5 Lessons From Henry Ford You Can Apply To Your Business
Back in the 1900s, Henry Ford was presented with many of the same business challenges as the ones that are present today. The historic founder of Ford Motors was 40 when he created the company. His goal was to create a car that would be so affordable, everybody would be able to own one. What he did obviously worked as Ford cars are now considered to be one of the most popular vehicle brands on the market. So what can be learned from Ford’s success? Here are 5 lessons from Henry Ford you can apply to your business:
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Innovation leads to success
Ford was an excellent innovator. In the 20th century, he was responsible for introducing the assembly line into the auto manufacturing industry. The assembly line and the automobile already existed, but it was his innovative thinking that changed the way they were used in auto production.
Taking something that already exists and turning it into something new is one way businesses can stay ahead of their competitors.
Targeting the right niche
One reason why Ford managed to become so successful was because he targeted a niche market. It is one of the most important lessons every company needs to learn. Knowing your target market and doing as much research as possible into your potential customer base is vital to your success.
Recommended reading: 5 Big-Business Growth Strategies Small Business Can Use
Promotion and how you sell your product is key
Ford’s success was also largely down to clever promotion. He knew how to market his product and invested his time and money into a huge advertising campaign. He made sure every newspaper at the time would want to publish his advertisements. Along with an increasingly positive reputation, Ford managed to ensure that by 1918, out of the cars owned throughout America, around half of them were Ford models.
You need to know how to market your product to the right audience. These days you can make use of social media and a business website to get your name out there.
Listen to your customers
Another important lesson that Ford taught us is to listen to what your customers want. Now this doesn’t mean ask them directly. As Ford famously quoted himself: “If I had simply asked people what they wanted, they would have asked me for faster horses”. The key is to read between the lines.
If you have a social media account, use it to listen to feedback and figure out what your customers want from your service. Don’t just use it to market your business.
Recommended reading: How To Get Customer Feedback That You Can Take Action On
Always be on top of your game
Being self-employed means that your reputation is vital to your success. It is important to always be at the top of your game. This means you need to focus on customer satisfaction. Ford was constantly focused on customer satisfaction. Cutting corners have no place in business. Strive to be the best in the business.
Nothing in life is easy and in the business world you can’t afford to slack off. Use the lessons above to start improving your own business today.