Keeping a finger on the pulse of modern business and smoothly adapting company operations to new market conditions is what great business leaders do. So what do they know that you don’t?
Here are three secrets that could help you jumpstart your business today, change your company’s fortunes for the better, or simply inspire the answer to your next online MBA assignment.
Expert customer experiences
It’s no surprise nowadays that digital channels have become the primary way companies connect with consumers on a personal level. Properly done, that’s how great customer engagement is established.
But, a new breed of customer is demanding that your company is more than just a great communicator; they now expect that you will offer expert advice on all things related to your products and services.
So, if you’re a fashion retailer, you need to be able to tell customers what is in season, when the next great fashion event is, and maybe even offer them a great way to be involved in that event. This could even extend to giving advice on the type of education needed to get ahead in the fashion business.
What your company is able to say is now as important as how you’re able to say it. Get that right, and you’ll become the ‘go to’ brand in the minds of your consumers.
The data-tree of knowledge
Brands and businesses have always needed to keep an eye on the needs and expectations of their customers. Nowadays, a highly developed method of implementing customer feedback into working processes to achieve a strong and loyal customer base is simply the required minimum.
Where the challenge now lies for effective data collection and usage is in new and imaginative ways to give your customers a reason to want to participate in the improvement of the services they receive.
Surveys, loyalty programmes, and referral reward systems are all useful but fairly predictable ways of getting emotional information from customers. Instead, dialogues, themes, events, and frequent opportunities to interact with your brand will give customers a real feeling of being part of your journey.
When that happens, the data you want will come to you, and you’ll be able to regularly go beyond what the customer expects.
Growing together is better
The idea that a product is developed behind closed doors in top-secret labs in top-secret locations and tested on focus groups from carefully defined demographic groups is becoming old. And one of the reasons for that is Crowdfunding.
While it may not seem immediately obvious, crowdfunding could in fact be the most obvious way to test new products in the early stages of their development. What better way to let a small, vocal sample of the market guide the refinement of your latest invention?
If you are doing something the market wants more of, those active customers will support you with cash. That’s an incredible benefit. While also finding out what direction your latest idea should take from the people who matter most, you are already generating excitement and anticipation for your next product launch.
Forward-thinking businesses, no matter their size, are using the market to test the market. This is a real example of breaking free of traditional business methods.
Another habit that some of the greatest business leaders frequently endorse is to keep learning. You know your competition is going to be working just as hard as you, so it’s important to always keep researching and innovating.
Click on the links in the article to see some of the great online MBA specialisations offered by the London School of Business & Finance.
Who knows, maybe it will be you developing the secrets to great business in the years to come. We sincerely hope so.