its competitors.” Being successful means observing business strategies of the world’s successful businesses and implementing their marketing moves on a much smaller scale. We can compare this to the dating scene, at the end it’s all about the person, not the online profile.