In this article we’ll look at why Apple became one of the most valuable companies on the planet — a title it has held for many years. We will also explore what makes their vision of creating revolutionary technology still relevant today even though they are facing fierce competitions. And finally, we’ll try to answer how other companies can hope to replicate Apple’s success.
How Does Apple Become The Most Valuable Company?
The first step towards becoming one of the top-ranked businesses in any industry worldwide is having loyal customers who are willing to pay for your product or service multiple times over. This explains why Apple sells more than 50 million iPhones every quarter. The iPhone is facing stiff competition from Android devices that have caught up with iOS in terms of features and performance, but in terms of brand wise, only the Galaxy S lineup ever comes close to iPhone.
Apple’s iPhone sales are enormous – and even though Apple has other businesses, the iPhones are their most profitable lineups for sure.
The iPhone alone was enough to make Apple the most valuable company in the United States. According to many legitimate sources, Apple now ranks as the second largest public corporation in the world, ahead of other giants like Microsoft, Alphabet (Google), Johnson & Johnson, Chevron, Tesla, ExxonMobil, and Walmart.
This unprecedented growth of Apple’s market capitalization started when Tim Cook became CEO. He guided Apple through several challenges including slowing global demand for Mac computers and tablets, an ongoing lawsuit involving eBooks price fixing, and weak financial results due to increased R&D spending.
Despite all these setbacks, he kept his promise not to cut costs, thus allowing the company to keep growing and maintain its status as America’s favorite brand name.
It should be noted here that Apple struggled a lot with its profitability despite its phenomenal revenue stream. It only earned money after converting some cash reserves into long-term investments and reinvesting them back into operations. But Apple’s reputation as the ultimate “cash cow” helped it grow faster than almost any other tech firm in history.
Why do so many people love Apple products like iPhone and iPad?
There are three main reasons why Apple remains popular among consumers around the globe.
First, there are those who believe they truly understand Apple’s philosophy. Every new release of iPhones and iPads brings something fresh and exciting.
On average, the latest version of the iPhone boasts better hardware specs than past products, but Apple keeps raising the bar when it comes to software and services. Their cameras are also top notch.
The same applies to Apple’s tablet, the iPad. When Apple releases a new iPad model, you know you’re going to get great value for your dollar. You don’t have to worry about getting ripped off because Apple won’t offer you anything less than what you paid for. Their quality control is above their competition and the user experience is super good as well.
Second, Apple offers high quality customer support via live chats, phone calls, emails, and even text messages if necessary. If you happen to run into problems with your device, whether it’s malfunctioning or experiencing connectivity issues, Apple will help fix the problem without charging extra fees. Apple’s customer service is known to be superior. This is especially important considering that smartphones and tablets tend to break easily nowadays.
A broken screen may lead users to replace their expensive gadgets out of frustration rather than trying to repair them themselves. However, Apple takes care of all repairs under warranty, regardless of where you bought the device.
Thirdly, Apple has always been known for innovation. Every time a new generation of iPhones rolls onto the scene, customers expect better functionality. For example, Apple made waves when it introduced FaceTime video calling feature on the iPhone 4s. People were shocked when the feature wasn’t available on older versions of the smartphone.
As another example, Apple unveiled the AirPower power bank/stand combo many years ago, which allows you to wirelessly charge two different devices simultaneously. While competitors tried similar ideas earlier, none of them came close to matching the coolness factor that Apple managed to achieve with its offering.
The brand name of Apple iPad, iPhone, and Macbook are way above everybody else. People love to show off using their ipads, iphones, or even macbooks
What Should Apple Do From Here?
Even though Apple products are already top notch, there are multiple areas that Apple can offer. First of all, Apple needs to continue focusing on user experience instead of just churning out new products with minimal changes every year.
That means giving buyers more reason to upgrade their existing devices versus buying a new gadget altogether. The strategy worked well for Apple in the past thanks to the popularity of its iPhones and macbooks.
Another key point Apple must focus on is simplifying the process of using its newest offerings. Users want quick access to everything they need right away. They don’t mind paying a higher premium for convenience. In many countries, it’s still not easy to get the newest Apple products right away. To be honest, I feel Samsung has a better distribution strategy compared to Apple.
Finally, Apple must constantly improve its online store to remain competitive against Amazon and others. Consumers often find deals and discounts offered by third-party sellers on sites like Amazon Marketplace or even eBay, leaving little room for error.
Therefore, Apple could enhance its online shopping capabilities by adding new categories to its website, improving its social media platforms, and expanding partnerships with major retailers.
If Apple can improve all these three factors, they might become much more valuable than they are today. What Other Tech Companies Need To Do To Follow Examples From Apple?
Other tech companies should focus on making superior software and premium hardware design if they want to be as popular as Apple. As we know, the M1 (and now M2) chips have changed the game for Apple. Most Windows-based laptops and Android-based tablets can’t compete with the unified ecosystem of Apple as well as its user experience.
I believe if only other tech companies can merge perfect software with premium hardware just like how Apple does it with their hardware and software combination, they would become at least half as popular as Apple.
Oh, a regular man can only wish, isn’t it 🙁