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What Small Businesses Can Learn From Apple and Its Products

What Small Businesses Can Learn From Apple and Its Products

The buzz around Apple is always impressive, but this year seems particularly interesting. This is due to the recent negative attention surrounding the supposed iCloud leaks that happened right before Apple's iPhone 6 and Apple Pay announcements. Yet Apple continues to be successful despite some bad publicity every now and then, in fact the iPhone 6 has, of course, broken records.

Apple provides the perfect teaching moment for any business. Not only does it excel greatly in specific areas, it also has a few problem areas that could use some ironing out. And while Apple is probably on a much larger scale than your business, it is not difficult to apply these principles to any size of business.

What Apple Should Improve

Apple released its first weekend sales for the iPhone 6, which was a record 10 million (compared to iPhone 5 sales which were 5 million). Interestingly enough, consumers prefer the iPhone 6 over the iPhone 6 plus, according to research done by Chitika. Yet, Chitika's assessment is far too hasty in their assumption that the iPhone 6 plus is seeing a lack of growth due to its nature as a niche product.

The trouble with this assumption is the fact that the iPhone 6 Plus has been produced in smaller quantities than the iPhone 6, and has a wait time of 3-4 weeks compared to 7 to 10 days for the iPhone 6. This means that Apple is not keeping up with the consumer demand, and it may be effecting what consumers choose to buy.

How many people do you think would have preferred to buy the iPhone 6 Plus if it were in stock, but choose to go with the iPhone 6 due to instant availability or a less amount of wait time? Well, we don’t have statistics, but it’s fairly safe to assume the reason iPhone 6 has been outselling the iPhone 6 Plus is because there’s more of them on demand.

Consumers wants the latest and greatest now, so if you want consumers to buy your product, you need to make the purchasing process simple, easy, and FAST.

This can apply to the wait time on your website, the amount of time it will take you to ship an order, or even how long it’ll take for the product to be in stock. The more instantaneous your services, the more likely consumers will choose you over competition. Just like they are choosing the iPhone 6 over the iPhone 6 Plus.

What Apple Got Right

With the newly announced Apple Pay has come a slew of advertising from partners, particularly banks, who are pushing their customers to adopt the new Apple Pay (and by default) the new iPhone 6 or 6 Plus which will be the first compatible model with Apple Pay.

In fact, you may have already received emails from your bank praising Apple Pay and what it will mean for banking.

When other businesses see your products and services as valuable for their customers, and are willing to support those products and services, that is when you know you have created a business that has potential to be extremely successful. Creating strategic partnerships is key to doing business well, and provides an extra layer of service for your customers and clients.

This can take many different forms, depending on how close you want those partnerships to be. It can be as simple as networking at your office or attending some new business groups.

Conclusion:

So while you’re business is probably not on the same scale as Apple quite yet, there is still a lot to be learned from how Apple is running its business. With all businesses there is room for improvement and areas that they excel at, so learning from other company's fails and wins, and it can make your business stronger in the long run.

Posted: 9/24/2014 9:33:26 PM by | with 0 comments