According to the Fortune Global 500, the top 500 companies made over $30 trillion in revenues for the year 2017. For most of us, that number is staggering if not unimaginable. But what we’re all wondering is who contributed the most? Some big names like Exxonmobil contributed $244,464,000 and Toyota Motors made $265,172,000. But that still doesn’t seem to touch the big dog who runs the show when it comes to business. The largest company in the world is actually Walmart who had a total revenue of $500,343,000 which is at least 2 million more than the second place winner. How did they get so powerful and what is their secret?
The Start of Something Huge
Walmart has been around for decades. It was founded in 1962 by Sam Walton and is still owned today by the Walton family. It started first in Rogers, Arkansas. The idea of Walmart was started because Walton wanted a place where he could offer cheap prices with good service. Competitors rolled their eyes but the store grew rapidly. The secret behind the rapid growth was Walton’s fearlessness when it came to expanding the company. He branded and experimented with different store formats and differed names–Sam’s Club and the Walmart Supercenter. He expanded into Mexico and found a solid footing there as well. Now there are 11 thousand stores worldwide and more being built. Just last year a brand new Walmart Supercenter was opened in Nevada where people left their spots by their custom pools Las Vegas to see the grand opening. The opening of a new store has almost become something to be expected and people are always excited to walk into one that is shiny and new.
The Secret to Their Success
The important thing to take away from Walmart’s success is what went right and what is the secret to their widespread success across the country. Obviously, it was the marketing. Walmart is marketed worldwide and heavily in the United States. It’s so well-known that toddlers know what and usually where the closest Walmart is located. Whether or not you shop at Walmart every day, it’s likely that you’ll stop by in a crunch for a cheap ingredient or supply. That’s because of the genius of the marketing. The first thing that was done right was the colors and the logo. Walmart’s color is blue. Blue has been proven to be a calming color and since it is a widely liked color, it has also proven to make people feel non-threatened, comforted, and trusting. People associate blue with reliability which is perfect for a store like Walmart when they offer cheap products. Since their products are cheap they want you to also think of them as reliable regardless of the price.
The next thing that was done to influence the buyer to feel comfortable was the logo. When you look at the Walmart logo, what do you see? It’s a sun of yellow. With that little image of a sun by the blue lettering, they have dispelled any doubt that you might have about whether it’s okay to go inside of a Walmart and buy your groceries there. Marketing is all psychological and that’s what Walmart did to grow widely.
How Does This Apply to Your Business?
Obviously, don’t assume it’s hopeless for your own business, even if you’re doing something to compete with Walmart. If anything, the story of this companies success it to show you that small businesses can make it and become incredibly influential. It all starts with how you’re marketing. Think of your own business and consider the logo that you’re using. It has to be something user-friendly, easily recognizable and influential. Companies should stay away from colors that are dull and easy to forget like browns and greys. You want something that tells your customers how they should feel about your company before they ever step foot into the door.
The main takeaway from Walmart’s story is that marketing is the key to creating a successful business. You want to be the type of store that people see the colors and immediately associate it with you. To do that, you have to be very conscientious of how you advertise and who you advertise to.
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