This article originally appeared on Robinia Creative.
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Warren Buffet rarely makes financial mistakes. The Nebraskan investor of railroads, energy companies, and archetypal American brands has built an empire by seeing things other investors have not.
Recently, however, Buffet lamented his mistake in not buying more Apple Inc shares in the beginning of Apple’s explosive tenure. At the time, Buffet instead invested his capitol in the IBM Corp, an admitted mistake.
Today, Buffet has made Apple Inc the centerpiece of his portfolio, picking up shares every time Apple’s stocks drops in price, something quite easy today as it drops nearly 7.5% during the holiday quarter.
The point is not that we all make mistakes; the point is that Warren Buffet claims that he originally overlooked Apple’s stock because it was founded as a tech brand. It simply was not in his investment portfolio’s focus.
Today, Buffet’s interest in Apple’s stock is due to his belief that Apple is not a tech brand, but a consumer brand. That, although they build technology, they sell status and connection.
Market perception and not Apple’s internal mission statement was the key to Apple’s stock demand…
We need to learn a lot from Warren Buffet. We need to learn to identify and own our mistakes, yes; but we equally need to learn that how our customers view our brand is often more important than how we view ourselves. That, in place of our views, we need to inject those of our customers in order to serve them even better.
Apple’s stock became more important (not pricey, but important!) when it learned that it was not a tech company. Investors lament IBM’s stock and crave Apple’s.
It is not because IBM is a poor company to invest in; it is rather that IBM’s customers buy IBM products, whereas Apple’s customers buy a lifestyle.
A large part of Digital Marketing is understanding how the market approaches brands and buying decisions. Do your clients invest in your products and services because they make their lives better? In a sense, do your customers see your brand as a consumer or tech brand?
Whatever you sell, sell solutions that your customers depend upon and, like Apple, you’ll make a difference.