Friday, 12 August 2016

How to survive increasing competition & changing tastes

In today’s world competition is rising every day, and emerging technology is constantly challenging businesses to upgrade themselves.From businesses perspective these changes, especially major changes in technology are quite costly and may take time to adapt with them.

Taking example of CRM, CRM is acronym for Customer Relationship Management, which manages all the customers, partners and prospects information all in one place. Most of the CRM’s are now online, and require basic training for operating them, as most of them follow complex paths to make changes to the system. Senior employees or employees which are new to CRM face challenges for few months to get used to it. This affects productivity for those few months ultimately contributing to company’s productivity.

Competition is not the only factor adding to concern list, customer’s are other factor which are a priority. How customers are a concern to business? Customers are the base of every business model. Most of the businesses are direct customer oriented and revolve around customers, so it’s a big challenge for business to know their customers very well. 

Customers can be from different demographics and same location or just the different demographics. They can be of different age groups with common interests or same age group with varying tastes. Most importantly knowing what customers prefers the most and when is a challenge.

Analytics and Insights is one of the top invested resources in a company which in later provides a high ROI in majority of implementations. The reason behind is Analytics and Insights are  customer based, the results and conclusions are directly related to customers and are from customers.   

Instead of investing on analytics , insights there lies another factor which needs to be taken under consideration is the changing tastes of customers. No one knows what customers had in mind while they were shopping few months ago or what trends are currently trending and how it has affected market or marketing strategies.

Businesses need to have customer profile management in order to cope up with this  situation. It holds the track of customer information on timely basis or information gathered via surveys and other marketing tools a business use. 

The best example for Changing Trends is Snapchat. Snapchat is the latest marketing tool used by marketers as it is very much popular among most of the customers, especially teens, so brands and businesses who have huge Teenage customer base are trying out their marketing luck  via Snapchat. Instagram is another example.
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