The history of business in one way or the other is the history of mankind, society and civilization. The way business is done today in the 21st century is drastically different from the way it has been through the different stages of our evolution. No doubt it has evolved with humans and also reflects how man thinks and wishes to progress in the future.
Modern communication technologies such as telephone, radio, television and the internet have globalized communication by eliminating all political and geographical boundaries. Business today is free of conventional hiring, tedious paperwork and payroll handling, and is more of an empire of one, than of thousands. All that was learnt in the business world for centuries to trade and barter is now gradually shifting to the online world.
In essence, a company’s policy, operational strategy, technology and ideology define its business model. A business model, in layman terms, is simply putting all the nuts and bolts of how a business plans to generate profits and revenue, including its long-term strategy and day-to-day operations. Every business can be innovative by making its model as complicated or as simple as they want, but all businesses at the end of the day cater to these seven basic components.
Reaching out to customers
Building a great “mouse-trap” does not bring the world to your doorstep. Every business has to go through the hassle of reaching out to its potential customers. These customers have to be attracted via conventional ways of marketing; print or television, outdoor or socially interacting with their clientele online or on ground.
Differentiating your product
Every business thinks and feels they are unique in their capacity. However, only a smart marketing company will accept competition whole-heartedly, and develop unique product-positioning strategies.
Whether you decide to sell online, on ground, or use both mediums to sell your product, a business needs to know how to make money, and relying only on volume is not always the smartest decision.
It’s all about selling for survival. Having a sales strategy and defining a sales process will benefit you right from the beginning. Most companies use Giveaways strategy to attract customers and market their product. This strategy works on most of the situations as customers are more motivated to purchase products.
When selling online, distribution is fairly simple. However, it needs to be though-out well in advance, as a product’s packaging and design depends on the channel through which the product will be distributed to customers.
The business needs to a 24/7 support system, otherwise it would be difficult to survive in the digital world.
Achieving customer satisfaction
The success and failure of a business lies with customer satisfaction. Conduct surveys to know whether your customers are satisfied from your product or not, surely it will help a lot!
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“Business Growth” image courtesy of Shutterstock.