What all successful companies have in common is that they excel in several key areas that most companies don’t. With the ever-growing competition in the marketplace, it’s hard to make it if you’re not willing to go the extra mile. Meeting Intermag, it becomes clear that they strive for nothing but greatness. If any company, especially a startup, embraces their approach, they’ll be set to outshine the competition. Here are some of the things that other businesses can learn from Intermag in order to succeed.
They do proper market research
Market research is crucial in any business niche. It’s only through market research that you’ll get a better understanding of your target audiences, their needs and be able to fill in any gaps out there. As I learned interacting with Intermag, they were willing to go to great lengths to understand the market. They were seeking the right individuals along the chain and asking the right questions to get deeper insights. They understand the value of knowledge and are always armed with the right queries, as every opportunity is an opportunity to learn.
They are detail-oriented
‘The devil is in the detail’ saying is very true indeed for Intermag. They fish out any available details, since they understand that small things can make a big difference. Most companies overlook minute elements and focus on the big picture, but with Intermag every detail counts.
They are willing to take risks
It’s impossible to become a successful entrepreneur if you’re not willing to take risks. Intermag has been able to expand across continents because of their willingness to take chances. Their move to enter the Kenyan market is an uncertainty because it’s going to be a long process and many obstacles will pop up along the way before they’ll establish themselves in the new market. In this particular case, they were willing to do pilot tests of their products and engage with different stakeholders to put their foot in the door.
They focus on relationships
Those operating in the B2B sector understand that people will buy FROM YOU first before buying your product. Intermag is well aware of this and that’s why they invest in building relationships with their stakeholders. For them, it’s not all about pushing their products, but also making sure they create customer satisfaction and leave everyone in the chain happy. They know once they have a good relationship, everything else will fall in place. Intermag will do whatever’s in their power to avoid instances of misunderstanding and miscommunication, which are huge business killers.
They choose the right stakeholders
For any entrepreneur, once you have the right stakeholders, the sky’s the limit. Intermag strives to win fitting partners for their business. They look for companies and individuals who will share their vision and have their interests at heart. They also look for partners who are willing to grow with them. Even though you might have all the business aspects of your operations down to a t, it’s still going to be hard to achieve your goals with the wrong stakeholders.
They are enthusiastic
Once a company has employees who are enthusiastic and devote the right kind of energy to the business, you can be sure success is on the way. In case of Intermag, their employees are passionate and have a strong drive for business. Even though it’s the customer who’s most often the focal point of a company, its employees are no less important at the end of the day. It’s them who’ll make the customer happy and drive up the sales.
They are strategic
Having the right strategy is not only important for individuals but companies as well. Intermag operates strategically and is willing to switch things up and adjust if necessary. Once they learn that a certain strategy isn’t working, they are flexible enough to adjust it. Whenever they expand into a new region, the move is backed by a deliberate strategy. Intermag carefully chooses countries that will serve as starting points for wider expansion in the given region.
For entrepreneurs, every day is a learning opportunity. The pointers discussed in this post can help other companies learn a thing or two from Intermag in their quest for success. Entrepreneurship is a journey and many perks come with it. It’s only if we embrace the changes and draw lessons from them, that we can build successful empires.