Everyone knows that the top 10% of businesses are different from everyone else. But what is it that sets them apart? Where do their superpowers come from?
The answer isn’t always what you think. Yes, efficiency matters. But there’s more to a strong bottom line than that.
In this post, we look at some of the factors that separate winning brands from everyone else. Here’s what you need to know:
Sustainability And Corporate Responsibility
One thing you immediately notice whenever you look at the world’s top brands is their emphasis on sustainability and corporate responsibility. These firms do things by the book.
Dyson, Volvo, and Apple are all excellent examples of this concept in action. These companies commit resources to behaving responsibly because they know doing so will benefit them in the long run.
You also see a lot of these brands reaching out to the community and doing their bit to improve people’s lives, (besides selling more products). Again, it helps these companies seem like money-grubbing which, ironically, often leads to higher sales.
Strategic Networking
Another feature of the top brands is their penchant for strategic networking. They’re obsessed with building partnerships and networks that serve everyone.
Part of this has to do with a collaborative mindset. A lot of the top firms know that they can’t do everything alone. Instead, they have to rely on others to get the world-beating results they want.
Just look at a brand like Toyota, for instance. While it has plenty of manufacturing facilities, it also works with hundreds of smaller suppliers to source the perfect components for its vehicles.
Networking excellence also applies at the employee level. The top companies aren’t afraid to go overseas to source the people they need, even if it means hiring them remotely.
You see firms like Microsoft and Dell doing this sort of thing all the time. Even if they can’t convince people to come to the office, they can still benefit from their skills and productivity.
Employee Engagement
You also notice that the top brands pay extra special attention to their employees. Nobody is replaceable.
The reason for this has to do with the value of the people they hire. Losing someone, even a lowly engineer or entry-level analyst, could potentially cost the firm a lot of money.
However, it is also valuable for recruitment. It’s so much easier getting people to join a company when other workers love it than when they don’t.
Ability To Outsource
Another thing that separates the top firms from everyone else is the ability to outsource. These companies know what they do well, and what they avoid.
For example, you often see law firms, retailers, and finance companies outsourcing backlink packages to third parties. While they could earn links themselves, it’s often time-consuming and poor value for money compared to going to a firm that already has all the systems in place.
Another example is executive development. Companies will sometimes try to do it in-house, but the results can be lacklustre. It’s much better to ask an external firm to do the legwork because they already have the expertise and course materials.
Vision
Vision is also a critical component of a top 10% company. These firms know what they want to achieve and they aren’t afraid of the pain of getting there.
Vision matters because it unifies people. When employees have a cause they can get behind, it makes all the difference in the world. It beats just going through the motions any day of the week.
Injecting vision into companies is challenging, but it can be done with the right approach. It’s not just about beefing up a mission statement. Instead, it’s giving something for people in the organisation to get excited about. Employees should feel like it is their personal calling to fulfil the objectives of the brand.
A good example of a company that gets this right is SpaceX. Everyone on the team is desperate to create vehicles that can shoot astronauts to Mars and beyond.
Customer Focus
Lastly, all the best businesses focus on their customers. These firms want to know everything about them.
Customer focus matters because it is the only way to understand their needs and preferences. Companies that ignore it can’t tailor their products effectively or get people pumped about their services.
Excellent customer service is also essential for maintaining a healthy online reputation. Without it, it’s almost impossible for brands to succeed. As such, if you are trying to be a leader in your industry, adopting a customer-centric attitude is often the best way to achieve it.
To improve your customer service you want to make sure that you are focusing on your website as well, especially if you have an ecommerce business. Your website is a point of contact between your customers and your products and services. Get a professional to design your website for you. You can use a web design cost calculator to estimate the price of the type of website that you want. Ideally, your website should be one that is customer focused and showcases your brand in a positive way.
