What does Apple’s stock drop mean for marketers? Featured
1. Services are the new black
Faster. Cheaper. More user-friendly. Falling iPhone sales are an indication that the smartphone market is edging closer to maturity, and until the next big leap in hardware happens, business is in what you can put on a smartphone and how to make it faster and cheaper. Offerings across the Internet of Things, Cloud services and apps are having a greater influence than what brand of device consumers are on, and this is a wake up call if you aren't considering this shift in your current business and marketing strategies.
2. A lesson in strategy
Apple has been known to identify and move into new markets early - most notably their foray into the music world with iTunes and iPods. This stock drop is a sign that Apple needs to reassess its strategy, review the markets it is in and identify new opporunities for growth. Does your strategy cover new opportunities or markets for growth? If not, it's a good idea to sit down and review where you're at and where your company is going.
3. Markets in China are a different ballgame
One of the reasons behind falling iPhone sales is slowing growth in China, according to TIME. Consumers in China are purchasing cheaper phones, Apple's branding has less influence and the Chinese government has banned some of Apple's services in the country.
This is a sign of what marketers and business owners need to be aware of when operating in and expanding to China and similar emerging markets, such as India. Although there is a growing middle-class in China with increased purchasing power, the fundamentals of moving into new markets remain the same: Consumers simply have different needs, and slapping a slightly different marketing spin on the same product doesn't mean it will successfully penetrate the market.
For Apple, this is a signal that they need to step back and take stock on their operations. For marketers and business owners, Apple's stock drop is a reminder to be aware of the markets you're in and where they're heading.