The onset of technology and its rapid adoption across sectors, has transformed the business and personal lives of the modern 21st century citizens. Simultaneously, these innovations in technology have also given rise to a now robust and thriving startup ecosystem that has already become a major contributor to the national economy. With the emergence of new technologies, there is onset of a new spectrum of businesses that is expanding beyond the boundaries of time and geography, reaching out to a global base of consumers. However, there are traditional businesses who are slow to adopt these new innovations and as a result are facing a downturn or are at the risk of completely closing shop. Under such circumstances, It is important to identify and adapt the transformative business practices in order to succeed and stay relevant. Here are the top five business strategies that are driving new age businesses:
Changing workplace dynamics
Gone are the boring days of 9am to 5pm work hour jobs! With the advent of the young entrepreneurs and passionate startup founders, there has been a major shift in how companies work. There is a major focus on understanding employees’ needs and making them comfortable and making them feel a part of the company. Boring cubicles are being replaced with open office cubicles and no doors/ no cabin offices, which help create an approachable and open work environment, putting focus on merit and professionalism over corporate designation. Apart from the office structure, workplaces today offer active employee engagement activities which act as a retreat for people to get away from their mundane work whenever they want to. These new structural reforms are a way to have every employee act like an entrepreneur and take ownership of their own actions rather than feeling like an outsider who is just doing their job.
Employees come first
Companies are slowly realising that to be successful it is very important to look after the employees. Earlier, companies used to focus on getting business, retaining their clients and keeping them happy, while the employee engagement and wellbeing was left to the HR, with little to no effort made to create a connect. But with the entrepreneurial culture coming in, this mindset has seen a major shift. Employees now are appreciated, acknowledged and offered several perks and benefits, with an aim to not just retain them but to also motivate and enhance their productivity. Keeping the employees’ agenda in mind helps a company to grow exponentially and quickly since their employees are happy and a lot more productive.
Constant interaction and engagement with target audience
Marketing has seen a drastic change and has moved to a whole new level both geographically and demographically. With social media, companies and brands have the power to understand their customers’ tastes and preferences and on the basis of that, can drive narratives and conversations around what customers want to hear and speak about. This builds trust and loyalty in the minds of audiences which immensely helps the brand in the longer run. Every business wants to have a loyal base of customers which they can rely on to support them. This can be done by constantly engaging with the audience.
Utilising new age marketing tools
With the inception of new age businesses, there has been an influx of new age marketing tools which companies need to understand and utilise to maximise their reach. Tools like Digital Marketing which includes the whole gamut of the online world like social media and website; PR, Content and many more are what is driving the new age marketing. It is high time that brands start understanding the importance of these tools since these marketing channels can reach a huge number of audiences at a fraction of the cost compared to traditional marketing tools.
Building on online reviews
It is a known fact that customers can be classified into two types. There are satisfied customers who are likely to recommend a brand to another. Then there are ones who have had a bad experience. The latter are more than likely going to go and write about their bad experience in the form of an online review. According to a research posted online by Local Consumer Review, 91% of people regularly or occasionally read online reviews, and 84% trust online reviews as much as a personal recommendation. And they make that decision quickly: 68% form an opinion after reading between one and six online reviews. We can clearly see how important it is to have online reviews. And it is very important to stop fearing bad reviews, and see any review as a feedback and an opportunity to engage with a consumer. Responding to reviews to give a personal picture of the company and their products and services is vital. Many positive reviews will offset the occasional negative one.
Agnelorajesh Athaide is Chief Mentor & Business strategist- Business Opportunities Club (BOC).
Views expressed are personal.