How can a business survive for decades or centuries in a sea of competitors? As I look at more and more of such examples, and kept asking the question “why?”, the answer became extremely clear. You need a product which consumers believe in, grow with and most importantly, derive more value than they are paying for it.
If a consumer pays for your product and said WOW! every time, you know you have achieved what you set out to do. On the contrary, no one will continuously pay for a product that exists just to squeeze monies out of consumers’ pockets.
Value is the essence of all long lasting businesses, and more often than not, this comes from the company’s core vision and what they stand for.
Is an automobile company just about selling cars or about empowering personal transportation? Why was the automobile vehicle “Cars” invented in the first place?
Reliance on horses was eliminated along with the problems with it. People now do not have to crowd and live in cities near their work. Suburbs living was made possible. Travel and human connections were made more convenient.
Is a telecommunication company just about selling plans or about connecting people?
Has connecting with people become cheaper and more convenient or more expensive and inconvenient in recent years?
What is the actual VALUE that companies wanted to achieve or provide? What is their FOCUS in the business? Are they focused on selling phones and beating sales numbers? Or are they focused on breaking technology boundaries to enhance living?
Are they focused on promoting their own products or are they uplifting the entire industry?
Imagine if you were a milk product manufacturer, would you spend time and effort promoting the benefits of taking milk as a whole? Perhaps holdings talks and health seminars, spending resources on R&D and release your research papers on the scientific benefits of milk? Imagine your competitors would benefit from your efforts without needing to spend a single cent!
Are you confident enough of your products that by promoting and uplifting the entire industry, you know the consumers will choose your products over the competitors. In creating such an environment, you avoid creating a monopoly but instead have created a chance for consumers to know that you are simply the best.
Such is the likes of this company whom have over decades since its founding, placed their focus on researching and developing their products and uplifting the entire industry. Creating awareness and educating consumers for the benefit of humanity.
One interesting example is that they chose to manufacture a product that could be easily duplicated by consumers at home. From a business point of view, such products are ridiculous as consumers would only buy once and duplicate the rest free of charge themselves. However, this company chose to produce this product as they firmly believe this is the best of its kind for consumers.
How would consumers think of this company? What are the secondary effects of this act of value and higher purpose by the company? Will consumers then be more likely to buy other products from the same company?
Such is the way that this company has dominate its scene for more than half a century.
Are the products made from the heart? Would you be proud to own or be part of such a business?
Thank you for reading.