3 Key Principles Businesses Can Learn From Smartphone Manufacturers

Statista estimates that the worldwide market value of the smartphone industry will reach a mind-boggling 485.3 billion dollars by the end of 2025. It notes that this market segment is expected to experience an annual growth rate of 3.76%, making it one of the largest and fastest-growing industries globally. 

Consequently, you’ve got a lot to learn from smartphone manufacturers and the way they approach their businesses. Despite a smartphone company having no relation to your business or what you do, you should still look towards these key principles that have helped the smartphone industry become so successful. 

Always Invest In New Technologies

Smartphone manufacturers are continually seeking new technologies to invest in. You can see this right now in the surge of AI investment from big tech companies that make smartphones. However, it becomes even more relevant when you deconstruct a smartphone device and examine the changes in materials and technologies over the years. 

There’s long been a debate between resistive touch screen vs capacitive in the tech world, but smartphone companies were some of the first to realize it was time to adopt the newer of these two touch screen technologies. They moved away from resistive in favor of capacitive because it provided a better user experience. 

That’s something you can take with you and apply to your business; look for new technologies, especially when they provide your customers with a significantly better experience. Don’t get stuck in your ways or fall into the trap of choosing the cheapest options or materials for your products or services; new technology will drive you forward. 

Competition Drives Innovation

How did smartphone companies discover new technology? They were driven to it by the vast competition in this sector. You’ve seen how many smartphone brands exist, and it’s tough for one company to offer something unique. Nevertheless, the sheer wave of competition is beneficial because it pushes brands to innovate and try new things. 

Again, it’s a vital principle to bring into your business. Look around at your competition and use them as the driving force behind your innovation. Deconstruct what they’re doing and come up with ways to go above and beyond, differentiating your business from those around you. 

Sometimes Good Branding Is All You Need

Why are some smartphone brands better received than others, although they offer very similar products? It all comes down to brand authority. Smartphone manufacturers like Apple prove that excellent branding will help you come out on top, even if your competitors technically offer better products at cheaper prices. 

Many people purchase Apple smartphones, particularly in the US, due to the company's effective brand building. Consumers trust it, and the branding strategy proposes that Apple products are of the highest quality. Samsung is another example; the general audience is more likely to buy a Samsung phone over one from a lesser-known brand, even if the latter’s phone has better specifications. 

Take this on board and focus on creating a killer brand for your business. Built authority and trust; smartphone companies prove this is often all it takes to convince consumers to choose them over other brands. 

It doesn’t matter if your business has zero relation to smartphone manufacturers; there’s still so much you can learn from these companies. Apply the learnings to your company and see the benefits as you look to outwit your rivals and rise to the top.