December 21, 2014
The basics of business development will always remain the same. However, with the corporate landscape changing faster than ever before, it is important for today’s entrepreneurs to revise their business strategy frequently. As a smart marketer, you should be able to predict the upcoming changes and revamp your business accordingly.
How to Determine Your Business Strategy for 2015
At present, companies rarely look beyond the executive team for making important decisions. However, 2015 could pioneer a new trend of engaging even entry-level employees in decision making. Here are some major upcoming trends to look into.
Successful companies are often known for their ability to innovate. This is going to remain unchanged for years. However, a new addition to this could be how fast you can innovate. This is because innovation often takes a huge cost. Not all companies, especially the SMEs, can afford the cost. But, you cannot say ‘no’ to innovation. As Steve Jobs says, “we must cannibalize our own products, if we don’t, someone else will.” So, you need to innovate. More importantly, you need to innovate faster to save costs.
This could a big game changer in the coming years. Whether you are planning your a marketing strategy or employee management strategy, transparency should be given the highest priory in 2015. The upcoming generation prefer working with smart managers who are honest and extremely transparent. Likewise, consumers are looking for honest and transparent markers. In marketing, real time data would outcompete fictional stories in 2015. When it comes to engaging your Gen Z employees born between 1994 and 2010, the best way to go is being friends with them.
In 2015, more and more companies are likely to become open to feedback from their customers and employees. As an employer, you have to understand that you cannot be right every time. Similarly, as a marketer, you need to listen to your consumers’ voice. In fact, asking for feedback could be an important business strategy for 2015, say experts. Some companies may use their digital marketing channels, such as, social media and email marketing to get valuable feedback from their customers. More importantly, organisations should be able to use the feedback to identify their drawbacks and take appropriate steps to rectify those.
Digital Technology :
The 6th Annual Digital IQ Survey, 2014 by PwC India found that more and more Indian companies are investing in digital technologies to improve productivity and profitability. Some most popular technologies being used are virtual meeting and collaboration technologies, private cloud, data mining and analysis, mobile apps, data visualisation, and public cloud infrastructure. This trend is going to increase in the next year. With an increase of Smartphone and laptop usage in India, many employers are encouraging the BYOD (bring your own device) idea. Companies will use mobile technology to educate and engage their customers, collect information about consumers, promote and sell products and services. The use of analytics for different business functions, such as, making a strategy, marketing, and managing risks is also expected to increase further in 2015.
Finally, with the skills gap widening, it could be a little difficult to find trained and qualified candidates for high profile jobs. As a result, some companies may consider working with colleges to develop new talents.
Did you like this article?
Get more delivered to your inbox just like it!