Do you ever look at a brand and imagine how on earth they do it? In this blog, we talk about such a brand. A product that has become equivalent to a status symbol in India. It’s the one brand that screams exclusivity. Owning this product means you are part of the IT crowd.
Can you guess what this brand is?
It is none other than Apple.
Apple is considered the world’s most valuable company with over $360 billion in revenue in the fiscal year of 2021 alone. Not only that, in August 2020 Apple broke records by becoming the first U.S. company to reach a $2 trillion market cap. Now that’s a statement you want to make to the world.
For a decade now, Apple has managed to stay at top of its game by constantly reinventing itself. The overhyped Apple products sell like anything whenever they are introduced in the market. This makes us wonder what’s the real reason behind Apple’s meteoric success?
Let’s find out.
Why is Apple ahead of its competitors?
There are 2 Real Reasons Behind Apple’s Success
1.Innovation :
Consider this; there are many products in the market right now that could easily rival Apple in terms of functionality and affordability. So how come tech giants like Samsung and Google still manage to come second to the ever-popular mobile giant?
Business Transformation expert Hirav Shah explains, “Although Samsung has been a global force longer and has its hands in more industries, Apple’s rise to success has been meticulously engineered and mastered.”
Samsung relies on vertical integration as a chief competitive advantage. That means, apart from mobile products Samsung is responsible for flat panels, sensors, LED lights, batteries, gaming systems, cameras, TVs, appliances, cell phone carriers, tablets, smartphones, and even medical electronics.
On the other hand, Apple strictly deals with mobile and computer products, so much so that the name Apple is synonymous with phones globally.
Apple imports billions of dollars worth of components from its rival every year for their product. This should be a drawback. But of course, it isn’t. Here is where Apple gains its momentum. The genius in this strategy is; Apple lets other companies spend time on R&D and early market development before swooping in and improving everything. “All of Apple’s products only work well with each other, but not with any of its competitors’ products. This makes consumers keep on coming for more,” Hirav Shah elaborates.
2. Marketing :
The second coup de maître by Apple’s marketing team according to Mr Shah is its strong monopoly over consumer market space.
It’s hilarious to witness how popular Apple products have been in the market. People actually line up in front of the stores on the day of its product launch. Such fanaticism and staunch devotion is difficult to come across, specifically for a tech brand.
The reason behind such a morbid fan following lies in the fact that Apple has managed to create a unique brand personality and culture that’s cool, fun, and trendy to the young crowd. Take the ‘think different’ campaign for reference. The brilliance in Apple’s marketing strategy lies in the fact that the brand was able to take the voiceover narration that said “here’s to the crazy ones, the misfits, the rebels and the troublemakers” and created this vast community of devoted users and customers who all wanted to ‘fit in’.
You see, Apple isn’t just selling computers, phones or tablets, they are selling status symbols. You know you have made it in life if you own these products and that is exactly what Apple is capitalizing its revenue upon.
From the year 1976, when Apple saw its making in a dilapidated garage by two friends named Steve Wozniak and Ronald Wayne to 2021 when Apple is considered the most valuable company in the world- things have changed for good. “Apple with its genius marketing and customer service continues to sit in its proverbial throne despite changing market landscape. Over the past 4 decades, Apple has introduced us to extraordinary products in the technology industry, including the Macintosh, iPod, iPhone, and iPads that are not only user friendly but revolutionary in their own way,” says Hirav Shah.
With a legacy unlike any, Apple is and will continue to rule the digital space in the coming years and there is no doubt about it- concludes Hirav Shah, an expert in Business enhancement and escalation.
