Nobody will share their exact strategies with you. However just to give you a glimpse the hosting industry is already very saturated with throat cutting prices. Doing differently is the only thing you can use to standout from your competitors. Marketing a lot and promoting you hosting for niche is the key to success in this industry.
I don't have a web hosting business, however, I am thinking to start a reseller hosting. The reseller hosting package I am looking is from namecheap. When I will buy this reseller hosting, I can have 25 hosting accounts for the price of $29 per month. Each hosting account will cost $1.16. I can make it to $2 a month, this is still a way too low hosting charge compared to most of the companies. Since I am a reseller, I don't have to do anything everything will be taken care by the hosting company. All I have to do is attract customers.
I am hosted with Hawkhost for my simple blog and website. And they seem to be good host. They are offering me nice set of features on their cpanel. For example I have latest version of PHP, Lets Encrypt, SSH access, 2 year cost under 100$ etc. So keeping in mind all the features you can see that hosting service that offers some decent features is worth going for. But test them with customer support too. I made my host transfer my old hosts cpanel account to their servers. So hosting company does look efficient.
This is actually the hard part. You need to consider how much of your time and money will you need to invest, and the feedback will not be immediate. There is a lot of effort to be put into that. At least to get decent results.
Unlike other businesses, hosting business is much more harder. Nothing is enough here until you are having a decent client base. the most 2 important factors are Marketing & Support. Lacking any one of them will throw you to the trash space.
If you have best support quality with loyal customers then you are winner in the hosting field. Best technical support is the base of hosting world. You should have the affordable hosting packages too.
Always remember our clients should get happy by the support you are providing.
Automation is the key, try running a hosting company that offers shared hosting, get a reseller plan with 500 gb disk space and unlimited domain hosting, so you can add as many clients as possible, setup your whmcs and paypal, a good theme and a chat line... that would be efferent for the hosting business.