Making a business a success is difficult. But making your business a success and changing the lives of others at the same time is almost impossible.
Fam Mirza, the founder and CEO of 1Face, has managed to do just that. And he has done this through a combination of adding value to his business, doing something different, and being persistent.
Not only has Mirza demonstrated what he can do for the benefit of others, he is simultaneously teaching other startups how to succeed.
The Success Story That Built a Brand
1Face is a company that made philanthropy their business model. Mirza discovered that the ordinary customer wanted to make their money go further.Fam Mirza, Founder and CEO of 1Face
There's a great interest in what companies are doing with the money they receive for their products.
Statistics back up this thinking because it has been revealed that 68% of consumers are more likely to purchase a product with meaning behind it.
The millennial generation is responsible for this shift in thinking, and they make up the majority of the workforce. It's not a trend that's going to go away anytime soon, especially since by 2020 they will account for 50% of the global workforce.
Mirza came up with the innovative ideal of inventing a range of watches in different colors. These are high-quality watches, but what makes them different is that each color represents a specific charity or cause around the world.
Additionally, since 1Face was formed, the company has passed the milestone of changing a million lives.
Success Doesn't Come Easy
At first glance, 1Face was created as a success. But that ignores the months of work that went into crafting the execution of the brand. Mirza spent a long time prior to the public launch researching charities in various parts of the world.
He ensured they were doing things in a responsible and ethical manner. Mirza takes pride in investing in 1Face's continuous monitoring process, so he can make sure that the money going towards these good causes is being spent in the right way.
Keeping Customers Happy
The key to keeping customers happy is to sell a product that actually does what it says. These watches are of the highest quality and are designed to last. They are colorful and fun, but at the same time they are durable and stylish. Mirza didn't get lucky when he released these watches, he spoke to customers to find out what they wanted from their timepieces.
And since he is helping charities he made sure that his products weren't coming into conflict with depressed economies through essentially undercutting them, as one charity did when they flooded a number of African markets with t-shirts, thus destroying the second-hand clothing markets there.
By taking care not to step on anyone's toes, 1Face has managed to keep customers happy even through hard times. That ensures they will become loyal to the company, and they may even decide to recommend the company, which is going to lead to more customers.
The success of 1Face, according to Mirza, is that it has built a loyal following of customers. That's something every business should learn from.
Always Adding Value
The business model of 1Face is all about adding value. The watches sold by them could form the core of the business and they could be a simple watch seller. But Mirza went further than this and made philanthropy his business model. Now customers can have that 'feel good' feeling every time they make a purchase.
Fam Mirza 1Face
They are getting more than a mere watch, and that's part of the attraction.
Mirza is always trying to change more lives. There's an infinite scope for updating these watches and bringing out more colors.
Through taking into account the sales metrics of each watch, he can discover which causes people are responding to and where 1Face should expand going forward.
That makes the business sustainable and it makes it more likely that it's going to succeed in the future. It's an intelligent business model that takes advantage of a trend that is not going to vanish anytime soon.
Last Word - Lessons for All Businesses
There are lessons every business can learn from the 26-year-old that changed a million lives. Even if you are not in the business of corporate philanthropy, you can take the principles of determination and adding value to your proposition and incorporate them into your company.
With perfection being the deadline and great execution the goal, you can achieve anything.
How will you make your business a success today?