Creatively Remove Barricades that Can Impede Your Business from Moving Forward
Business need to replace barricades that could hurt them as globalisation plays out. To crack some vital questions in relation to globalisation, businesses need to formulate a creative framework that can support their key business moves. The risks and opportunities of globalisation can only be minimised when a business’ internal foundations are strong. What are they? Let’s find out.
- Have greater accountability for what’s happening in your value chain.
Say, you are a retailer that sells action cameras. Share your business objectives with your target groups. Tell them what sets apart your store from others. Don’t isolate them in your business plan. And for the things that are less pleasing, communicate with your target groups what you are currently doing to address them. Engagement, as ever, is key.
- Effectively manage brand perceptions
As you seek to grow your bottom line, you know best where the best opportunities lie. However, the one Achilles heel thing that many businesses neglect—at the expense of their bottom line are the conversations that matter. These conversations could be on social media, mobile app or even website. You can manage unsatisfactory gripes by creating a conversation channel where your target groups can go to. For retail businesses like JD Sport for example, making sure they’re responsive on social media could make or break their digital footprint. Similarly, you need to do the same too.
- Improve your business units with digital technology
A business’ value today is largely the sum of its ideas and solutions. Now, every business needs to rethink how to do things better and faster along every link of the value chain. It could be in the form of delivering more convenience, shortening purchase times, providing transparency, and other intangibles. These “digital hands” help build stronger, more enduring customer relationships. Businesses that don’t harness their business units with digital technology are more than likely to lose out on many critical battle fronts.
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