Characteristics Of A Successful Company That You Should Know
Characteristics Of A Successful Company : The goal of any entrepreneur is to make their business succeed, right? However, less than 40% of companies survive their first 5 years of life. What is the secret to getting a business to succeed and be able to challenge this statistic? In other words: what are the characteristics of a successful company?
We are sorry to tell you that there is no magic formula capable of launching your project to stardom. However, we can delimit certain characteristics of the company that are decisive to achieve success. We have compiled them for you.
If your goal is to create a company and become a leader of a profitable business, stay here. We tell you the 5 key qualities that your company must meet to be competitive and consolidate in the market. Let’s go there.
What Is A Successful Company?
A successful company is one that offers a product or service that its potential customers want or need and markets it at a price that its audience is willing to pay.
Business success is a relative concept, since we each value it from a different perspective marked by our own system of values and beliefs. Because really, what is a successful company?
Perhaps for you, business success is equivalent to obtaining economic benefit from your business and creating wealth to secure your future, as well as enjoying a prosperous lifestyle. However, wealth is not the only way to achieve success.
There will be those who interpret success as the ability of your company to improve the society around you by marketing products and services that provide social good.
Another idea associated with business success may be the longevity of the business. Knowing that the project has managed to stay competitive over the years in a changing and challenging market is the real prize.
Likewise, there are entrepreneurs who measure the success of their business according to the number of employees who remain in the organization and their level of satisfaction.
All these interpretations complicate the task of objectively explaining what a successful company is. The truth is that it does not matter what your concept of business success is, since to make any of them a reality two key ingredients are necessary: planning and perseverance, do you have them?
If so, you’re closer to business triumph. Now you only need to know the 5 most important qualities of a successful company that you must take into account when giving life to your own project.
Characteristics Of The Successful Company: 5 Common Traits
A large percentage more than 50% of small and medium-sized enterprises fail. The rest struggle to survive by making great efforts. And, in front of them, a small minority manages to consolidate and succeed. Why? What must a company have to be successful?
1. Solve a real problem with your audience
Look at your navel and lose sight of those who really matter: customers. This is one of the big mistakes that doomed businesses make.
On the other hand, one of the main characteristics of a successful company, whether it is a service or commercial company – such as e-commerce – is that it always puts the focus on its target audience. The entire culture of the company is focused on offering processes, products and services whose main goal is to meet the needs of its audience.
To achieve this, it is essential to know customers in depth and carry out a correct market segmentation. The goal is to know what is important for the target market, understand their needs and know how they decide between one offer or another.
Thanks to this information, groups or types of customers are created that share similar value criteria. With this in mind, the company determines which groups it best suits and what kind of offerings—products or services—will meet the needs of those target segments by outperforming the competition.
Undoubtedly, getting the target audience and the product or service correct are fundamental to the long-term success of the business. As you can see, the key lies in shaping a significant value proposition for the customer with the aim of winning their favor, retaining them and, subsequently, retaining them.
2. Provide impeccable customer service
97% of users point out that receiving poor customer service would influence their purchasing decisions and share it with their acquaintances in case they have a negative experience.
As you can see, there is nothing more harmful to a business than a disgruntled consumer. Even more so today when the audience has at their disposal a speaker as powerful as social networks to defame a company and condemn it in just a few seconds.
For this reason, among the keys to a successful company is to dedicate resources constantly to provide optimal customer service and develop offers according to the expectations of the audience.
Successful companies don’t just focus on selling, but strive to constantly connect with their target audience and deliver a good experience, as well as develop customer loyalty tactics. To do this, they activate communication strategies in digital channels as powerful as e-mail marketing or social networks.
In this sense, it is essential to understand customers in order to anticipate and meet their needs as we have seen in the previous point. If the quality of the product or service decreases or the service becomes inappropriate or slows down, the company risks losing the loyalty of its customers, who will turn to the competition to solve their problem.
Keep this characteristic of the company in mind if you want to thrive with your project and make sure you pay attention to the audience’s concerns quickly, effectively and honestly.
3. Commitment to differentiation
How to create a successful company? Betting on differentiation.
This is another characteristic of both medium-sized companies (SMEs) and large corporations that are succeeding in the market. In reality, the size of the business is not transcendental to become an example of a successful entrepreneur. And if you don’t believe us, take a look at the number of small ecommerce created with Shopify that have managed to succeed.
Do you know what they have in common? That your business idea offers something that is unique.
This aspect of a successful company can seem complicated to achieve, right? How are you going to launch a unique product or service if it seems that everything is already invented? Eye! Because it is not about racking your head until you find something different, but about knowing how to give an approach to your offer that differentiates it from the rest of your competitors.
An interesting example is marketing agencies. A priori they all seem to do the same thing. However, if we study them carefully we see how each one is specialized in certain sectors or its vision and way of working are different from the rest.
If you don’t offer anything unique in your business, attracting and retaining the customer will be tricky. You will end up entering a price war against your competition until a more powerful project arrives and unseats you all from the market.
In short, it is about offering memorable products and services that stand out from the crowd; offers that give the audience reasons to remember your business when they want to buy the type of product or service you sell.
And this, how is it achieved? Here are 4 keys:
- Impregnating the project with personality and creativity.
- Bringing new ideas.
- Losing the fear of taking risks.
- Relying on other people to help you add value to your company.
4. Inspire teamwork within a healthy corporate culture
It is the people who shape any business project. Therefore, another aspect that makes a company successful is the human team behind it.
If you are alone in front of the project, try to learn the knowledge and skills necessary to start a profitable business. Keep in mind that, without work, there is no reward. If you were thinking of launching a company in your spare time, it would be difficult for it to come to fruition.
If, on the other hand, you have the possibility of being able to invest in creating a team, do it without a doubt. In this case, take note of these steps to have a successful company:
- It has professional profiles with adequate talents to fulfill their mission in the company and who know how to work side by side with their colleagues.
- Dispense with ineffective team members.
- Set individual and collective short- and medium-term goals to keep the focus of all staff.
- Provide the resources and time to continuously train the people around you and get everyone to perform their tasks optimally.
- Define a company culture (practices, values, mission, history) that permeates the entire team to achieve uniformity in all processes.
- Exercise responsible, solid and committed leadership that stimulates productivity.
- Cultivate a positive work environment by taking care of the relationship and two-way communication with the work team.
5. Invest in technology and bet on multichannel digital marketing
Digital transformation is an imperative for any business today. For this reason, we recommend that you rely on the use of technology as a facilitator of change in the company. Through it you can streamline business processes, optimize the production chain, expand brand awareness before the audience or improve customer service, among other functions.
Keep in mind that the Internet already has 4950 million users worldwide, representing 62.5% of the global population. Clients are on the network. Therefore, one of the main strategies for a company to be successful is to have a presence on the Internet.
Similarly, another characteristic of a successful business is that all of them have a multichannel digital marketing plan. This implies that your online marketing strategy operates from different angles to get the attention of your target audience and communicate with them.
Some of the most effective channels for 2022 that we recommend you work on are SEO, digital advertising, e-mail marketing or social networks, among which TikTok, Facebook or Instagram stand out, ideal for selling.
And if you are thinking that this is a characteristic of a medium-sized company only suitable for large budgets, you are wrong. The truth is that operating with a business in the digital field is easier than ever and is a reality within the reach of any entrepreneur.
With a minimum investment and even without computer knowledge, a person can make a corporate website or launch their online store in a few hours thanks to the wide range of ecommerce platforms that we currently have. This is the case of Shopify, one of the world’s leading software for the creation of online businesses.
Of course, keep in mind that activating a digital marketing strategy and getting it to work is a long-distance race that requires constant optimizations and improvements.