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Hello. My name is Ibrahim Jawara. I am highly motivated about learning and implementing businesses that will enrich and transform the lives of my fellow man (YOU). This is my life mission, and I am very thankful for the people and the experiences that have brought me to this understanding.
I am what you will call a 21st century digital entrepreneur. Constantly learning and striving to enact actions that are customer focused (YOU). I am the founder at Jmusic- singer and songwriter and sidehustle-reviews.com; brands promising to provide the strategies and ideas that will enrich and transform Your life.
Before You continue reading, I want to recommend some books that I believe will have the greatest impact on your life:
If you have ever wondered how to become rich or how to get rich in the most natural way possible, then you only need to look at the most successful companies in your neighborhood.
If you look into the statistical data, most of the world’s richest people are business owners or at least in association with those businesses. For example, read this article written on (Millionaires).
I have seen many people online that have attempted to answer the question of (how to become rich?)
The best way, in my opinion, is to study the most successful companies because they have found a way to take a large portion of our income and we gleefully allow them to do so.
Luckily, I want this question answered too!
So, this will be an in-depth look into successful companies, such as the Internet’s number one Media Company, YouTube.
From there, we will look at the lessons learned, in order to apply in our own lives. This is the how to become rich, famous, and successful guide.
In simplicity, the best way to become rich and successful as an entrepreneur is to get in the right business that you are willing to follow through on, till its successful.
When I say, ‘right business,’ I mean all the positive qualities of a successful business are at your disposal.
That would mean you have made the right decision on some things like choosing the right product or service and how you would deliver it correctly to the end customer.
What if I say there is a way to do just that?
That is why I am doing this case study of a successful company like YouTube. With the knowledge gained today, we can build the business of our dreams that will make us rich and even life-long wealthy.
The perfect ingredients of timing, team skills, marketing strategy, and connections played a major role in making YouTube as a company successful.
Because of Timing, it was possible for the team members at YouTube to create the innovative technology that changed the internet for the ages.
YouTube’s team members were all prior co-workers at PayPal with skillful business and computer programming skills that complemented each other.
In addition to that, they had connections to VCs (Venture Capitalist) and Angel Investors that contributed greatly to YouTube’s growth.
YouTube, (currently a billion-dollar technology company), officially started on Valentine’s Day, (February 14, 2005) by three friends and former associates of PayPal.
The founders are Steve Shih Chen, Chad Meredith Hurley, and Jawed Karim. These three friends that had met during their careers at PayPal decided on the concept of “YouTube”, which was a video sharing idea that would be the first of its kind.
Keep in mind these men have spent their professional careers working alongside famous names like Elon Musk, Peter Thiel, and Max Levchin.
When YouTube was started around 2005, most of their first employees (about 10 in total) were co-workers from PayPal (Business Insider).
The building and running of the company in its early years was done in the garage of Chad Hurley’s home in Menlo Park, California.
According to Jawed Karim (USA Today) YouTube originally started as a dating website similar to a website called “Hot or Not”.
“Hot or Not’s” website concept revolved around user generated content (which were images) and dependent on a social factor of users voting on those images to decide if the person in the images were hot or not.
Unfortunately, this early dating concept did not work for YouTube. Luckily, the team was quick to make changes for the open video sharing concept that is known today.
According to source, (Business Insider), the dating website concept for YouTube lasted about two weeks before the YouTube Team changed it.
These are the first team members on YouTube including its founders according to source (Business Insider).
Around its 21st month of operation, YouTube was purchased by Google for $1.65 billion stock-for-stock on October 9, 2006 (SEC).
Google at the time had their own video service but was not performing as well as YouTube was.
It is said, cofounder Jawed Karim, had meetings with both Yahoo and Google corporate executives at a Denny’s Restaurant in Redwood, California (NOVO).
The deal was structed, and Google discontinued their own video service and decided to let YouTube operate as a separate entity from Google.
Before YouTube became profitable, there were many issues they were facing which in turn made it a good deal to sell to an establish company such as Google.
YouTube as of this date, is known as one of the fastest companies to ever grow traction in their online business platform.
Incorporated February 14, 2005, YouTube dramatically increased the number of users using their platforms in less than 1 year.
Since the acquisition of YouTube, many changes have taken place to put YouTube in the advantageous position it now holds.
YouTube, for example, has introduce the revenue share model for content creators on their platform.
In addition to that, video ads from publishers have been a significant revenue stream contributing to billions of dollars in annual revenue (Business Insider).
YouTube as a company has proven itself to be more than the benchmark for us to study and emulate through our own businesses as entrepreneurs.
The marketing strategy examples we are about to go over should give us insights into the factors that make a business popular and successful.
In order to fully understand the lessons of YouTube’s business marketing strategy, we will look at its business model through the 4ps (Product, Promotion, Price, Place) of marketing.
I usually look at a companies’ solid application of the 4Ps of marketing because, that’s the first step to identifying whether an entrepreneur is in the right business and is conducting business correctly.
Each one of YouTube’s founders have stressed the importance of having the best product for its customers.
Product development was YouTube’s number one objective and marketing strategy that allowed users to fall in love with their platform and to increase its net earning potential through word-of-mouth promotional referrals.
According to source (NOVO) Chad Hurley specifically said “ the most compelling part of [being acquired by Google was] being able to really concentrate on features and functionality for [its] community.
YouTube’s focus on product development made them into the fastest online technology company, up to now, to grow at an exponential rate.
In the beginning, YouTube’s team members focused on getting attention, cultivating an audience, and perfecting the capabilities of their platform.
If asked, how YouTube became such a popular company so quickly, the number one reason would have to be product innovation.
First of all, YouTube in the beginning used a freemium platform that welcomed all users from all over the globe.
This is a very important aspect of product development because instead of deterring users away from their platforms, YouTube allowed its user community to show them how they want to use the platform.
They listened to their users and built the features its users wanted.
Cofounder Jawed Karim describes two events that led to them formulating YouTube into the platform it is today.
According to source, (USA Today), Jawed Karim talked about how the idea for YouTube sprang up after the demand increased for videos they missed or were not available (in most cases uncensored) anywhere else besides on television.
One of those events was the 2004 Janet Jackson’s “wardrobe malfunction” during a Super Bowl Show.
The second was a very surreal Asian Tsunami that had taken place.
These events garnished a lot of people’s attentions and for the most part was the talk of many people in various circles.
The major problem was that most videos on television were either censored or were not on demand, so most important news are either seen once or missed by most users.
This is product demand at work; for the entrepreneur that can see the potential. Luckily, YouTube’s video platform provided the answer to this problem.
Not only are users able to watch important event videos on demand, but the process was also extremely easier to do through the internet because of YouTube.
So, YouTube, providing their services via the internet was a major marketing strategy example of how the decision of place, makes a business successful.
First of all, the best product creates the best marketing tool for any business.
This is because, when customers experience something beneficial, novel and just inspiring, the natural tendency is to share that experience with their friends and family.
This is the importance of marketing strategy that relies on building the best product to solve the customer’s problems.
YouTube’s platform from its founding was very innovative and needed by users all around the globe.
This made word of mouth marketing extremely plausible and instrumental in making YouTube famous, rich, and successful in the business space.
There has not been an online company of late, that rose with online traffic without the application of a proper SEO strategy.
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Like I said before, YouTube started with a Freemium pricing model. Like my previous case studies, technology companies that focused on user adaptation in the beginning rather than revenue acquisition, always win.
Companies such as YouTube, would rather spend years learning about user behavior on their platform and improving their platform in the process, rather than charging for untested products and services.
What is most interesting is that even Today, (as I am writing this article), the regular users of YouTube are not being forced to go through complicated sales funnels.
The users, and browsers of the YouTube platform are free and welcomed.
In fact, they are not the customers. YouTube’s current pricing strategy is for advertisers that have acknowledge the value YouTube has created.
Basically, YouTube is the television network with the attention of billions upon billions of people worldwide.
Just as amazing is the benefit that comes to some users that further adds to the value YouTube has create.
In a word, users called Creators that use the YouTube platform to broadcast themselves worldwide are gaining financially from the platform.
Because Creators are acting like the different channels on a television screen, they enjoy revenue share that YouTube has willingly agreed to pay them.
It does not get any better than this.
The Proper use of the 4ps of marketing (Product, Promotion, Price, and Place) has significantly pushed YouTube to a success ladder that is un-reachable by most multi-billion-dollar industries.
These marketing strategies should be used, emulated in our own business ventures in order to become rich, famous, and successful entrepreneurs.
Becoming an entrepreneur is one of the most rewarding ways to become rich.
If you implement some of the principles, we have learned about how YouTube rose to success, then you too can replicate a business that accomplishes similar feats.
We found out how the importance of building the best product in the market made YouTube successful.
The product, YouTube’s Platform, was the perfect product-market fit at a time when consumers were looking for solid solutions.
Consumers wanted faster video sharing capabilities.
They wanted to upload videos they captured in real time, to friends and family without additional headaches.
They wanted to see what people all around the globe were doing. From the silliest things to the wildest things.
They craved a community that is first in providing new insight and information on a scale never before seen.
These were the problems, the needs and the demand that existed within the marketplace.
YouTube’s product (their platform) solved these pain points for many people and businesses all-around the world.
As a result, YouTube grew at such an unprecedented pace, that no other online company can dream of replicating that record without doing something that will change the status quo.
There were many principles you should have drawn from this marketing strategy example of YouTube.
These principles should have shown you how to become a successful entrepreneur.
By learning how to become a successful entrepreneur, you are essentially learning how to become rich, famous, and successful as well.
Today’s advice is for you to focus on only one concept. One principle.
That is, creating a product or service that makes the lives of your customers easier and better.
You should spend some time writing down the needs, the problems, and the cravings that customers want in the marketplace.
Your job then is to meet those desires, with the best built service or product.
That is how you become a successful entrepreneur, and how you become rich, famous, and successful.
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