Nowadays, there are many exhibitions that show the development of Technology and Industry worldwide. One of these exhibition is the InterAirport Show of Munich, which was happening from the 8th of October till the 11th of October.
This year was full of innovations and companies which were promoting their innovation, as a strategy is very attractive to be in fairs, and one such as the InterAirport, where I was invited to explore the various things happening.
Strategy wise, a Fair is an old Marketing technique, and presence or attendence of such can bring new Businesses and Insights, such as what are the new technologies present on the market, and what are the current trends.
It allows for companies to demostrate their capabilities and their key success factors (KSF).
An example is ADB SafeGate, a company which was advertising their skills and capabilities as leader in the Airport Industry.
Moreover it allows for new business to negotiate and form new alliances for international trade.
Such Business is for example AFM Group, which was present on the Fair to network with new businesses to form new partnership for the Middle East market.
Networking is an important skill as it allows for companies to expand their contacts and their capabilities to attract new customers, check what the competitors are doing and allow for new insights on Technology and Innovations. More people you see and the more your network expands, allowing to cover more territory than before, and allowing to reach certain markets that before were difficult to cover.
Moreover networking is important in Strategy as it allows to be knowledgeable about the happenings in the industry, events run fast, and many things happens, so is important to have an agenda and a plan on where to go and who to visit, as they can be hectic and people tend to become busy with new visitors.
Events such as fairs, are an excellent tool to perform analysis, on the post events fact. For example, is important to remember the 3C of marketing, Customer, Competitors and Costs, and via events is possible to obtain such information in informal way.
Moreover is possible to compare the innovations with those of competition, so to see who is more advanced in the field.
Has this ever happened to you that when you’ve called the customer services, you get a chatbot and you just feel like demanding an agent or representative because you wanted to speak to a human?
Humans interact with chatbots all the time and they are made to believe that chatbots provide the best solutions but in reality, chatbots are only adequate for simple questions.
Companies are working on the latest business innovation strategy where chatbots actually understood what you were asking instead of directly answering the saved input. Different companies have different business models but almost all established ones have too big of an audience that they have to implement chatbots for customer support. This new technology for chatbots will prove to be an excellent business strategy and innovation as it will lead to better and more precise results.
If your chatbots understand what is being asked, they will be able to anticipate obstacles similar to how customer service agents do after a lot of interactions. So how can companies enable the chatbot systems to have such conversations? Merely adding more pairs of question-answer to the system will never help you accomplish that. Instead, you will need to implement an innovation strategic framework which enables the system to reach about the domain constraints and tasks involved.
If you want to successfully apply this strategic innovation management and want it to be successful, you will have to know the task at hand and the constraints involved. You should anticipate all the possible scenarios and problem that might arise. The challenging part would be to represent this kind of task-related knowledge with enough relevant information and granularity to anticipate the obstacles and remedies without actually overdoing it.
Capturing fine distinctions which involve the minute details can lead the system astray as it wouldn’t be able to take any actions on those. You should want to provide support just enough inference such that it can go past the stilted limitations of the scripted bots that are usually used these days. It will help the clients have conversations with the system and get an actual answer to problems instead of simply get answers to FAQs. This is how the companies will scale beyond the incremental and unmaintainable current approach. This is the groundwork being laid with the advanced AI research at labs to find the pathway which leads to interactions which are truly smart.
Are you looking to build a large clientele for your new business? If yes, then you have landed at the right place!
Today, we are going to talk about some innovative and uncommon ways that will help grow your business in the most cost effective and shortest time possible. Here are 5 successful ways to achieve growth for your business in 2019:
- Target a Specific Audience
In order to grow your business in the right direction, your focus must be on targeting your ideal audience. Once you know who your ideal clientele is, you must create a marketing campaign that speaks our specifically to that community. By doing so, you will be successful in creating an effective campaign that will help you in many ways to establish your brand name in any marketplace.
- Referral Marketing
Referral marketing is a simple business strategy, in which your clients help promote your products or services through recommendations. Despite the fact that referral marketing is one of the most effective and trusted ways to create a growing user base in the shortest time, it has not been used to its full potential by both small businesses and large enterprises.
- Partner with another Brand
This might seem like an out of the box idea to grow your business, but associating your business with a brand that already has a loyal following can actually help you in the long run. Working on a partnership or collaboration with another brand can help you reach out to a new audience and give you a platform to increase your brand presence in the marketplace.
- Associate your Brand with an Important Cause
Associating your business with an important social cause is one of the most creative ways to promote your brand name. This is one marketing strategy that will not just increase the visibility of your business, but also add a higher purpose to your brand values.
- Create a Viral-Worthy Video to Promote your Product
Last but not least, another great way to promote your business in 2019 is to create a promotional video for your brand products and services that is entertaining enough to catch the attention of your target audiences on different social media platforms. Your video should be unique and viral-worthy in delivering your brand message, so that it succeeds in spreading your brand name through word of mouth as well!
Let’s get started then!
SWOT analysis definition can be elaborated as a system for distinguishing and breaking down the inward and outer elements that can affect the reasonability of a task, item, place or individual. Both business entities and nonprofit organizations use SWOT analysis. Even individuals can assess products, projects and initiatives using this type of analysis. The inception of this type of analysis can be attributed to Albert Humphrey, who first brought it out in the 1960s and again in the 1970s. According to Fortune 500, many different types of organizations have employed the use of SWOT analysis to help them make educated business decisions.
The reason and place where SWOT analysis is used
As has been explained in the SWOT analysis definition, it helps business organizations make educated business decisions. It is usually used at the beginning or as a part of building a viable strategy for businesses. It is regarded as such a vital tool in business decision making owing to the capability of this analysis to reveal to you success opportunities that were previously unrecognized and of also being able to reveal potential threats before they become too much of a burden for the company. It can help companies identify particular sectors of the market where they enjoy a competitive edge or to help individuals weave a suitable career path by highlighting the course of actions or jobs that would enhance and take advantage of their strengths and talents, while also making them cautious of activities which might hinder progress.
The different components of a SWOT analysis
The name SWOT stands for four individual segments that are intrinsic part of this analysis. These four elements that are part of the SWOT analysis include:
- Strengths- Resources or attributes that are available to an organization or individual, which would aid in their success.
- Weaknesses- Resources or attributes that are available to an organization or individual, which might work against their success.
- Opportunities- Factors that are available externally, but can be capitalized by the organization or individual in order to aid in their success and growth.
- Threats- Factors that are available externally, but should be remedied by the organization or individual, since they have a huge potential of jeopardizing their success and growth.
Each of these elements is represented in the form of a quadrant, within something known as the SWOT matrix. The SWOT matrix allows companies and individuals to identify and organize each of the resources and attributes that fall under any of the concerned elements. The first quadrant represents threats, the second weaknesses, the third opportunities and threats are written down on the last one.
Functional level strategies refer to the responsibilities that are handed over to different branches that maintain both your business and corporate level strategies. To be specific, these functional strategies stand for the end results you wish to get from the day to day functions of your certain business departments.
As a business, your functional level strategy must be able to highlight the point that businesses need constant support from various functional departments, like, Human resources, production, research & development, accounting, operations, marketing etc. to fulfill their goals. As the next step towards your corporate level strategy, your business’ functional level strategy would require you to –
- Improve your human resources team by hiring more and more skilled and expert candidates
- Increase marketing for better brand value, recognition and name
- Decrease the likelihood of rejections in the production department
For any business, it is extremely crucial to keep up these strategies and work towards fulfilling the objectives of all branches. But, one thing that you must keep in mind while devising a functional level strategy for your business is to make sure that it is aligned with your business level strategies and corporate level strategies.
For instance, if your business strategy is aiming at increasing your brand value and your corporate strategy is directed towards increasing your organization’s market share, then any of your functional level strategies should not be regarding updating the computers of your marketing department.
How Does Functional Level Strategy Benefit Your Business?
The right functional level strategy can prove to be extremely advantageous for your business, and the reason behind it is its specific nature. Although, it is also the specific nature of functional level strategy that makes it more likely to be complicated and hard to achieve in comparison to corporate or business level strategies.
One of the greatest advantages of incorporating a functional level strategy for your business is that it helps streamline your company goals in a more comprehensive and all-encompassing way. This means that once you have worked to create a functional level strategy for your business, each and every employee working in different departments of your organization will be brought together by a unified goal. This is something that will automatically lead to an improved work-understanding, contributing to your organization’s success as a whole.
Corporate Strategy helps in formulate a winning guide in how the business is competing in the market.
It define what are the objectives (goals and future plans) and values of a corporation and how it compete against competitors. As such, it helps in formulate the long term view of what a company does and what it will do in the future. Moreover it helps in achieving success depending on how is formulated.
Many big corporations and consultancy define their role with the Mission Statement and Vision Statement. Statements in which the say what is the organizational goals for the medium and long term, which is usually 5 to 10 years.
Strategies are an ongoing process which takes time to formulate, but are also always changing due to the environmental forces which influences the market. How to formulate a succesful corporate strategy is the main opportunity for many Businesses.
The Mission Statement and Vision Statement are ideas on how and what the company wishes to be perceived by its customers and is related to the product and or service offering.
To formulate a good mission statement is important to be able to answer to the following questions:
- What can people do with the information or product offered on the site?
- What is the Unique Selling Proposition?
- How will the service or product improve the clients’ lives?
- What reason for buying on the website and not somewherelse? Or Why read the information and take the advice instead of getting the advice from another site?
- Why are you offering these products or service aside from making money?
If you notice carefully, it will neither be the business models nor the products that were innovative, but rather the brains behind them. Hence nurturing a culture where willingly generate and execute creative ideas is an essential skill that every innovation leader looking for a new business innovation strategy must follow.
Many companies are notorious for wasting a lot of potential especially when it comes to creativity. According to the studies published by Adobe and Gallup in the past few years, over 50% of the employees were not engaged at their workplaces while merely one-third of them feel positively engaged at work. The so-called “active disengagement”, as noted by Gallup in another report, costs over half a trillion dollars each year in the U.S. economy alone. Delivering poor customer service, frequent leaves of absence, lack of strategic innovation management, and negative energy in the workplace contribute to this issue as well. These factors have a direct impact on the culture of the workplace and thus on the business strategy and innovation capabilities. In other words, creative workplace culture will drive innovation and result in outstanding business outcomes.
In recent years, a lot of companies have begun interviewing hundreds of executives and employees in the ever-expanding global market. Time and again you will notice that people define how innovative a workplace is along with the leadership practices and the creativity culture established there. Regardless of the industry you’re in or the scope of responsibility you’re tasked with, the leadership styles and culture of the workspace will define the innovation strategy framework of the company and how successful its end results are.
In the research conducted, three determinants emerged from the observations as to what usually motivates employees to perform at their very best. The research has revealed, whether consciously or intuitively, great innovative leaders understand how important it is to satisfy their employees’ main needs: Recognition, Self-Actualization, and Community.
For motivating high performers and setting an example, the leaders should recognize outstanding performance publicly and openly appreciate them.
Innovation leaders should help their employees located and build upon their strengths if they want to excel at everything they do.
Leaders should go that extra mile and establish not just a feeling of safety, identity, and belonging, but they should also bring forth a feeling of intellectual exchange, inspiration, and connection to an influential external network.
Is it possible to earn money from blogging?
Everyone in this world works to make money. Rather, everyone needs to earn money for a living. In this technology bound world of today, the term “blogging” is often treated as a new job or earning opportunity. And, that is why you also started with your own blogging site. But, you really don’t how to make money from it or is it even possible to make money from blogging? Whether you are running a hobby blog or a blog related to business, it is possible to earn money from it. It is not at all a quick rich job, but with it, you can surely act as a support system for your family and also for yourself. Let’s have a look at how you can easily start to make money from your blogs.
Including affiliated links in your blog content
Affiliate marketing is being known as a powerful tool for monetizing your own blog. It works in simple steps.
- An advertiser who has a product or service to sell wants to give you commission every time when the buyer comes from your site.
- The advertiser will provide you with an affiliate link that will track down when a buyer makes a purchase using your link.
- You can include the affiliated links directly in your blogs or via banner ads.
Utilizing affiliate marketing is really easy. You can use Amazon Associates for making out business with the various affiliate programs.
Use your blog to build credibility
Building up your credibility with blogging can lead you to various opportunities of money making. In case, you are a finance blogger and your blog gets famous with a potential base of readers. You will become popular among your niche and you can get various opportunities for being the co-author of a book. You might also get calls for speaking at a finance conference.
It is not a direct format for making money from your blogs but this thing has worked out for many.
Sell the various forms of digital products
In case you do not want to make money via affiliate ads or if you are looking out for some alternative stream of income, you can start selling digital products on your blog such as eBooks, app plugins, themes, online workshops and many more. For making this a success, you need to assess what your readers want and then roll out your digital products selling venture.
Corporate strategy and digital marketing work out really well with each other. The strategies that you apply for growing in the market are collectively known as corporate strategy. There are so many strategies out there and each differs from one another. Also, it might happen that a set of strategies is not at all applicable for you. Therefore, you need to assess your digital marketing skills and needs and then employ the corporate strategies for your growth. When you are trying to prioritize a particular strategy for your digital marketing, you need to have a crystal clear understanding of your product, business and demographics.
Digital marketing is all about trial and error. You need to try out various options before finalizing one. So, in order to be nimble, you need to flexible with the upcoming trends in the market. You also need to cope with the shifting patterns of SEO. Being flexible with the time when to get the reports of progress and where you can have an effective discussion about the same is also required. For selecting a successful strategy, you need to keep monitoring continuously and also adjust to the errors.
Understanding your customers
None of the corporate strategies regarding digital marketing will be effective unless and until you have a clear grasp on who buys your services or products and why. You can improvise your tactics of digital marketing by understanding your customer base. You can easily form an information filled database of your audience by:
- Defining all the channels that fit the demographics of your business.
- Understanding the requirements of your customers and trying to solve their problems.
- Being aware culturally.
- Having unique corporate relationships with influencers.
- Using highly developed tools for automation of your audience targeting and segmentation.
Generate leads with content
One of the finest tools that can generate leads is effective content. The most tried and tested method for generating leads is well-written content. Not only writing but the distribution of the same is also of utter importance. It has been found that bloggers have 15% more chances of having a positive ROI. This is mostly because they post attractive contents. So, in order o turn your traffic into effective leads, you need to start posting relevant contents. It needs to have relevance to the needs and problems of your customers.