You may have heard already, but recently Google was re-organized to become one division of a new “parent” company called Alphabet. The newly formed parent company will also include other businesses in addition to Google. If you are a business that advertises on Google or relies on an SEO strategy to rank in Google search results, you won’t really be affected by this change.
You may be wondering what this has to do with your business. In this transition, there are a few principles that can apply to any business or entrepreneurial endeavor. Read on to find out some of the things Google is getting right that you should also be doing with your business.
One of the reasons that has been widely cited for Google’s restructuring is to focus the Google name and identity on the powerhouse that we all know, Google search. Google has always been known as a search engine, and that happens to be where the majority of its revenue comes from. It also has been involved in buying or creating innovative companies – remember the purchase of Nest (the smart home thermostat company), or the self-driving cars? These are just a couple of the many projects Google has going on that don’t bring in much revenue - if any - and don’t have much to do with search.
For your company, it's important to know your core product or service and the value you bring to your customers. This is often called a core competency. Whether your business is a small local store or a large company selling anywhere in the world, losing sight of your core competency will eventually cause your business to drift and become unfocused. Having a consistent identity as a business will help you because customers will know what you are about.
Looking to the Future
The other side of Google’s restructuring is that it will continue to develop innovative products and invest in startups, it just won’t be under the Google name. This allows the company as a whole to continue to be forward thinking and to innovate, even with products that aren’t bringing in profit right now.
Who knows? Maybe in a few years our cars will be driving themselves. Or maybe they won’t, but the founders of Google seem to know that you can’t find out what will work if you don’t innovate and take risks.
This will look different depending on what business you are in. You aren’t likely to be creating self driving cars, but consumer tastes, technology, and markets are always changing. For the longevity and health of your business, you will benefit tremendously by staying on top of the trends and one step ahead of your competitors.
Thinking Outside the Box
One of the interesting things I noticed very quickly about Google’s restructuring was the domain name. Surely a company like Google could afford any domain name it wanted and get ahold of it, right? So, I logically thought that Alphabet.com would go straight to its new parent company site. Not quite, as the site is owned by BMW.
Google instead chose abc.xyz, an unusual domain name to say the least. I don’t know if it tried to purchase Alphabet.com, or if it just wanted to be more creative. Either way, it didn’t let domain name availability get in the way and it wasn't afraid of being unconventional.
When it comes to naming your business or finding a domain, it’s likely your first choices won’t be available (unless it’s a word you made up). However, it's important to think outside of the box and be creative in business, and your plan B may make your company stand out even more than your original plan. Since a lot of common terms aren’t available as domains and are trademarked anyway today, don’t be afraid to be unusual and creative with your business. This doesn’t just apply to domains and names either.
For an interesting side adventure, check out this quick story on how eBay got its name.
So there you have it - the Google Alphabet restructuring allows the company to remain true to its core identity, while looking to the future and being creative throughout the process. Your business will benefit from these principles as well.
Since 2002, Half a Bubble Out has been dedicated to providing marketing, advertising and small business consulting that meet the needs of our clients. We specialize in powerfully telling stories through inbound marketing to grow your business filled with more passion and provision. Based in Chico California, we serve clients throughout Northern California and across the country to New York.