Tag: business

The Most Common Business Improvement Techniques Adopted by Successful Companies

The Most Common Business Improvement Techniques Adopted by Successful Companies

Entrepreneurs are always on the look out for improving their prospects of success. How they balance things, keep innovating and growing their business is often an art more than science. But there are some things which can help their cause a great deal. Structuring and organising things for constant improvement is always helpful. 

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5 Strategic Data Driven Ways to Improve Your Business

The world’s leading organisations are increasingly adopting a data driven approach for their business. Whether it is the marketing, customer engagement, sales, or product development, data is playing a decisive role in shaping things.

90% of enterprise analytics and business professionals currently say data and analytics are key to their organization’s digital transformation initiatives. Knowledge of how to use data for driving business is becoming a key competitive advantage. Data driven businesses are able to adapt better according to the changing needs, innovate and take the right measures proactively.

Here’s a look at how data driven approach is improving organisations around the world:

1. Business Analysis & Management

Data driven approach helps organisations to measure the right metrics and KPIs. The management of a business can be improved significantly by identifying the metrics with a data driven approach.

Data also augments understanding of the correlation between these metrics. For e.g. the digital and online campaigns may increase offline sales, brand reputation and customer engagement. Data helps management to uncover these aspects and identify the right levers.

Data can be applied to almost all business aspects; however, identifying the most important ones is important. Time remains a scant resource for management executives. Data centric approach helps them take right decisions, mitigate risks and implement better internal controls.

When the business management aspects are data driven, it leads to better strategic planning and internal controls. The budgeting, cost control and operational aspects can be improvised further.

2. Understanding Customers

Forbes survey confirms that 88% of marketers use data obtained by third parties to enhance their understanding of each customer. Data from social media, web platforms, personalised interactions, help desk support and other aggregated sources is used for customer analysis.

The data insights from customers are used for improving the quality of products and services. It is also used to offer them what they need. Data can be used to drive decisions and create customer centric, omni channel and individualised customer experiences.

3. Sales & Customer Acquisition

According to Mckinsey, data driven organizations are not only 23 times more likely to acquire customers, but they’re also six times as likely to retain customers and 19 times more likely to be profitable!

Data is indispensable for sales teams. With the data driven approach, sales teams are able to zone into the right leads, improve closing rates and win more business than ever before. The sales analytics are used for prioritising leads with highest probabilities of closure. Both B2B and B2C businesses are using data insights to improve their sales positioning.

While sales may not instantly rocket with the use of data, it is the customer knowledge that pays rich dividends. When organisations use this knowledge, they can personalise interactions and connect better with customers.

4. Handing Complexity

As businesses grow so does the complexity of managing them. The critical business insights need to be available at the right time for decision makers and teams to make the next move. The unparalleled business changes and technological disruptions make it hard for organisations to relax.

Data helps drive the right insights at the right time. Forrester reports, Insight-driven businesses are growing at an average of 30% each year; by 2021, they are predicted to take $1.8 trillion annually from their less-informed industry competitors.

The operations and processes can be streamlined effectively using data driven approach. Data helps simplify things, reduces operational costs and improves profitability.

5. Experiments & Optimization

Data is significantly used by organisations to experiment, analyze and refine their business strategies. For e.g. retail stores are now using online coupons for specific locations, age groups etc. These experiments are conducted with specific targets and experiments.

Many a times, these experiments fail. However, the useful learnings from these outcomes can be used to plan the next campaign. Ongoing experiments, refinements and continuous improvements make the data driven approach successful in the long run.

The marketing, sales and internal operations of a company can leverage automation software. An integrated platform for strategy, planning and business operations can churn out compelling insights. These insights can drive actions, assist in decision making or add to the organisational knowledge base.

Data insights must be comprehensive that is they must correlate various business aspects to present the holistic picture of things. As a consequence, using these will improve the revenue, profitability and growth for a business.

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How to Build a Strong Brand in the Digital World

how to build digital brands

As of March 2019, there are 4.3 billion internet users in the world according to Internet World Statistics. Bird the electrical scooter company reached the valuation of $1 billion in 1. 25 years. It is the fastest startup to reach the valuation of over $1 billion.

There are scores of start-ups which have reached the landmark unicorn status in less than 3 years. Compare this with earlier generations that took decades to touch the reach & valuations that these start-ups enjoy.

The fast growth of several of these start-ups can be attributed to digital technologies. They have been able to reach out to their customers and scale their products and services to customers.

The way businesses operate and transact is undergoing transformation in the internet driven world. People have access to vast networks of friends, information and connections in the digital world.

Here are 8 tips for building your brand in digital world and how you can reach out to more customers:

1. Define your Audience

Define your Audience

The first step in building a brand is knowing your target customers. Identify the ideal customer base for your products and services, what they like, dislike, need etc.

Create a strong messaging to address the core group and customer base for your products and services. Great brands learn to communicate the benefits for the customers in a subtle way. They reach out to the emotions of people and build a strong connect with them. Consistent messaging leads to brand recall and creates a stronger perception of your company.

Here are few examples:

Housewifes with spare time

Tech savvy & young business persons

College students eating out

Executives and busy professionals

2. Determine Goals

Going online without a clear roadmap will lead you nowhere. Don’t copy what others are doing, but build your strategy around your strengths and weaknesses.

Think about what customers need to know and learn about you. How you can market your best products and services to them. Do you want to create an online store or simply want to create a strong branding presence?

Many brands with a successful digital presence start with basic branding and marketing. If you are able to generate a steady stream of users with your digital marketing efforts, these are highly likely to generate business opportunities for you as well.

3. Visual Design and Aesthetics

Visual Design and Aesthetics

How do you differentiate yourself in the marketplace? One of most effective  ways companies can do that is by great designs. The designs are playing an increasingly bigger role in building bigger and better brands.

Companies are employing designs to provide interactive solutions to their customers today. Whether it is their websites or products & services, successful companies are able to use good designs to connect with the customers.  

Good designs are able to help a brand communicate its messaging, build superior products and services, engage and attract customers. The digital world is highly visual and companies need to create compelling experience for their customers today. 

4. Delight Customers

The customer has more options than ever before. If you have to stand out, you need to deliver great experience for the customers. A delighted customer is the best marketing strategy for a business.

The digital tools make it very easy for customers to spread the word about your business. Look at everything from customer’s perspective and reengineer things according to their needs.

Gaps can be harmful, but if you take care of issues proactively for customers they are likely to recommend you to others too.

5. Positive Difference

Positive Difference

Would anyone care if your company were to disappear today? Great brands give customers a reason to bond with them. They create a positive difference in the lives of their customers and stakeholders.

The digital world is full of noise. But when you communicate with purpose, consistency and make a positive difference, your brand will get noticed. It will create its own sphere of influence. It will be able to attract great opportunities and spread hope.

6. Create & Promote Content

Before you go online, your company should create a content strategy. A good content strategy takes care of customer pain points, addresses their concerns and helps them provide valuable information.

Successful brands are able to create a style and voice that suits their target audience. For e.g. brands like Coca-Cola, Virgin etc are able to create a positive and vibrant tone.

Your brand needs to identify its tone, core messaging and create high quality content around it. You can create videos, interactive blogs, GIFs, infographics, white papers for your customers.

Next, you can prepare a content promotion plan. The number of shares and links to your content is a good metric to see the extent of its popularity.

7. Think Digital

Think Digital

Companies need to understand the psychology of digital users. The purchasing behavior of customers has changed today. Any purchase begins after doing a Google search. People tend to research before they buy stuff more than ever.

When brands create high quality content and promote it, they are likely to be higher on searches. Companies need to build their products and services for digital consumption.

How companies use their blogs, social media channels and online presence to reach customers can make a huge difference.  Creating valuable content, promoting it on the right social media channels and attracting the ideal customers is all part of the winning strategy.

8. Find Influencers

We are living in an era of too much noise and little substance. It is easy for companies to get lost in the crowd.

With social media and online platforms playing a bigger role in building brands, it serves well to have a network of influencers. These influencers are known for their expertise, skills and relevant followers.

A social media influencer leads conversations, sets the agenda and shapes opinions about organizations and brands. These major influencers can be identified by their presence on social networks, their organic reach, followers on twitter and LinkedIn, the influence of their networks and how well connected they are.

When your brand is endorsed by key influencers in your field, it builds a favourable image and establishes its credibility.

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9 Powerful Ways you can Maximize Your Business Success

Business success

Planning, organizing and controlling are the main aspects if you want to have a successful business. One should be flexible and take time to avoid the hustle by laying down a proper strategy for your business venture.

It is rightly said, “ Success is a marathon and not a sprint.” It is important to have a futuristic approach and a desired time frame for each goal to be accomplished. Success does not come at your doorstep; you have to fight, face obstacles and learn from past mistakes in order to be successful.

Let us have a walkthrough to this article and see different ways in order to maximize your business success.

1. Maintain records :

To be successful, you have to keep the detailed records of the activities going on in business. This way you can track down the progress and know where you stand, what are your financial strengths and what potential challenges are there on your way. This will help you to face the challenges and give time in preparing the strategies to overcome the same.

2. Examine your competitor :

entrepreneurs

It is vital to keep an eye on the competitor if you want to grow and capture the market. You need to learn and get a research done on your competitors’ business so that you can incorporate some of the useful things that your business is lacking. This trick will help you in growing your business and reaching heights.

3. Analyzing the market needs :

“I do not subscribe to the theory of build it and they will come. I want to know what they want, and that’s what I’m going to build.” – JJ Virgin.

So, analyze what people want and get it ready for them; because a business expands with the support of its customers.

4. Focus on your work :

Focus on your work

Stay focused and motivated through each phase as it is not at all easy to earn money and get success overnight. The famous proverb, “Rome was not built in a day” applies here perfectly. So, start focusing on your short-term goals to achieve long-term success. Everything takes time and patience is the key to attain everything.

5. Create online presence :  

Build your online presence with the help of websites and other social media platform to get noticed. Nowadays, it is easy to create a website that has a professional look and your business needs to be in today’s era of online space.

According to a recent survey by Ipsos MediaCT and Accenture, it has been found out that around 70 percent of consumers are active on social media and purchase the product online rather than going to a store.

6. Provide a  good customer service :

good-customer-service

It is vital to provide a good support to the customer because as per the survey conducted by the American Express, 78 percent of the customers cancelled the product purchase due to poor customer service. Some did not even intend a purchase due to negative reviews and the bad after service.

So, make good customer service your priority. Examine your current service and make changes according to the need of clients. This way you can create a loyal consumer base and can also beat your competitors.

7. Implement the 80-20 rule :

The most famous 80-20 rules focuses on the efforts put to the result achieved. According to this rule, 80 percent of the result comes from 20 percent of the efforts you put. Isn’t it interesting how small efforts can lead to big results! So, focus on your efforts.

It doesn’t mean sitting for longer hours and doing nothing, but being productive and completing tasks before deadline.

8. Be consistent :

Be consistent

Consistency plays a major role in making money and achieving success. You have to be congruous enough in your daily work routine and keep doing what proves out to be a necessity for the business expansion. These will result in your long term habits that will help you in making a huge profit for a long run.

9. Staying healthy :

Have you ever hear of ‘Health is Wealth’? If yes, then you definitely know that how important it is to stay healthy in order to produce results. Too many entrepreneurs sacrificed their mental health, physical health and relationships with family along with friends in pursuing the business targets. Don’t be one of them!

It’s important to create a balance between both personal and professional life. Taking proper sleep, eating good food, going out with friends as well as family and engaging yourself in exercise will help you to prosper along with your business.

These are some powerful ways which will help in maximizing the success of your business. Just follow these and you might also end up being successful like the other entrepreneurs. Good Luck.  

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