When it comes to good business strategies, one can learn a lot from the biggest companies out there. These organizations often have large teams that sit down and plan out strategies well in advance, with revision sessions that make sure that every possible has been covered and that the strategy that is being used is the best one for the company.
Now, I know what you are thinking. How can small businesses learn, copy, and execute from what Huge organizations are doing? Surely the differences in budgets will prevent that. Well, I argue that that is not the case. Sure, large organizations such as the one’s listed below are well funded and can scale things rather quickly.
However, there is a lot that a small business can take away from a large one in terms of strategy, ideas, and even execution– whether it’s a huge non-profit or corporate entity. Large entities indeed have a lot of valuable information to pass onto small businesses – regardless of the lack of resources. Below are three very different organizations and companies, all of whom are employing strategies that I believe almost any small business can learn from, adapt, and utilize effectively.
Organization: Google
The Strategy: Building the perfect team so that they can create groundbreaking technology and dominate future markets. Google has spent years building the perfect team and they are still doing it today. Google was so convinced that the perfect team would equal the perfect products that they spent hundreds of millions of dollars gathering and processing employee data like which groups tended to eat together, which traits the best managers have and many other factors.
Things to Take Away:
• You may not have Google’s resources but if you make your focus on building the perfect team with the resources you have you will be ahead of the competition.
• If someone isn’t working, replace them. The cost and time spent making the change will be well rewarded.
• A small business is particularly affected by this. One bad seed in a team of 10 can ruin a company. Learn from Google to make sure you have the best staff.
Organization: UNICEF
The Strategy: Using Instagram to show kids wearing the product that they are selling. Basically, UNICEF launched a Fitbit-for-kids style bracelet wearable, sometimes referred which donates food to the needy for every step taken while wearing the bracelet. In order to drum up interest, they encourage kids to upload photos of themselves wearing the bracelet. Kids love being featured on the UNICEF Instagram, and as a result, they all participate.
Things to Take Away:
• UNICEF encourages online community participation by providing a forum for kids to share pictures with other kids.
• These kids also can see what other kids – their contemporaries – are wearing, and as a result will want their own bracelet, which of course benefit the organizations main mission.
• Small businesses, even local ones, can encourage local community participation, by encouraging customers/users to participate socially, by uploading images of themselves using the local business, or posting a review.
Organization: Red Bull
The Strategy: Micro-focusing on a particular market segment and then wining and dining them like no other. Red Bull focuses on the young, high-energy, exuberant and motivated demographic. That’s why they own a racing team. That’s why they work with big-name athletes. That’s why when you think of Red Bull, you think of people who want to get things done. You can do the same with your products or services.
Things to Take Away:
• Narrow your current demographic to the segment that you most want to reach.
• Spend all of your marketing efforts going after that particular segment.
• Don’t make your company marketing targeted to that segment – make your entire company dedicated and in existence for that particular segment.
• Small businesses may already have a localized niche segment, but instead of a few marketing ploys dedicated to that segment, it may be more shrewd to transform the entire company or business toward a segment.
Further Resources
Small businesses will continue to benefit as long as they prioritize learning and observing from other big companies. Additional resources include reading and studying books by major hi-tech entrepreneurs, many of whose strategies are ripe for entrepreneurial minded small business owners. Another great resource is checking out the free services offered by the Government. And of course, within your strategy and execution, it is imperative to look into customer engagement and customer experience.
With a combination of observing the big organizations and applying similar strategies to your own businesses, I believe that any business – small, medium, or large can benefit, so long as they execute properly.
