To know the hows and whens in a business is the greatest bearing of all. Companies that utilize the wide array of available tools for business strategies today, especially in the arena of web development, hold a bigger competitive advantage of generating insights that lead the way to a new organic growth.
If you think that the business strategies that once worked out for you in the past are still gonna hold up, sorry to burst your imagination bubble because they definitely aren’t going to.
Changing times call for a change in how business owners handle their business. Whether its small-scale or large scale, whether it is booming or not, to keep the progress kinetic, every entrepreneur needs to keep up with the technology.
The Changing Trends On Business Strategies:
In olden days, you could see the billboards being the main source of attraction. Top brands used to take up paid space in a lot of central areas where human accumulation was a common sight.
But nowadays people walk with their heads down. Down into their mobile screens. The only type of advertisement that makes an impact on their brains is what they constantly see online through digital marketing services.
As known by the latest statistics, even television commercials are skipped off by a whopping 86% by viewers. This leaves room for only mobile-ready advertisements which are short, sweet and always popping.
Mobile-based or social-media ads use the latest techniques and statistics to show only the relevant content or related products. They showed the content in which users have shown interest in.
This eventually grabs the attention of the user and makes them check it out.
Even after all such inventions and modifications in the world of technology, a lot of businesses were stuck in the late 80s. Let’s check out the things that the 21st-century tycoons could do to give their business a boost of contemporary flavor and modern twist that brings in great conversions!
A Brand New Approach to Insights:
What do you think Netflix, Amazon or Philips has? Why are they blessed with large consumer rates or why they are never really on the loss side of the balance?
We will tell you what’s their mantra of success is.
It’s simple. Although all of them master a completely different arena, what they have in common is their strong belief in the insights.
The driving source of their growth is the constant fulfillment of their consumer demands. Plus, being better at that job than their competitors. With the help of old and new, quantitative and qualitative insight tools, they find better answers to consumer’s questions.
Some Basic Modern Approaches:
1. Observance is the Key
A businessman needs to be a kcceen person, always looking out for new things, new additions and new advancements in his respective field.
This can be done by integrating the quality of good observance power and systems into one’s business framework.
Closely tied to behavioral economics, this kind of research seeks to understand what pushes the thought process of consumers and make them take a particular decision.
Here we can recall an instance from the recent times where a food company thought about launching a new dip cum spread.
They first conducted dine-along in the five countries around the world.
Through conversation and observation, they came to find out that two countries responded more positively towards the product that the other three.
Later, based on this research they increased their launch targets in the more responsive countries that made them unload additional sales of about 10 million dollars annually.
2. Usage of Advanced Analytics for Granular Insights
Investing in advanced analytics and approaches like big data can help marketers sway past the deceptive averages that can often lead them into making bad decisions.
As analyzed and known, companies or businesses that invest in big data achieve up to 10 percent increase in the sales growth, a margin uplift of about 1-2% and about 5 percent higher sale returns.
For example, Philips in the US got benefit of the advanced analytics approach. Moreover, it helped them stimulate the market potential for a varied combination of channels, price-tiers, and product portfolios. WIth relevant information at hand, the company increased its market shares in the relevant categories which resulted in an increase in profit and margins by about 8%.
3. Stop, Digitization in Progress Ahead
Where everything has been updated with a modern touch, so has been the daily dairy.
Almost every application these days access a lot of handy mobile features. Like the track of your videos, photographs, location, and even health-based data like the number of steps taken, the medical prescription of a patient, etc.
This information from the digital diaries comes to great usage by various industries like healthcare, travel, hospitality, etc.
A company has been picking up tips from these digital diaries to produce advanced tips for arthritis patients. This makes their lives better.
This take has proven to be beneficial for the patients. It also helped the company increase its revenue estimates to about 100 million dollars.
4. Making Headway with Social Media
Social media allows for digital marketing agency and producers to gain a touch of unbiased reviews of users.
Service providers such as Google Analytics, Winkle, etc. unlocks a load of insights, consumer reviews, and online discussions, etc. This helps active listeners to detect relevant buzz and unearth clues to push forward their business sales and conversions.
Great brand names such as Nivea, which is a part of Beiersdorf company, tapped into one such insight using Hyve where consumers complained about the staining property of deodorants on textiles.
They then created a type of deodorant that did not stain white clothes that turned them into yellow. Moreover, this innovation in turn brought in 2K dedicated followers to the Nivea brand.
Summing it Up:
Keeping up with trends always pays off. Whether you are a small business or a big entrepreneur, you can always rope in both old and new users. For this, you need to follow in the basic business strategies.
The greatest names, like Amazon, thanked their data-based recommendation engine to bring in one-third of revenue via cross-selling.
So, it is necessary to develop a strategic alliance with the fast-moving markets. Also, it includes new business strategies and new technologies that are the recipe of currency-making in today’s economy.
We have another blog dedicated to the big data technology (link). And, we will be coming up with more on various intriguing marketing techniques further on.
Keep reading and to know more, the technology monarch Ads and Url will keep posting regularly.