No matter how large your business happens to be, you will want to ensure that you are on the right road to success. This can be very difficult, especially with how fickle the technology and electronics market can be. However, with the right skills and knowledge of tech businesses, there are many opportunities available to take advantage of in order to increase their chances of success. Some of the key opportunities include; increasing customer base, improving marketing, increasing revenue, reducing expenses, making strategic decisions, etc.
One such opportunity is through acquiring a new product or service. The concept of diversification can make it possible for a company to expand its reach without having to worry about what they’re going to sell next. By acquiring new products, companies can create more brand awareness and get more customers. They can also help them compete in the marketplace by creating new products and services that consumers need. For example, if we look at Apple Inc., they have created several new products over the years as well as rebranding old ones. These products included; iPhone 5, iPad Pro and MacBook Air. All these products sold well by their competitors and were successful in accomplishing their goals. Additionally, diversifying companies helps them avoid losing focus when one product type loses favor. Diversification not only allows them to stay relevant, but it also allows them to be able to pivot quickly. Companies that do this well tend to fare better than those who don’t. A great way to incorporate diversification is by starting with an existing product, then adding new features or functionalities. There is no reason why a company shouldn’t try something like Google Glass. With that said, it has proven to work well. It has been tested and proved to provide users with added benefits such as increased security while still being wearable. Furthermore, using Google Glass is also a smart option because of the fact that they may be already familiar with this particular device and know what benefits it comes with.
Another potential area for growth is through acquisition. Acquisitions can allow companies to enter into different markets or industries, which will significantly increase their reach. Many companies use acquisitions as another method of expanding their market reach. One example of an acquisition strategy used by Google is Pixel 3 smartphone. Although the original Pixel was launched in 2014, it has gone on to become one of the most popular smartphones ever released. An example of an acquired product that I want to talk about would be Sony Music’s music player known as MP3 Player. In 2016, Sony announced that they were acquiring the rights to publish songs on CDs and vinyl, which would come with the ability to download songs from various labels. Another example of a purchase is Samsung’s Smart TV line-up. Currently, Samsung is offering three models ranging from $1,500-$1,800, so the price is within reach of most consumers. Despite all of this being good news for many people, it does bring up some issues. If you own a phone, you are probably aware that they can be expensive. So, if you buy a Samsung S9 or S10, you will be paying for more of something that you need. While prices are rising, you may feel threatened by higher competition in the field. That said, the fact that you can purchase these devices outright makes them more accessible to a wider range of individuals. At the same time, Google bought Motorola Mobility to improve upon their search results. Motorola Mobility had a lot of success due to Google’s approach, so I see this as a positive move. While the phones themselves are still awesome, the idea behind purchasing a product from either company is what helped both companies rise to prominence. Both companies did so much better thanks to each other, as each company focused on building out specific areas of improvement. Therefore, I think buying an existing product gives you access to what’s currently trending in the industry, while also giving you the chance to build off of that trend.
Lastly, the last potential opportunity is through investment. Investment is an important aspect of any business, and investors have the power to increase a company’s long-term profitability. When investing your money, you should focus on two things; getting the highest return on the investment you made, and doing it safely. Investing your savings into stocks isn’t necessarily a bad thing because the stock market tends to go down when interest rates go up, but it may not always be a good idea. Stock investments can result in losses, even when taking into account inflation. Similarly, if you put money into real estate, you should consider your finances before making any major purchases. Real estate properties tend to appreciate faster than stocks that have already appreciated in value. As mentioned previously, investing your savings into stocks can be risky, but it can yield higher returns than real estate. Finally, investing in real estate is a big risk because it involves putting trust in someone else, so you will have to be cautious of your actions as an investor.
With everything I just wrote on my mind, let me reiterate a few key points I found helpful. First of all, start small. You never know where your path could lead you, and you have to be willing to follow your dreams regardless of whether you succeed or fail. Secondly, invest in things you would rather not lose, and diversify among yourself in order to reduce risks. Lastly, focus on quality rather than quantity and focus on helping others. Overall, all of these things can make a huge difference in your career, so keep working hard! Thanks for reading!
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