Xerox Incorporation business strategies. Image source: itp.net
Xerox Incorporation Business Strategies
Undoubtedly, the business success of Xerox over the many decades in its history leaves a lot of lessons and strategies for running a business successfully. Here are some of them.
Investing in Product Improvement
Having a better quality product in the market is a critical factor for achieving success in the industry. Consumers will be attracted to your product if they discover it is of great quality, and will as well avoid it if they found out it’s of little quality compared to other brands.
Therefore, investment in research, facility, and manpower that can enable you to make your product better in the market place is definitely a wise one.
Indeed, Haloid’s investment in developing better quality paper, which was introduced in 1933 paid off handsomely, as demand for the product was so high that the company wasn’t affected by the depression of that time.
Creating Innovative Products
In addition to constantly improving the quality of your product, having a unique and innovative product in the market can easily set you apart from competitors, and quickly put you in the leadership position as the product registers first in people’s minds as the number one solution to what they need it for.
Haloid was able to soar above the competition at the end of World War II when it entered into an agreement with Battelle to develop XeroX Copier.
Using Cost Effective Marketing Strategies
Marketing costs can be very expensive, yet you may not even get the kind of response you desire. If you think deep you are sure to come up with effective marketing strategies that will not cost you much.
To promote Xerox 914 copier in 1960 on low budget, Xerox came up with clever ideas – placing ads in magazines and TV programs that target business owners, and also offered the machines to small business owners on monthly lease, which made it possible for them to afford it.
Neglecting to Guide against Competitors Encroachment can be Dangerous
Competitors will always try to take some share of the market from you by noticing the areas where they can improve on what you are doing and present a better offer to consumers.
You therefore have to be on your guard always, watch what competitors are doing, the changing desires of consumers, and constantly improve on your products to meet, or even exceed consumers’ expectation.
Kodak, Ricoh, and Canon were able to come into the market and got a sizable chunk of it basically because of the disorganization in Xerox and it carelessness to watch the competition.
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