WHAT FACTORS MAKE A BUSINESS SUCCESSFUL?

What Factors Make a Business Successful
Jmusic-Singer and Songwriter (think outside the box) image

 

I have been studying some of the most successful individuals and companies in order to learn the lessons and principles that will guide my business and hopefully your own to success.

Through the results of my study of their marketing strategy examples, I hope my findings presented today will show us exactly what factors make a business successful.

 

 

Jmusic-Singer and Songwriter Ibrahim Jawara image

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.

HOW TO GET RICH BOOKS? MY RECOMMENDATIONS OF THE BEST LIFE CHANGING BOOKS?

Before You continue reading, I want to recommend some books that I believe will have the greatest impact on your life:

 

WHAT FACTORS MAKE A BUSINESS SUCCESSFUL?

Any and every business that hopes to reach profitability and long-term success depends on the value it produces for others.

When you understand value, you understand the importance of choosing or building the best product or service, promoting that product or service correctly, and selling that product or service at the right place and at the right price for the end customer.

What I just described above, follows the marketing mix of the 4ps. Product, Promotion, Price, and Place.

Through my studies of successful technology companies, famous singers and marketing experts, the proper use of the 4ps of marketing will make any business endeavor you pursue successful.

Of course, there are other important aspects of the business you choose, that you must be aware off.

For example, business is a team sport; not an individual one. So, for that reason, you must also understand how to build and run a coherent team to move your organization forward.

Today, I want to present some lessons learned from studying successful companies, famous singers (since they are operating as a business), and experts so we can fully understand what factors make a business successful.

The knowledge gained from these experts will be presented below and I hope you will use their marketing strategy examples to move your business forward.  

 

A LEADER WITH A STRATEGIC PLAN WILL MAKE YOUR BUSINESS SUCCESSFUL

It goes without saying, that the number one factor for a company wishing to stay long-term and stay successful relies deeply on its ability to create a strategic plan.

Think about it. Before anyone starts a business, they are advised to do a business plan.

Why do you think that is the case?

 

 

I am also one of those individuals that strongly advices that you do a proper business plan for your company. As I have said in my book, whether you do a business plan formally or not, you will do one.

Because as an entrepreneur trying to make his/her business successful, you will unknowingly do all the steps that a formal business plan would have asked you to do from the beginning.

I hope you check out my book, geared towards online entrepreneurs like yourself. For a relatively low cost, this book will give you insights about your online business that you should know and use to run a successful online business.

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So, why do people like us, advice you to do a business plan?

Trust me, it is not just because we want you to learn about the competition, learn about your customers, or learn important trends within your market.

All of that, is just Information.

As you have been advised, a business plan is necessary when you want to prove the feasibility of the value you want to introduce into the market.

In doing so, your advisors are hoping that you understand the business in and out, and hope you develop a strategic plan that can make sure you counterbalance the possibility of failure.

This brings me to another important factor that all successful businesses must have. That my friend, is Leadership.

 

What is a Leader? Has your company or business identified the leader?

This is an important factor to have for any business hoping to become successful. Regarding Leadership, I am reminded of a profound explanation of what leadership truly means.

I can’t for the life of me remember which one of the dozens of books I have read, that I can quote, but this definition has stuck with me, and I want to share it with you.

A leader is someone that sees everything. 

 

If you are in war, you must depend on a leader that sees everything. Because they see everything, the decisions they make, will work towards success and the counterbalancing of any possibility of failure.

In cases such as this, a poor strategic plan from a leader that has not seen everything, causes the loss of human lives.

When a company fails, the Leader is blamed. When a company succeeds, the first  person identified as the factor to the positive results is the leader. Remember, Steve Jobs!

When shareholders want to see a change within a company, they usually fire the CEO (often times the designated leader).

You can have a million plus employees, but the strategic plan that was created and acted upon was because the Leader made a decision.

 

If you are the entrepreneur with the business idea and working towards starting and running your company, you are the first leader.

When you do a business plan, you are gathering information that will allow you to see everything.

When you see everything, your decisions will follow suit.

Who do you hire? what is your market penetration strategy? what is the company culture? And many more decisions will fall on your strategic plan.  


COMPANIES WITH SUCCESSFUL BUSINESS STRATEGIES – WHAT STRATEGIC FACTORS MADE THEM SUCCESSFUL?

Amazon, Facebook, LinkedIn are just three successful technology companies that I have looked into to see the factors that make companies successful. Heck, they may just make your company successful as well.

I believe you do know the prestige that comes with these names: Jeff Bezos, Mark Zuckerberg and Reid Hoffman.

Three leaders that presented an idea, followed a strategic plan of action and are today, known, respected, and successful.

I have looked into these three technology companies from a marketing standpoint in order to see the factors that will make future companies successful. I specifically looked at their companies through the lens of the 4ps of marketing.

These results should serve as a perfect example for you as your run your own business. Their marketing strategy examples are as valuable as being mentored by them in person.

 

WHAT FACTORS MADE AMAZON SUCCESSFUL?

When I looked into Amazon’s trajectory into a successful company, I saw the brilliant use of a strategic plan and being first in the market.

Jeff Bezos is a very smart individual that was and is still strategic today.

First of all, when Jeff Bezos fumbled on the data that showed how the internet was growing during his time, he was quick to see the future possibilities of using the internet as a medium for his large business empire. That is a leader, seeing everything.

With that information, he formulated a strategic plan to take advantage of that information.

When it came down to choosing a product, he chose books not out of a whim, but proper research he did into the market. He saw the demand for books as the first product to sell online and the future possibilities of selling it worldwide.

Jeff Bezos did not have to worry about other marketing concepts such as a market differentiation strategy because the internet already served that purpose. The internet was his competitive edge since his competitors were not using this medium.

The internet became the perfect place to run his Amazon empire and also served as a perfect promotion strategy. The capabilities of the internet allowed for faster delivery of books and made the lives of its customers extremely easy.

Jeff Bezos’s actions followed the proper use of the 4ps of marketing (Product, Price, Promotion, and Place) as the strategic plan to counterbalance the possibilities of failure.

This is a basic overview of the factors that made Amazon successful, for a more in depth understanding, I hope you would check out my case study of how to become rich by the marketing strategy of Amazon.

 

WHAT FACTORS MADE FACEBOOK SUCCESSFUL?

Mark Zuckerberg’s building and growing of Facebook as a technology company also highlights some factors that businesses today should emulate.

Through the 4ps of marketing, Facebook served as the perfect Product from its founding to its growth. The number one factor that led Mark Zuckerberg to formulate this technology platform and being successful was due to his ability to see the market demand.

When he was in Harvard, he had seen how other students were complaining about the school’s outdated paper system which was used to keep track and identify its students. Ironically, this paper system was also called ‘the Facebook’.

In trying to solve this problem, Mark Zuckerberg created ‘Facebook’ with his fellow dorm mates.  

Luckily, Mark Zuckerberg was a very skilled computer programmer surrounded by his fellow classmates and future associates. From his dorm room, he built the technology team that had the skills to build and run the Facebook empire from it founding.

If you take a look into my study of how to become rich by the marketing strategy of Facebook, you too will see the importance of seeing product demand and building the right team to tackle the market. In addition, you will see how the rest of the 4ps of marketing were at play, that allowed Facebook to become successful.

 

WHAT FACTORS MADE LINKEDIN SUCCESSFUL?

LinkedIn is another important example of how a leader, like Jeff Hoffman, should have the ability to see the defining aspect of his/her business that would lead to success.

In the case of LinkedIn, Jeff Hoffman, understood the importance of building the best product in the market in order to have any chance of succeeding.

This understanding was the reason, the LinkedIn team followed the strategic plan of a freemium pricing model for their business.

The freemium pricing model for LinkedIn served as a very important strategic factor that led this business platform to become successful.

By allowing users to use the LinkedIn platform for free from it founding, the LinkedIn team was able to study its user behavior to understand how to better serve them.

In the process of doing so, they further built out the platform to include features that its users wanted. As a result, LinkedIn as a technology platform became very successful due to repeat usage from millions of internet users.

The full case study of how to become rich by the marketing strategy of LinkedIn shows other important aspects of what a business needs in order to become successful.

WHAT MAKES A BUSINESS SUCCESSFUL?

From just looking at these three companies case studies, we have seen the importance of a company having a leader that sees everything.

A leader that sees everything pertaining to their business becomes the most important aspect of a successful business.

A competent leader that sees everything will formulate the perfect strategic action plan and marketing strategy for his company to follow.

As a new entrepreneur, you are the leader and the first person to undergo the process of finding information that would allow you to see the bigger picture of your business.

After accomplishing that task, it is in your best interest to formulate a strategic plan that will almost guarantee your business success. Everything from team members, business costs, customer acquisition, market penetration will be up to your decisions.

 

I hope you find this material valuable. If you did, then below are some links you should check out for further reading and supporting our efforts.

  

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