After Apple announced its victory in the market with a market capital of $1 Trillion in 2019, the company as recorded on August 19th 2020 has created a new history by doubling its market value. You heard it right! Double!
Surprising enough the global pandemic that has wavered the stock value for most giants has not affected Apple one bit. Instead the legacy of Tim Cook has led the company to a $2 Trillion market value, making Apple the first US company to hit this arbitrary milestone.
The company’s stock soared on an average of 3.5% every week since the beginning of July which is Mar. 2020 ($1,099,500 Mil) to Jun. 2020 ($1,562,785 Mil), this year as reported by The Wall Street Journal and the share value leaped significantly after its recent earnings in July 2020. Comparing the sales record of the same quarter that ended in June from the year 2019 to that of the present date, the revenue is now up by 11 percent with a total of $59.7 Billion as the recorded sales.
According to Apple Newsroom, The earning per share grew by 18 percent and generated a cash flow of $16.3 billion during the quarter. Market Capitalization is the total dollar market value of a company’s outstanding shares of stock.
An example: A company with 10 Thousand shares selling it for $10 each would have a market cap of $100 thousand. This determines the company’s size and their value which is calculated by multiplying the total number of a company’s outstanding shares by the current market price of one share.The share price of Apple for the quarter that ended in June, 2020 was $91.2 while the outstanding shares (EOP) was $17136 Million. Thus, the market capital for that quarter was $1562785.
Whenever we look into Apple, there’s a chain of thought that follows-
“How on earth do they do it?”
“ Everything they do succeeds.”
The thought process could be because every other Big Tech Giants have had a fallout once in a while, be it product wise or advertisement wise. But Apple, they always are coming up with an amazing lineup. They have not just sold a number of products, earned a lot of revenue but have completely changed the game in terms of structure. Like their products such as the iPhone, the iPad, all these products have revolutionized the market space. When the first iPhone released, it became the talk of the town. It was easier to use, versatile, had a much higher- quality lens, sensor and even shot better in low light. Once that became a smash hit, cameras started getting better and better. From having a 320480 resolution to 26881242 resolution, 163 ppi to 458 ppi, it’s a major paradigm shift on its own.
How do they do that?
Let’s start with their tagline “Think Different”.
This is one of the major reasons that is helping Apple mark its territory. Every year they come up with something so unique that creates speculations. The speculations lead to inquisitiveness and knowingly or unknowingly you find yourself in a line with thousands of others right after they release a statement just to get your hand on the creation. You automatically find yourself indulging in queries like “What’s new in this product?” and then start comparing it with other latest phones in the market.
Now if you look closely it’s all part of a marketing scheme. You can take the three cameras on the iPhone 11 pro as an example. It created a stir on social media- everybody was talking about it, every other post was about it, there were memes but it was a form of advertising which generated awareness about the product.
Today, we are giving you a few pointers of Apple’s marketing strategy that you can adapt for your own business.
- Know your audience
- Rethink your mode of advertising
- Simplicity is the key
- Design a better customer experience
- Build a community of users
Let’s get into each one of these briefly:
1. Know your audience
Anticipating who you will reach with a strategy is the key to effective marketing as it adapts the context to address the customer’s major concerns. The more you know about your audience, including your target customers and key influencers, the greater success you will achieve through your digital marketing. So, identify the characteristics of characteristics of your ideal customers, including geographic, demographic, and psychographic variables before you start hitting on your target.
2. Rethink your mode of advertising
Why does one market its goods? To increase the brand value, to make people familiar with the products and eventually to make sales. So the marketing you opt should do justice to you as Brand. It should reach people with a bit of clarity of how useful it can be to them. A couple of times, we see our opponent or other brands following some amazing marketing trends and we tend to imply that on ours. Now, neither is the purpose clear nor is the mode. It will result in chaos and a waste of time and money. The moral of the story; Not everything is for everybody.The trick to determining the right mode is by learning from within the customer data on how to service customers appropriately in acquisition, onboarding, retention and quality assurance.
3. Simplicity is the key
Doing all sorts of extravaganza stuff will take you nowhere. People almost every time are overwhelmed when it comes to getting a new product. So you need to reduce the consumer’s confusion by simplifying the copy, the features as much as they need to know. The use of simple or direct words could hit the person right and the building stress will eventually loosen up.
In short, The word for what your product is the best at should be emphasized much more to get that Brand recognition.
4. Design a better customer experience
In today’s highly competitive landscape, anything less than an exceptional customer experience will kill the chances to stand out from the pack. Every customer is different, which means you need to be different as well. You need to make the customer feel safe and that they can rely on the organization. Personalization and aids will tell the customer that your company understands them. However, that’s not possible every time, so consistency is the key. Customers create a web of channels all across the globe Like Referrals, Feedbacks and so on. So, the key is to go forth on what they need in order to gain their trust and recognition.
5. Build a community of users
Now, if you have a good customer service and are satisfying the needs of consumers, then you have earned yourself a community of users. But if you are starting then you need to opt measures that your product becomes much more desirable in the market, be unique in a way that people can relate to you. The first step to take in building an engaged community of users is to get clear on your brand values and persona. Secondly, make sure your content, creatives portray those values and that persona. Every aspect of your brand should be consistent with the particular words from graphics to blogs and last but the most important one of them all is, Show that you value your users and their opinions, Let them know that you are interested in them with your content.
The majority of the information we shared has to do with marketing. You have to apply tried and true marketing elements to mark a great success. It is trendy to talk about evolving customers but it also requires a lot of time and effort. So be focused on your aim. The more you learn about your Brand, including your resources and key elements, the greater success you will achieve through your marketing.