The Core of Apple’s Growth

By Sarah

This week Apple made history when it became the first publicly traded US company to hit a $1T valuation. This news comes as no surprise to most of us who have watched Apple continuously grow for most of our lives. They make it look easy. While many companies spend hours toiling away at how to outperform their competitors, Apple is living in the realm of unknown opportunity: mining the world and the brilliant minds that make up their organization to design and market something entirely new, competitors or no competitors.

The core to Apple’s growth lies somewhere in between their willingness to takes risks and their ability to identify and activate emerging trends. And what is that next emerging trend you might ask? Services. Services such as Apple Music, iTunes, and iCloud made a whopping $9.3B in revenue for the company in the last quarter of 2017.

Apple isn’t the only one that’s caught on. Through engaging in client interviews and focus groups with customers ranging from everyday consumers to other businesses, we here at the Studio have learned that it’s not about offering the next new product, it’s about offering a new experience. Customers care less about what a product’s purpose is and more about what the product will do to change their lives:

How does this product affect me? What will the company do to change my situation?

Take air conditioning for example. Put an air conditioner in from of a homeowner and they couldn’t tell you the first thing about it or what to do with it. But give homeowners a tool that can help them create customized experiences for themselves and their family, creating perfectly cooled environments during every part of the day and air conditioning control becomes something homeowners and hopeful house hunters aspire to one day possess. The Nest thermostat is just one product innovation that has revolutionized a previously stagnant industry, but as we move forward into the coming years, we know that leaders across all industries will be those that offer superior experiences.