Posts in category: Branding

The Business environment- a marketplace, which may be virtual or physical where the exchange of goods and services takes place. This holds a monetary transaction being the crux of the transfer and unilateral payment interfaces. The components of a business environment are both internal and external elements. 

Following are some of the innovative business ideas that can be adopted by a business model-

Investment in socially impactful sectors

Investment options should become varied if you are to survive the sea change that 2021 will undergo. Create a varied portfolio for your investment options. It should not stick your funds to one particular sector. It may lead to redundancy of your funds upon the arrival of difficult times. Investors should be aware of the social and economic impacts that a business module may have on the functioning ecosystem of society. 

Usage of solar energy by setting up a production unit

A production unit must be set up to navigate the power surge sources of Solar Energy so that the energy generated can be converted into other forms of energy sources and can thus be used for large scale manufacturing, construction, and industrial activities. A Solar Power Unit or a business organization must be set up which would primarily use Solar powered cells to harness the solar energy, ensure and establish an adequate storage environment, and would also be able to set up a distribution unit which would help in the segregation of the energy resources among the various sectors. 

Create an energy supply control unit of a business model

A business model henceforth would only generate viability and benefit in environmental functioning if it is capable of generating a significant quantum of alternative means of energy. For this process to materialize you would require the creation of an energy supply control unit in each office environment. For example- In an office set-up where more than 100 employees are working, the office space required is large and thus the electricity expenses associated with the office are also huge. To curb the electricity bill the office environment may utilize the energy generated by the energy supply control unit and thus regulate the functioning of the office systems through the use of this alternative source of energy. 

Also Read: Top lessons businesses must learn from COVID 19 to grow post-pandemic

Digital Marketing

With the growing digitization, marketing has become more advanced. Today, we can see new updates on digital marketing in terms of search engine optimization, social media marketing, PPC marketing, content marketing, and more. Digital marketing help business with the maximum reach and traffic to sell their services/product at affordable pricing. 

The building of internet infrastructure

The way the business models have evolved, it is imminent that business structures would become highly dependent on the functioning of the Internet as a proper bandwidth would be responsible for sealing business deals rather than physical interaction with the prospective consumers. Thus a company must be active on the Internet, building a foundational base of software infrastructures that would not only strengthen external business communication but would also develop the internal interaction module among the employees of an organization. 

E-Commerce niche store

A well-maintained E-Commerce niche store must be set up to identify the areas. It help in modifying business aspects and bring growth in the transportation. E-Commerce models utilizes internet applications for the majority of transactions. This would become important for bringing about conceptual growth and diversification of the business module. 

Development of warehouse/inventory management system

One of the most critical functions of new business models would be to develop a viable Inventory Management System. It stores surplus goods and help in rationing them during crisis and shortage. Warehouses should be constructed in each business workspace to encourage this form of management. 

Doorstep delivery system

The threat of the impending virus spread still looming large in the psychological makeup of the individual. It can be critical to establishing a doorstep delivery system. The consumers can order goods and services remotely and would be delivered to the postal address.

Mobile payment interface

Finally, the online payment for goods and services through UPI and Mobile Wallets should be encouraged. It reduces the physical exchange of monetary currency and bring about safety in economic transactions. 

Conclusion

In conclusion, the world of business is expected to undergo rapid changes in 2021. Fasten your seat belts and get ready since it is going to be a bumpy yet exhilarating ride with business models adapting to sustain in the market. 

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also Read: Major Cybersecurity Mistakes Business Owners Can Avoid

Vital Business Skills for 2021 To Learn

Business enterprises have grown and diversified on a massive scale. Incorporating wholesale changes to the process of evaluating functioning mechanisms and elements to dilute business profiles they can easily be able to produce goods and services and sell them in the appropriate market framework. Business review websites are essentially portals. 

Following are some of the premium business review websites where the customers will be able to rate you-

Google My Business

One of the primary instruments to share business knowledge and where the customers can post independent reviews and feedback comments about the products they used from your business model is beneficial when it comes to determining whether it is appropriate to purchase the product or not. 

Bing Places for Business Review

Bing is one of the most popular search engine models currently present on the Internet and through the function of attaching business search options and review posting mechanism, Bing has become one of the most popular destinations to check business reviews posted by the consumers who have used the designated products and services. 

Facebook Reviews

The application of social media channels has improved tremendously with it being the most desired platform to reach a large customer base and create awareness about the functioning of the required products and services. 

Better Business Reviews

Better Business Reviews (BBR) is the most trusted business review website where individuals navigating their way through the digitally optimized have the opportunity of recommending favorable business environments and how their functioning can be beneficial for the growth of the entrepreneur. 

Amazon Business Reviews

Amazon allows customers to post reviews along with allocating stars on the usage criteria of the product which goes on to indicate what his feedback after the use of the product was. For example- the overall maximum stars allocated for the use of a product or service is 5. The consumer provides either 3,4,5, 1, and 2 stars which are then graded into overall customer satisfaction levels. 

Yellow Pages

Yellow Pages offers the business entity with the option of modifying their webpage content by moderating portfolios, business components and thereby ensuring that adequate modification can take place regarding the overall feedback and monitoring mechanism that is provided on the product. Yellow Pages has gradually shifted its area of operation to the online digital mode. 

Also read: 7 Tips for Building A Customer Service Team For Your Business

Tripadvisor

Another business review website from where you can gain a significant idea about the hotels, price ranges of the hotels, and the subsequent tariff charges attached with it. Through TripAdvisor, you can post reviews after staying in one of the hotels there and you can communicate whether you had a fruitful, productive stay or an unproductive duration of stay. 

Opentable

If you are a registered restaurant business owner you should get yourself registered with OpenTable. It gives you the option of allowing customers to make reservations at your hotel at discounted prices. It enables them to write honest reviews about the food. 

PlanetRate

This web engine allows customers to write reviews about companies and how they function. The reviews mentioned there help customers in identifying which companies would be most beneficial to interact in a business exchange transaction with. 

Glassdoor

Glassdoor allows employees to post honest reviews about the working mechanisms of the company. The user needs to put honest opinions and work ideas about the environment of a company. 

G2

G2 is one of the prime business review posting sites for business conglomerates and enterprises. News and information gathered about how business entities perform important functions. 

Manta

Manta is the prime business review site that deals with small business setups. Customization of a business profile on Manta is feasible thereby moderating business feeds regularly. 

WebMD

WebMD posts medical information to help customers acquire information about medicine companies and business enterprises. It produces and sells medicines in the market or through means of e-commerce. 

FinancesOnline

This website helps in the proper tracking of computer software. The tracking is on the basis of the needs and specifications of the customers. It helps in orienting the business needs of the consumers. 

TrustRadius

It is an online review source that designs for software businesses. The users of this website are verified through their existing Linked In account. 

Conclusion

Business enterprises and their review mechanisms help maintain a climate of unbiasedness and impartiality thereby helping consumers obtain the best quality of services. 

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also Read: Major Cybersecurity Mistakes Business Owners Can Avoid

Vital Business Skills for 2021 To Learn

Business environment thrives on principles like hard work, determination, and motivation to excel, “we have heard this statement repeated quite often in our daily lives” and have thus influenced our decision-making process and our thought-provoking ideas. We have to grow up in an environment where there have been preconceived questions that business is only for those with a handy amount of liquid capital while service is for those risk aversive people who prefer not to dwell deep into the complications of the business environment and prefer to stay afloat by working for a reputed organization and earning their share of the salary which is dependent on their earning expertise and competence level. 

From the above discussion, you might be wondering whether yes, your perception over the business environment and its subsequent functioning is truly lucrative and you might think that all these years you have spent your life following a partially true maxim. 

But if you do not take the risk, you would be having a life full of regret and missed opportunities. Thus before starting a business and getting into the depths of it just analyze the following set of questions which would help you contemplate the importance of the fact that business is for all time and all ages-

What are your objectives for the growth of your Enterprise?

Have a perfect knowledge about the reason why you are starting the business in the first place and have a clear objective and goal along with the requisite planning to fulfill that objective. 

How do you want to correlate your life with your business startup program?

Understand the fact that your life should be resembling your business prospects and objectives. The lessons you learned in life must be reflected in the business proposition you are starting. 

Which essential aspects of your life would you like to keep personal?

Personal and Professional Life should never come together and you must learn to make a difference between the priorities and demands of both these lives. 

Also Read: Top lessons businesses must learn from COVID 19 to grow post-pandemic

Essential Tips for Growing Your Business

How much capital would you possess for starting your business?

Through careful understanding and study, understand the requisite amount of capital that will be necessary for starting the business process that you will be involving yourself in, and understand the demands of the specific business model.  

Which personality characteristics should reflect through your business?

Your business model should be a reflection of your required personality. It should be confident, growth-oriented, and receptive to all the hurdles that you may face in the process. 

Which achievements of your professional career would you like to advertise through your business?

There should be no self pompousness acting in this regard behind your decision making. You will only be able to advertise and propagate your business properly if people are aware of your credentials and your accolades if known to them would instill a sense of confidence in you. 

Are you capable and receptive to suggestions?

You should be aware of your surroundings. You should ask yourself if you are always receptive to advise and what others have to say to you. If you behave Impolitely with them, it spells doom for your future business prospects. 

Are you interested in making people happy, joyful, and satisfied?

As a business firm, your primary aim should be to satisfy the needs of the consumers. Thus their happiness would directly indicate whether your business would have a positive or a negative outcome. 

What kind of customers would you like for your business to cater to?

You must possess an attitude to serve all varieties of customers. It help you understand a variety of problems and issues that you might address through your business decisions. 

Which objectives of your target customers would you like to achieve?

You should have a clear idea about the kind of objectives that your target customers. Else, prospective customers would have and you should work consistently towards fulfilling them. 

Conclusion

Thus if you’re late in the business environment don’t get demotivated. Start vigorously, work hard and sincerely and you are bound to taste success. Well, don’t get bogged down at all. It is true that the business environment is feasible for someone with determination and passion to excel. Moreover, it is a keen understanding capability of the facets or components of business scenarios. It is also true that no time is too late for starting a business. So instead of getting demoralized and non-receptive to such critical decisions at this juncture of your career, you might as well take the risk because you have nothing to lose if you do. 

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also read: 7 Tips for Building A Customer Service Team For Your Business

We are aware of the maxim that the customer is the kingpin of the business regulatory environment where transactions of business exchange include the production of goods and services and selling of those produced goods and services in the market. The decisions of the customer are vital and paramount for developing and streamlining the growth of business organizations in the economy. 

Business moves and determinants rely completely on the motives and intentions of the customers and thereby are guided by the principles mandated by consumer decisions. In today’s day and age, e-commerce site development has been a crucial factor behind the rise of consumer interaction and better mechanisms of grievances redressal of consumers. 

E-commerce site development is the process through which the web portals where the customers can place orders for the product and service they require can be enhanced and developed accordingly. Customer Service has become very important towards the growth of business and thus any organization must emphasize the following details to make their buyers feel like VIP and retain their trust and confidence in the organization-

Putting attention to Detail

The biggest way to gain consumer trust and confidence is to pay attention to the intricate details and specifications of the consumer and address their needs and desires. At times when the issues are heard with half attention, the user tends to miss out on the important details that might have been extremely important to satisfy the consumer’s desires and specifications. Thus if you are aiming to make your consumers feel like VIP, pay attention to what they have to say and need from the processes. 

Displaying a Welcome Sign

The user must never feel that his presence remains unappreciated and that any gesture on your part seems to lower the importance that he commands in your organization. When the consumer feels that he is unwanted and is not being greeted with enough importance in a business regulatory environment, he/ she decides to opt-out of the business dealings and go to a place where his importance is appreciated. A Welcome Sign helps in creating a perception that the consumers are welcome in the business environment and their importance is appreciated. 

Give a Proper Introduction to the Client

A first impression builds a lasting memory in the minds of the consumers. At times it is the first impression that lasts the most and helps in creating and strengthening the business bond between the organization and the client. 

For example- the business policies of leading e-commerce website development company Amazon has a great customer policy that focuses on making their first impression on the consumer exciting. Their webpages are designed according to the mentioned guidelines and criteria to make the choices of the consumers uniform and streamlined. Moreover leading e-commerce website development companies to aim to make their presentation and appeal more attractive to the clients. 

Maintain consistent body language while interacting with the clients

To make your clients feel special, you should be aware of your body language and manner of presenting yourself in front of the clients. For example- while attending a client’s meet where you are getting an opportunity to not only know your clientele base but also making communicative conduct possible with them, it is very important to understand the kind of behavioral pattern that you must practice while maintaining a conversation level to forward the dialogue. 

Careful Explanation of the Process

The most vital step in the process is attending to the needs of the clients through careful and attentive explanation of the details of the process to the clients. You must be patient in your attire and understand the needs of the client specifically. After careful analysis of the needs, you must always be attentive to the specifications of the customers. For example- a company can only improve customer relations by endorsing a healthy relationship with the client. Client interaction modules can improve only the professionals are inquisitive about customer participation and thus encouraging their activities. 

Talk Less Listen to More!

The final step in the process of making your clients feel like VIO is to talk less and listen to what the clients have to say. If you spend a majority of your time talking about what you have to say then you will not be able to devote enough importance to the process of meeting the needs of the clients. Thus listening more also makes the client feel that your objective is to understand his needs and realize what needs to be done. 

Conclusion

Thus it is of paramount importance that business organizations realize that customers occupy the highest quantum of importance regarding the conduct of an informed business decision. Thus client satisfaction should be the primary aim of customer service. 

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also Read: Major Cybersecurity Mistakes Business Owners Can Avoid

Vital Business Skills for 2021 To Learn

One crucial aspect of marketing that many entrepreneurs tend to be unaware of, is customer psychology. There is a wide range of factors that affect customers’ and clients’ behavior. There are various biases which at times, negatively influence buyer outlook, sometimes even tip it in the favour of your competitors. The most common bias that customers usually have, the cognitive bias.

What is Cognitive Bias?

A bias is a set of beliefs that stop a person from taking a neutral, objective and at times, a fair decision. Cognitive biases, as the name suggests, make people make mistakes in cognition, i.e. understand what lies in front of them. People, affected by their own cognitive biases, decide against a businessman due to their memory, past experiences, trust in other people, etc.

Let us take a look at the most common biases people hold and how can they be used to convert leads into sales:

Confirmation Bias

The confirmation bias prevents people from making decisions or believe things which they already do not agree with. For example, if people believe, “Cheaper is Worse”, then they would tend to believe that a lower cost of things would result in bad quality. Moreover, they would readily believe someone who would say the same to them, as this would confirm their beliefs. This kind of bias is very common globally, and no matter how impartial one tends to be, they would ‘prefer’ to support what they already believe in.

When making a pitch, try to understand what confirmation bias your prospective customer has and mould your pitch accordingly. Even when not pitching your business to prospective clients, making people believe that they are doing the right thing when choosing you would work in your favor. No one free from bias; we just need to cater to it so that it does not become a negative thing while being good for business.

Loss Aversion Bias

People hate losing. No one likes a loss and people are at times, terribly scared of making a loss while doing transactions. It has been noted that a buyer would rather not make a purchase if it means they might lose money. A loss of a few Dollars is more frustrating than a gain of the same amount. If your pitch doesn’t make people believe that they are making the right expenditure, your chances of getting a conversion become low.

One excellent way to combat aversion loss is to offer a discount. This reduces the cost in the mind of the buyer and gives them the sense that they saved some money. Another way is to give them a free trial. When the free trial period ends, the customer would tend to believe they would lose out on the very good service they have been getting and are more likely to start paying and continue taking your services.

Anchoring Bias

Again, as the name suggests, people tend to ‘anchor’ their opinion based upon the very first review they get about a business. In other words, the first impression matters a lot. And oftentimes, this impression comes from others. In this age of the internet, people post reviews almost everywhere, including Facebook and Google. If you can get your happy customers to put up a byte in your favour, or write a great review which appears on top, this would make anyone new looking you up impressed.

Even if they have other biases that you can deal with later, getting good reviews where it matters most takes one worry off your hands.

Familiarity Effect

There is an age-old saying, “better the devil you know than the devil you don’t.” This aptly describes people’s fear of the unknown. Now, this doesn’t mean people view a new business as evil but are more likely to purchase goods and services from well-known businessmen and companies. This is one of the key reasons, many businessmen spend a very good amount of money getting publicity for their business.
As branding goes on and you build your business reputation, people will eventually come to you themselves.

Sunk Cost Bias

Most people tend to value time and effort more than objects. E.g. a housewife using a refrigerator for 10 years is less likely to be convinced to purchase a new one when repairs come up. Another example we would take is that of a car; the longer you have one, the more difficult it is to let it go. This is because of the time and effort that has been spent behind keeping it working, functional and looking good.
The same concept can be applied to customers as well, offering your customers a service for a long time will eventually make them less likely to give up on you, if it means starting from scratch with another businessman.

In a Nutshell

Biases prevent people from making decisions they don’t agree with. And this is the key reason why understanding them is important for business health. While spending money on posting on the internet, giving out advertisements etc., this aspect of marketing, at times, tends to get lost.

No one is free from bias and that is not necessarily a bad thing. Our biases keep us from making bad deals with other businessmen and also serve to protect us from what would otherwise be bad for business. From a customer’s perspective, their biases are aimed to protect them from wasting money. By understanding these biases and working around them to make sure customers get the best goods and services, a smart businessman continues his journey towards a successful and fruitful business.

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also Read: Top lessons businesses must learn from COVID 19 to grow post-pandemic

7 Tips for Building A Customer Service Team For Your Business

As good businessmen, customer profile matters a lot to us. Trying to acquire more and more customers is important. However, getting the right kind of customer is equally important. It makes very little sense if your marketing efforts and precious time is spent behind asinine errands which offer little to nothing in return. Marketing efforts are intended to not only find the right customers but also making sure a fruitful business relationship is established.

Customer profiling is creating your own database of basic information about existing customers, potential ones as well as generated leads. Typically, a customer profile includes information such as their name, company name (if any), age, address of billing etc. You can also add information such as their spending habits (if they disclose) if it suits for interests. Anything that isn’t invading into their privacy is good data to create a customer profile

So how does a businessman create the ideal customer profile? That is a question to which there is no definite answer. However, you can narrow down your search by asking some useful questions. These questions will help you weed out less fruitful people to help your business grow. Let us dive into these questions:

• What is my best product?

At times, we have more than one product or service(s) to offer. As we try to look for customers, it becomes imperative that we zero down on what we want to sell. Once the thing to sell is finalised, we can begin looking for customers who will take it from us. When leads start pouring in, we can then focus on those ones first that stand a chance to give us the most business.

• Is my product solving a problem?

There is a philosophy that revolves around the concept of solutions. People don’t purchase a product or a service. They purchase a solution to their problems. If your customers think you can offer a solution to a problem they face, they will come to you.

If you already have a database in the making, you can try to answer that question for every customer. Once you know what product or service you can provide to your customers, you can make tweaks to your venture accordingly.

• How much money will my customers pay?

The key to running a successful business is the profit your services can bring. Profits are how we take care of our families and expand our business. Naturally, the more business you can derive from a customer, the better the customer profile. Ask yourself how much can you transact with a particular customer? If the figures are satisfactory, spending time and resources behind such a customer can be good.

• What marketing efforts have been effective?

Your marketing strategies also impact customer profiles. Giveaway campaigns, competitions bring in a large number of leads. You may then sort your customers according to the response you received when you made those campaigns

• What type of customers does my business attract?

Now, this is a major factor to determine your ideal customer profile. If your business primarily caters to other businessmen, a marketing strategy that reaches housewives may not be the best idea. Or if your business sells toys and games, young parents are your ideal customer. A good businessman would take a look at the kind of customers his business is getting the highest response from. 

• How accessible am I to my customers and vice-versa?

Customers like to call or text to find out if they can get what they want in advance. If they can, they will likely visit you. Another factor pointing towards an ideal customer is if they have your contact with them and if they consider you approachable. A customer that believes in the quality of your venture is, of course, a great customer for you.

• Can my leads/clients/customers refer me to more people?

If your customer trusts your work, they would also not hesitate to let others know. Mouth to mouth publicity is the best form of publicity. A customer satisfied with what you provide, who would recommend you to other potential customers is without a doubt an excellent customer as it is. If they also look positive with respect to other questions, then that customer’s profile seems ideal.

Conclusion

Building your customers’ profiles is very good for the health of your business. It gives you an idea of where your focus is and if it matches with your goals. Also, if your ideal customers’ list seems short, you can gain important insights into the determination of the steps you need to take going forward. You can also review your customer profile data to check if your marketing efforts are making sense. Asking yourselves these seven questions while making your own personalized customer database would aid you in improving your business.

If you are looking for the right solutions for your small or medium business, or even substantial and appropriate advice or mentorship, click here

Also Read: Major Cybersecurity Mistakes Business Owners Can Avoid

Vital Business Skills for 2021 To Learn