Apple’s Success in Tough Economic Times
As the country prepares for more and more challenging economic problems, the news is full of stories about increasing foreclosures, record unemployment, layoffs, and large companies losing money. The experts say “We’re in uncharted waters.” There are no signs of anything getting better soon.
But there are a few shining stars, above the sea of chaos. Apple, just a few days ago, announced record earnings. Isn’t that amazing. Apple is making its money on iPods and iPhones, which are luxury gadgets that nobody actually needs. And they are selling like crazy, despite the economy.
Now don’t get me wrong. I’m not saying there’s anything wrong with Apple’s iPods and iPhones. I’ve purchased three iPods so far, and I think that the best thing ever! But how is it possible for one company to succeed, while so many others fail?
Apple has mastered two of the most powerful keys to making money:
- Innovation
- Value Creation
Innovation is a tool that has allowed Apple to expand from the computer market. They leveraged off their skills of creating easy to use computer interfaces to create the standard MP3 music player. In fact, iPods are so great that most people don’t even consider getting a different music player, even though iPods are expensive. Apple’s drive for innovation has allowed it to dominate two industries outside of computers: music players and cell phones.
Value creation is the idea that when a customer buys something, they actually receive more value than the money that they pay. Apple creates so much value for its customers that they typically do not consider buying from anyone else. Apple’s products are easy to use and looks great. Plus, they are usually very cool. These feelings incubate in the customer’s mind, and massive value is created.
Perhaps every company in America can copy Apple can become equally successful. Imagine if every troubled company tried to innovate and create more value for its customers. Would that be enough to turn around the current economic crisis?
Related posts:
- Free Report Reveals How To Thrive In Bad Economic Times
- Tough Times are an Opportunity to Get Better at Managing Money
- Shorting The Apocalypse: Why The Bad Times Can’t Last
- Innovation is the Ultimate Asset
- More Lessons of Success from Amazon.com
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is one of my favorite financial books of all time. It's an allegory about a guy who has a terrible job, and how he overcomes challenges to achieve his dreams.
