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4 Innovation Strategies From Big Companies That Act Like Startups

INNOVATION ENGINE
WRITTEN BY:

Soren Kaplan

ESTABLISHED COMPANIES HAVE A REPUTATION FOR BEING WAY TOO BUREAUCRATIC TO BE INNOVATIVE. BUT TAKING A PAGE FROM STARTUP CULTURE, SOME HAVE FIGURED OUT HOW TO BECOME AGILE AND FASTMOVING DESPITE THEIR SIZE, SOREN KAPLAN WRITES.
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Stodgy. Slow. Bureaucratic. Big companies get a bad rap when it comes to innovation. Its easy to focus on the failures: Blockbuster, Borders, Blackberry, and Kodak. Its also easy to become enamored by the latest fast-acting upstarts likeUndrip, Tout, and Glyder. For many, innovation has become synonymous with small, agile, and social.

But theres a quiet revolution happening in corporate America. Big companies are applying startup strategies and tools to jump-start innovation. Its not about pontificating on the innovation process. Its about being lean, focused, and maniacally strategic. Intuit organizes multi-day lean start-ins that gather intrapreneurs together from across the company to teach them how to apply rapid experimentation to create new products, services, and business models. Kimberly-Clark promotes one-day expert acceleration sessions that bring handpicked outside thought leaders face to face with business teams to bust mental models and create game-changing strategies. Whirlpool uses a network of innovation mentors (also called i-mentors), who are loaded with innovation tools and guidance to help business teams focused on challenging market orthodoxies. Big companies that behave like small startups focus on two things. First, they accelerate the speed of innovation, just like a Silicon Valley incubator. Second, they give internal

businesses and teams an outside-in perspective, similar to the type of reality-checking that comes from advisory boards or venture capitalists. Here are four strategies that anyone can use to start-up, start in, or jump-start their innovation:

1. FOLLOW CUSTOMERS HOME


Intuits innovation success is tied to a value for finding and savoring customer surprises-unexpected insights about customer needs, problems, and desired experiences that cant be anticipated or pre-defined. Thats why the company does customer follow-mehomes, where everyone from CEO Brad Smith to engineers and marketers immerse themselves in the customers natural environment to see how things are working (or not) in the real world.

2. TAP OUTSIDE COLLABORATORS


Kimberly-Clark knows that insular thinking is the death knell of teams and organizations. Thats why they work with their businesses to define specific problems and opportunities that need a jolt of external insight. They then recruit a small group of thought leaders from other companies, universities, startups, or think-tanks to join a collaborative innovation session for a day to lend their expertise. These deep dives deliver strategic

and practical insight that would otherwise take months to gather through traditional research.

3. STAY SMALL
Big innovations dont necessarily have to begin by taking big risks or making bet -thefarm investments. Intuit, for example, provides guidance to its intrepreneurial teams that they should use the lean startup model. Its not about waiting around for senior leadership to sponsor and fund the next big idea but rather rapidly testing ideas to identify the things teams can do to have the biggest impact.

4. USE THE BEST, INVENT THE REST


Speed and agility come from realizing we dont have to invent everything ourselves-either the approach or the innovation itself. When going after breakthroughs, its essential to dismiss the not invented here stigma, as Apple learned the hard way with its foray into mobile maps. Theres no shortage of tools and templates out there. The strategy is to use the best--like the one-page Business Model Generation tool (from the book with the same name)--and then adapt it or combine it with other approaches that work within the specific company context. Same goes for the innovation itself. The most innovative companies dont always wait to build a new technology themselves--they look outside, find what exists, and then go from there. These big-company strategies arent about ivory-tower innovation departments, wacky hats, or Kumbaya creativity. Theyre focused on pushing entrepreneurial thinking and practices into the places theyre needed the most--inside established businesses. And their explicit objective isnt about reaching that elusive holy grail of creating a culture of innovation (though it can be the by-product of these efforts). Their strategies combine strategic thinking with the practical tools required for driving forward new products, services, and strategies, all focused first and foremost on leapfrogging to the next big thin

What Are Two Strategies Commonly Used by Multinational Companies?


by Steven Symes, Demand Media

Multinational companies do not need to be large, but can be small businesses that operate in several countries at the same

time. Because of the variety of types of multinational companies, which differ in industry, size and other elements, not all multinational companies engage in the same business strategies. Insourcing and purchasing foreign competition are two strategies commonly used by multinational companies of all types. Sponsored Link Get New Customers Online Advertise On Google. Get 2000 INR Advertising Credit When You Sign-Up www.Google.com/AdWords Insourcing Insourcing takes place when a multinational company moves a certain business practice or set of practices to another country. Instead of contracting with another company in a foreign

country, as in outsourcing situations, the company keeps the business activity within the company. The company either uses an established subsidiary in another country, or sets up a subsidiary in a specific country. The other country must present certain advantages for the company to participate in these certain business practices there and not in the multinational company's home country. Benefits of Insourcing Insourcing provides a variety of benefits, depending on the company, business practices and where the company locates the business practices. Some areas of the world provide less expensive labor, making the production of products such as textiles or electronic components less costly. A multinational company may

locate some activities within a certain country to avoid paying tariffs or other penalties imposed on goods imported from outside of the country, or to benefit from tax incentives offered to businesses operating in the country. A company may also want to tap into the unique skill sets found in a particular area, leveraging those skills for certain business practices. Purchasing Foreign Competition A multinational company may not operate in all of the countries in the world, choosing instead to operate and even sell its goods and services in only certain parts of the world. This decision may be due to lack of interest in the products or services in certain areas, the company's knowledge of market conditions and cultural forces in certain

parts of the world, or the presence of competition and barriers to entry in some foreign markets. An international company may decide to purchase foreign competition to overcome some of these challenges. Benefits of Foreign Purchases When an international company purchases a foreign company that is a competitor, the international company benefits in several ways. One of the most obvious benefits is that the company removes a competitor from the marketplace, even if the two were not directly competing at that point in time. If the company did not previously have a presence in the country or region where the newly purchased company operates, the international company expands its

sphere of influence as well. The international company also stands to learn from the business practices of the newly purchased company, including how to best conduct business in the cultures of certain parts of the world
5 Big-Business Growth Strategies Small Business Can Use
James Clear, Passive Panda, Recent Posts Related Keywords: growth strategies

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November 29, 2011

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Eventually you want your small business to grow into a big business, right? If thats true, then learn which big-business growth strategies might work for you.

Here are five growth strategies that small businesses should consider. Not every strategy will be right for your situation, but some of these might offer an opportunity for your business. 1. Market segmentation Market segmentation simply means picking a sub-set of the entire marketplace that you can organize your sales efforts around. Out of all the people in the world, who will you try to sell to? Most big businesses are good at carving out their corner of the market. Then they do whatever they can to own that space. Red Bull gets its energy drinks in front of a young, adventurous crowd: its segment of the market. Have you wondered why Red Bull owns a Formula One racing team? Thats why. Pepsi was losing its battle with Coca-Cola to become the heavyweight cola company. Instead of trying to beat Coke at its own game, Pepsi focused on a young, fun-loving demographic. Many Pepsi commercials show younger music stars, celebrities or other young status symbols. In other words, Pepsi stopped targeting the over-30 crowd and segmented its market. Coke is still the top dog, but thanks partially to market segmentation, Pepsi has built a very successful brand as well. Most small business owners would be happy with building the next Pepsi, but many are afraid to eliminate part of a potential market. It can seem scary, but you need to focus on your core customer if you want a clear path to growth. Segmenting your market comes down to making choices. Who will you serve? Who will you avoid? And which segment can you focus on to improve profitability? 2. Leveraging partnerships Some small business owners love to complain about how they cant compete with the vendor relationships that the big guys enjoy. Its true you cant pay to play like the Fortune 500s, but you can leverage partnerships in a savvy way. For example, lets say your small business makes tennis balls and you have a technology that makes the balls bounce better and last longer. You have a great product, but you dont have a manufacturing facility, a distribution channel or any of the other parts of the tennisball supply chain. All you have are great tennis balls. You may not be able to compete with the big industry players like Wilson, Penn or Prince for sponsorships or tournament partnerships, but you could partner with a tennis-ball factory and a distribution company. In fact, you could partner with them without having to pay a

cent for your own factory or distribution. Just pay your partners a portion of the profit every time you sell a tennis ball. The result? You negotiate for mainstream production and distribution without paying the huge upfront cost of building a plant or hiring a shipping company. Now you can focus on selling tennis balls instead of worrying about making them. Big businesses can pay for partnerships up front. Small businesses have to negotiate for partnerships that pay per sale. 3. Use checklists Big businesses have massive facilities, complex supply chains and large equipment. Managing the day-to-day operations in these environments is too complex for one person. There are too many variables to track. Guess what? Small businesses are the same way. Small business owners have to wear many hats. If you dont hold yourself accountable and remind yourself to do something that brings home the bacon, then its easy to get caught up doing things that arent essential. In the rush of a normal day, its also easy to forget to do a critical task. Take a page from big business and develop process lists or checklists for specific tasks and jobs. Give yourself a guide to success and a reminder to do the essentials each day. 4. Acquisitions Perhaps the primary way that most big businesses grow is through acquisitions. Before you think Im off my rocker by suggesting this move for small businesses, let me explain. First, acquisitions are tough. You can easily break the bank with one bad purchase. That said, acquisitions can be a massive source of profit and a means to growth if you make a few key moves. You know whats a good buy in your industry. Follow tip No. 3 and keep to a specific list of characteristics that youre looking for. Dont let emotion or ego play a role in a major purchase. Stick to the checklist. Secondly, do you have the budget to buy up everyone in the industry? Probably not. Im not suggesting that you buy something you cant afford. But you can afford some businesses, especially those that you can improve. Dont dismiss acquisitions just because youre small. 5. Become a leader in the industry Big businesses often make their name by leading an industry. They make moves when other businesses sit by the wayside.

I was recently talking with the employees of a large distribution company that wants to do business in China. Theres just one problem: The distribution company ships products for other companies and those businesses dont trust the distribution channels in China yet. As a result, the distribution company isnt selling in that region. If there are no products to ship to an area, the company doesnt set up distribution in that area. But if theres no reliable distribution network, nobody ships products. It becomes a chicken or egg problem where neither side wants to move first. So what does this company do? They say, We know you dont like the distribution there, so were going to fix it. Then, you can give us all of your business in China. Is it a bold move? Yes. Is it an expensive move? Yes. Is anyone else currently doing it? No. Does that mean that there is a huge opportunity for growth? Yes. Whats the lesson for small businesses? Dont be afraid to solve the hard problems that everyone else avoids. There is a lot of money to be made when youre the first person to fix something. James Clear is the founder of Passive Panda. He is an award-winning writer on business strategy and entrepreneurship and has delivered speeches in the United States, Britain and Switzerland.

The Top 10 Strategic CIO Issues For 2013


Bob Evans, Oracle Comment Now Follow Comments

Perhaps no C-level position has undergone as many changes in expectations, approaches, and philosophies during the past few decades as that of the Chief Information Officer.

And the turbulent forces shaping businesses in todays always-on global marketplace promise to accelerate that ongoing evolution. In that context, Ive put together a list of what I believe will be the top priorities for strategic CIOs in the coming year. As youll see, each of these 10 is rooted in change, and calls for the CIO to be a leader instead of a follower; a disrupter instead of a go-alonger; and a business-driven executive instead of a tech-focused manager.

OracleVoice: The Deadly Cost Of Ignoring Big Data: $71.2 Million Per Year
Bob Evans@Oracle

OracleVoice: Can CIO Turbocharge NASCAR Revenue?


Bob Evans@Oracle

Several themes reverberate throughout: analytics, breaking down silos, social, the cloud, and particularly customers, opportunities, growth, and innovation. I hope these prove helpful, and please share your feedback in the comments section below or on Twitter at @bobevansIT.

1) Simplify IT and Transform Your Spending: Kick the 80/20 Budget Habit.While surely not as sexy as Social and Business Analytics and Cloud, this bold decision to take an entirely new approach to IT infrastructure is the one and only way CIOs can unlock the funding necessary to pursue those snazzier and unquestionably vital new initiatives. Far too many companies today find that they need to devote 70% or even 80% of their IT budget just to run and maintain what theyve already got, leaving as little as 20% for innovation. And if you wonder sometimes why youve got precious little IT budget available to fund growth-oriented innovation, the answer becomes pretty clear by looking at the list of usual suspects that have brought us to this point: server sprawl, massively underutilized storage resources, unproductive data centers, labor-intensive integration requirements, and a near-endless list of strategic vendors. The IT policies of the past that resulted in the 80/20 trap are simply no longer able to meet the needs of todays intensely demanding and always-on business world, and are indeed becoming liabilities not just because theyre inadequate but also because they suck up vast percentages of the IT budget and make it almost impossible for CIOs to fund essential new efforts in analytics or cloud or mobile or social. CIOs need to determine which vendors are only exacerbating this problem, and which ones offer modern alternatives that are cheaper, faster, and smarter. My POV: CEOs should tie most or all of the variable compensation for their CIOs to changing that deadly 80/20 budget ratio by 5 percentage points per year. The CIOs willing to tackle this huge issue will not only earn some nice bonus dollars but will unlock huge value for their companies as well as for their own careers. 2) Lead the Social Revolution: Drive the Social-Enabled Enterprise. When social media began to invade the corporate world some years back, the traditional border-collie behavior of many CIOs triggered immediate and unconditional opposition to social tools on the grounds of security challenges, lack of familiarity, and unproven value. As socials ability to forge new and more-immediate relationships with customers became more clear, some CIOs grudgingly agreed to let down the drawbridge (but they drew the line at removing the alligators from the moat!). Todays businesstechnology leaders must go well beyond that passive acceptance and become passionate and unconditional zealots for the social-driven revolution and its ability to help their companies grow by providing real-time customer insights,

engagements, and processes. Beyond customers, the social revolution is also becoming indispensable internally for motivating existing employees and recruiting great new talent, and in forging deeper and more-valuable relationships with partners. My POV: CIOs who fight this trend will be pushed aside by CMOs and LOB heads who understand socials potential and know they cant compete unless that potential is harnessed by the company for competitive advantage. And what does pushed aside mean? At best, temporary embarrassment, and at worst, demotion or even unemployment. 3) Unleash Your Companys Intelligence: Create the EnterpriseWide Opportunity Chain. Building on but transcending existing notions of supply chain and demand chain and data warehouses and data marts, the Opportunity Chain transforms that internally oriented information into the customer-centric and growth-driven language of opportunity. New prospects, new market trends, new chances to engage, new insights for new products, new demographic patterns: information and insights about all of these probably exist somewhere within your corporate IT maze but are almost impossible to find because we cloak them in IT-specific terminology and then trap them in incompatible silos. But todays new and always-on global marketplace requires new insights driven by the social revolution, and many of our old and trusty systems and approaches are simply not suited to the new realities demanded by our customers and by our times. In addition, the Opportunity Chain concept provides a market-facing framework and context for richly exploiting the potential of business analytics and Big Data. My POV: Whatever its called, this idea of the Opportunity Chain gives CIOs a fantastic, well, opportunity to drive high-value new information assets throughout the company and demonstrate again that when business technology is aggressively imagined and led, it drives growth and sparks new and deeper engagements with customers. 4) Embrace the Engagement Economy: Merge the Back Office and the Front Office into the Customer Office. One of the most-valuable perks of being a CIO is the ability to be involved with and understand not just some but all of a companys end-to-end processes. From manufacturing to marketing, from procurement to product development, from finance to Facebook, the CIO and the business-technology team have tremendous insights into how a companys operations, its priorities, its vulnerabilities, and its opportunities. So today, as our systems of record become systems of

engagement, and as the social revolution opens up all facets of our enterprise to customer interactions as well as customer scrutiny, isnt it time to bulldoze the internally constructed silos separating the folks that have traditionally touched the customer (the front office) with those that were never allowed toor at least supposed to (the back office)? Shouldnt we try to engage our customers in product development? Engineering? Service plans and operations? Marketing? Pricing options? My POV: While traditional systems reinforce the notion that only the privileged few get to interact with customersand while that might be convenient for us internallytodays socially powered consumers want access beyond the sales team. The question is, are you ableand willingto grant that essential access? 5) Future-Proof Your IT Architecture. Think back just three years to the state of your business and the state of your IT strategy: the cloud was still mostly conceptual or isolated out on the fringes, social was a minor but persistent irritation, Big Data was mostly an egghead conversation and not likely to get beyond that, engagement was something you hoped your daughter would not get into with her goofy boyfriend, business analytics was all taken care of by a big team of specialists serving a small team of executives, and the iPad was still blessedly nothing but a rumor. The CFO badgered you every month about your endless demands for more real estate in which to put endlessly growing racks of servers requiring endlessly growing volumes of electricity and air conditioning, but what else could you do? The data explosion required a parallel explosion infrastructure growth, right? But the physics and the finances of such an approach no longer work, and the new business demands of today must surely be met with more-innovative tools tomorrow. My POV: Businesses need fresh thinking about the architecture of tomorrow because merely rehabbing or adding on to the existing plan will simply not meet the wildly different and more-demanding requirements of tomorrow. Cloud, social, mobile, engagement, Big Vision (formerly Big Data), and a greatly accelerated pace and scale of global business require modern apps, optimized systems, fault-tolerance, full support across cloud and on-premise and a mix of both, and built-in BI and social capabilities. 6) Upgrade Cloud Strategy to Business Transformation Enabled by the Cloud. Without question, CIOs must have detailed strategies and plans for cloud computing and many already have those in place (to those of you who dont, well, did you ever get that high-school teaching certificate?).

But the strategic CIO will use the next several months to collaborate with the CEO in upgrading that tech-centric plan into a broader vision for a sweeping business transformation of the entire enterprise. If youre still viewing your cloud strategy based on a tech-driven plan written a year or two agobefore the ascendancy of social, customer engagement, Big Data, and business analyticsyoure going to miss the boat. My POV: Cloud projects will not be judged on their technical merits or on hitting their go-live dates, but rather by how deeply they impact essential business-transformation initiatives, and by how much business value and opportunity they unlocked. In the process, CIOs will segment themselves into two groups: IT leaders who focus solely on the tech aspects of cloud deployments, and business leaders who ensure that cloud projects are conceived and executed in the service of customers, business execution, and engagement. 7) Transform Big Data into Big Insights, Big Vision, and Big Opportunities. In the past year or so, much of the talk about Big Data has obscured the fact that the real issue is enabling intelligent and instantaneous analysis to provide optimal insights for business decisions. CIOs need to ensure theyre looking at these high-volume, high-velocity challenges in the right way: as business enablers, not tech projects. For example: What if you could enable dynamic pricing of your companys products around the globe? What if you could perform fraud-detection analytics across all of your transactions in real time, instead of across just a random sampling of only a few percent of all those transactions? What if you could analyze three years worth of customer data in minutes, rather than only the past three months in hours? In the meantime, we can be certain that the scale and speed of this current challenge will only increase as CIOs must rapidly and seamlessly enhance their traditional corporate data with vast new streams of social and mobile data to realize the full potential of these strategic Big Opportunities.My POV: Some forecasts say the CMO will soon be calling the shots for IT; while I dont buy into that, I do agree that CIOs who choose to sit back and wait for the business to tell them what to do will end up reporting to the CMO within a year or two. But companies will fare much better if their CIOs eagerly and rapidly begin framing Big Data challenges and opportunities in terms of customers, opportunities, revenue, and business value.

8) Preside over a Shotgun Wedding: Systems of Record Marry Systems of Engagement. Your traditional back-end systems might be sturdy and proven workhorses but theyre simply not equipped to handle the vast new streams of data and information from social, video, Customer Experience, and more. Conversely, while those new engagement tools and solutions are fabulous gateways into the real-time wants and needs of customers and employees, they lack the historical and institutional breadth and knowledge of your trusty ERP systems. The strategic CIO will find new approaches and/or solutions to rapidly and seamlessly tie these separate worlds together. This strategic integration will become the cornerstone of the Opportunity Chain described above in #3, and also of the consolidation of the archaic front office and back office into the modern Customer Office as described in #4. My POV: This union of social/mobile with transactional capabilities will give companies a new way to move at the speed of their customers, new methods for engaging with customers to build multifaceted relationships rather than linear transactions, and the ability to avoid getting stuck in the tar pit of siloed systems designed to meet internal requirements rather than enable the co-creation of value with customers

7 Successful Business Strategy Models You Must Emulate


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Today, I want to reveal to you seven businesses I am modeling. As you know, I am in the entrepreneurial process of building a business so I have to follow the footsteps of the great business leaders. Just as I have business mentors and entrepreneurial role models, I also have business models that I strategically follow. In this article, I will be revealing seven companies I use as a standard to build my own business; I will also be telling you the strengths of these companies. I love and model my business after these companies not because of their great products but because of their strategic management style. They are successful companies and they make good business models for younger companies. I will be specifically explaining the specific business strategy used by each of these successful business models. You are also free to adopt any of these strategies for your business. If you are ready, lets set the ball rolling. Below are seven successful business strategy models you must emulate.

7 Successful Business Strategy Models You Must Emulate

Apple Inc - Good Innovation Strategy Innovation distinguishes between a leader and a follower. Steve Jobs
1.

I listed Apple Inc because of the innovative style of their management. Apple has kept the pace by using strategic innovation to maintain leadership position in the technology industry. Apples innovative strategy is simply breathe taking. You can never predict what theyve got up their sleeves. They are always coming out every now and then with one innovative product or the other. Theyve caused several frenzies in the marketplace with products such as iMac, GMac, IPod and IPad. To turn really interesting ideas and fledging ideas into a company that can continue to innovate for years, it requires a lot of disciplines. Steve Jobs In three years, every product my company makes will be obsolete. The only question is whether we will make them obsolete or somebody else will. Bill Gates

Apples innovative style has made them consistently rank top ten in the Fast Companys list of innovative companies. I try to model Apple in my own little way by constantly improving on businesses. I constantly seek innovative ways to increase customers loyalty and profit. If you want to make innovation one of your companys core values, then Apple is one of the successful business strategy models you can emulate. Pretty much, Apple and Dell are the only ones in this industry making money. They make it by being Wal-Mart, we make it by innovation. Steve Jobs 2. Virgin Group Strong Competitive Strategy A business has to be involving, it has to be fun and it has to exercise your creative instincts. Richard Branson I respect Richard Bransons Virgin Group for their guts. They are always unafraid to tackle giant companies head on. The Virgin group is respected in the business world for their strong Competitive spirit; they are quite good at outsmarting the giant companies.

Virgins competitive style of management has made them go head to head with giant corporations such as British Airways, AOL and Coca Cola. If you have the entrepreneurial spirit of competition, then Virgin is the company to model your business after. We have always had a pretty competitive ferocious battle with British Airways. It lasted about 14 years and we are very pleased to have survived it. Richard Branson What does the name Virgin mean? We are a company that likes to take on the giants. In too many businesses, these giants have had things their own way. We are going to have fun competing with them. Richard Branson 3. Oracle Corporation: Tactical Acquisition Strategy Everyone thought the acquisition strategy was extremely risky because no one had ever done it successfully. In other words, it was innovative. Larry Ellison What really made me doff my hat for Larry Ellison, founder of Oracle Corporation was his aggressive acquisition strategy. What will you say of a

company that spent over $65billion to buy up 57 companies in a space of five years? The company was molded by the founder Larry Ellison to expand via strategic acquisition and this strong acquisition strategy made them beat IBM to the game by acquiring Sun Microsystems. If mopping up smaller companies delights you, then Oracle acquisition strategy is a business model to study. In order to grow at this pace, therell have to be a couple of acquisitions along the way. The tricky thing is to grow at this rate and maintain a 40 percent operating margin. Larry Ellison I think you might see us growing much deeper into banking. You might see us acquiring companies in the banking area. You might see us acquiring companies in the retail area. I think you might see us acquiring companies in the telecommunications. I think you will see us getting stronger in business intelligence. Larry Ellison

4. Dangote Group Niche Domination Strategy One of the successful business strategy models you must be on the watch out for is that of the Dangote Group. This group is so strong in the Nigerian commodities market that they have held the market to ransom for years. The Dangote Group has a thorough understanding of the commodity market. Their strategy to focus and dominate this niche has put them in control of over 42% of Nigerias commodity market; a country that boast of a population with well over 150 million people. Dangote Group now maintains a stronghold on the Cement, Flour, Pasta, Salt and Sugar market. Thanks to the vision of its founder, Aliko Dangote; the richest black man in the world. One lesson I picked up from the Dangote Business strategy model is this; forget about satisfying everyone, just pick a niche, master the ins and outs and strive to be the best in that niche. The ultimate goal of the Dangote Group is to dominate every niche in which it operates. In order to achieve this goal; we acquired over 3000 new

trucks, developed a strong distribution network and increased production capacity. Our strategy is to sell our products faster than our competitors and at uniform price. Aliko Dangote And here is the prime condition of success, the great secret. Concentrate your energy, thoughts and capital exclusively upon the business in which you are engaged in. Having begun in one line, resolve to fight it out on that line; to lead in it. Adopt every improvement, have the best machinery and know the most about it. Andrew Carnegie 5. Reliance Group Thinking big strategy Do you know one thing I love about Mukesh Ambanis lead Reliance Group; they think big and do things big. They own the largest refinery in the world and they are one of the largest conglomerates in the world; but they were not as big as this many years ago. To further proof their belief in doing things big, Reliance Group invested $5billion in a single swoop to create a network of retail stores. The ultimate lesson from this successful business model is this; start small but think big.

I like thinking big. If youre going to be thinking anything, you might as well think big. Donald Trump 6. Wal-Mart: Unique Pricing Strategy Always low price. Wal-Mart slogan Wal-Mart, in the face of stiff competition came up with a winning strategy that made them industry leaders. They decided to use strategic pricing as a weapon to overcome their competitors and that pricing strategy has put them in the leadership position. Today, as at the time of this writing; Wal-Mart is the most capitalized company in the world and number one on the list of Fortunes 500 companies. There is one rule for the industrialist and that is: make the best quality goods possible at the lowest price possible, paying the highest wage possible. Henry Ford 7. Coca Cola: Strong Brand Strategy If you are not a brand, you are a commodity. Robert Kiyosaki

The seventh successful business strategy model we will be looking at is Coca Cola; owners of the world strongest brand. Sometime ago, Coca Colas fixed assets were estimated at $8billion but its brand name Coca Cola was estimated to be worth over $80billion. Why? The reason is because Coca Cola has worked diligently over the years to strengthen their brand. The Coca Cola brand is the most popular all over the world; thanks to the strategic brand management team of the company. If using your brand image to gain an edge over competitors looks like something you can diligently pursue, then Coca Colas business strategy model is definitely worth emulating. These are the seven successful business strategy models you can use as a benchmark to model your business. I want to state categorically that its useless trying to implement all these strategies. Just pick one or two and diligently give it your best shot; and success will be yours