Business Lessons, brand extension, top brands, Famous Brands

We encounter brands in every aspect of our lives, from technology and clothing to food. Brands make up a huge portion of the business world and play a significant role in it. Famous brands are companies that are distinctive and easily recognisable.

Each famous brand began as a small business and, over the years, reached success and created its brand reputation. Most brands have seen failure, and only a few have moved past it with specific business strategies.

These business strategies are typically kept confidential. However, when we analyse and study company history and change, we can notice specific business lessons that assisted in their success.

Some business lessons have proven effective for well-known brands, but they also have the potential to benefit any business. There are always things small and medium companies can learn from famous, successful brands.

Hence, the article will highlight the top business lessons from famous brands and how the brand has succeeded with them.

Top Business Lessons Famous Brands Can Teach Companies

Brand Loyalty Brings Profit

 apple and branding what can we learn, what makes apple successful, apple brand attributes

Apple is an internationally known technology brand. Millions of excited customers countdown days every year to new product launch day. The brand has a magical grip on its customers due to its innovative, user-friendly and stylish products.

Even if a customer has the iPhone 15, they will still save for a year and purchase the iPhone 16. In fact, in 2023, iPhone’s worldwide phone market share was 29%. This customer behaviour is known as brand loyalty and is an essential business lesson every company wants to learn from to reach success. 

The famous brand promises its customers that they will receive a unique and high-quality product when they purchase an Apple product. Owning Apple products promotes a specific type of lifestyle that many tech brands struggle to reach.

All companies should understand the brand lesson that proves brand loyalty is essential to building a positive brand image and increasing profit. Businesses must apply strategies to ensure their products or services are exclusive, different, and influential in creating brand loyalty.

Marketing Is Key

There are over a thousand fast food brands worldwide, but when one thinks of fast food, McDonald’s is typically the first brand that pops up. The famous brand is known in almost every corner of the world.

mcdonalds marketing, mcdonald's marketing, mcdonalds business model

Everyone recognises those bright golden arches and their slogan, ‘I’m Lovin’ It‘. The brand is more famous than the actual food, all due to marketing. McDonald’s marketing strategies have always stood out, differentiating the brand from its competitors.

The brand uses all forms of marketing, from print and billboards to social media and adverts. It aims to connect with its customers using emotions and convince the public that having a McDonald’s meal will make them happy.

McDonald’s main business lesson demonstrates that marketing is key to reaching the right target market. Marketing also helps create a brand image and attract customers towards the business. Every company must also understand marketing efforts may differ for every industry and target market. 

Marketing is more than just posting and ads; a large amount of research is essential for successful marketing.

Customer Data Can Be Used for Good

Top business lessons, amazon customer data, amazon data mining

One of the most famous e-commerce shopping websites is Amazon. It has 310 million active users worldwide, but each customer has a different home page and suggestions.

Amazon studies customer data and behaviour to predict purchases and make every customer experience unique. Therefore, every customer is shown products they are interested in, which increases the chance of sales. The data analysis includes the time spent on pages, specific page movement and demographic details.

The business lesson is that companies should positively use data to provide their clients or customers with a unique and memorable experience. This strategy is vital for e-commerce websites that sell products.

A customised experience can make customers appreciate the experience more, directly leading to sales and increased brand reputation.

Adapting Is Essential 

Almost all of us have or had a Netflix account to stream movies and shows. However, did you know Netflix was once a DVD rental business? The business would deliver chosen movie DVDs to customers in the post.

story of Netflix, netflix brand strategy, netflix background

However, in 2007, they began to notice the movie market changing. More people downloaded and watched movies online rather than renting or buying DVDs. Netflix was one of the first movie rental companies to change its business plan and convert it into a streaming platform.

Over time, they kept developing their platform, which is now one of the most famous streaming platforms worldwide. The main business lesson is that sometimes, companies must change their direction to get the most from trends and customer behaviour.

Adapting business plans due to changes in the market can help a company stand out from competitors and avoid becoming obsolete. The change could be anything from a new style of products to how the service is provided.

For Netflix, the change saved them from being forgotten or bankrupt like their famous competitor, Blockbuster.

Brand Expansion Can Assist Growth 

the best brands, coca cola brand extension, coke business strategy

One of the most famous brands on this list is Coca-Cola. They are known for their sugar-filled soda, which is bad for one’s health. However, this changed when they released Coke Zero. Coca-Cola has various products and flavours that have changed or shocked the world.

When a company releases different variations of the same product type, it is known as brand extension. Coco-Cola’s band extension has helped the brand reach various target markets and increase its growth.

For example, Coke Zero and Diet Coke improved the company’s reputation by attracting health-conscious consumers who preferred the low-sugar alternatives. This led to the gaining of new customers and entry into a new market. Other variants include Coca-Cola Cherry, Coca-Cola Vanilla, Coca-Cola Citra and more.

The business lesson is that brand extension is one of the best ways to reach a new target market. The extension could be a new product version, a different price, higher quality, or a collaboration with another brand.

Brand extension can help a business grow, increase sales and create a more recognisable brand image. 

Why Having Insurance Is the Most Important Business Lesson

One thing all these famous brands have in common is that they all have a range of different insurance policies. Every business has risks that can lead to lawsuits, property damage, injuries, cyber-attacks, and more. Business insurance is the only way to cover these risks and recover.

Insurance is essential to all businesses, from startups to famous international companies. Dealing with risks can be extremely costly, and insurance is one of the best ways to cover the financial loss.

Every business needs cyber, professional indemnity, director and officer, public, and product liability insurance. These are just the main insurance policies that can cover common business risks, but many more are specific to industries.

Business risks can arise at any time, and companies must be prepared. With the right combination of insurance, they can worry less about potential dangers. Knowing that insurance will cover them during challenging times allows companies to focus on doing their best.

Insurance can help a company in difficult situations, and purchasing various policies could be the most valuable business lesson to learn from successful brands.

 

 

To Learn More about business insurance policies and get the best coverage for your business from sudden risks, contact Red Asia Insurance.