The Sure Shot Plan for Better Productivity

The Sure Shot Plan for Better Productivity

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The advent of technology and consumer demands has increased the need for productivity. Businessmen are looking for ways to improve productivity so that they can face the increasing the competition.

Bettering productivity means working smarter. It also includes being efficient in how you convert inputs to the final product. Look for ways and opportunities through which you can improve the overall efficiency of your company.

Here are some areas you can focus on to improve productivity:

Use technology

Using technology is one of the best ways to improve how you run your business. You can easily increase your market share, reduce cost and quickly address customer related problems through the use of technology.

You can purchase required materials from suppliers online. This way you have more access to other suppliers and you can quickly compare the prices.

Using an inventory management system will help you keep track of the inventory levels and also increase profitability. By integrating it with your organization’s purchasing system and accounting software, you can now track all the orders and also check inventory movement.

Always watch out for the latest technological innovation which can drastically improve productivity. Scour the internet or attend trade shows to get acquainted to the newer technologies. Find out what systems or tools other companies in your sector use.

Improve the current setup

Study your current production process while keeping your business vision in mind. Have a clear idea of each process and how the various elements are connected when creating a final product.

Through this technique you will be able to identify unwanted procedures and wasteful methods. You can easily eliminate these steps. Identify ways by which you can reduce the cost of a process while still maintaining the quality of the product. This is a great way to improve the overall efficiency of your company.

Make a continuous improvement plan

Create and implement a continuous improvement plan. First assess your competitions and other companies from your sector and create a benchmark.  Identify your business weakness and strengths. Start slow and focus on one particular goal. Create and assign teams to deal with specific problems.

Always be open to suggestions from employees. Small improvements and changes made here and there can have a huge impact on the business. Measure and re-evaluate your progress and update your plan accordingly.

Outsourcing is one by which you can focus on improving the productivity of your company. Look into your expenditure and other necessary factors before deciding to outsource a particular procedure.

Another way to better productivity is by forming alliance with other companies. The right alliance will help you expand your business without incurring more costs. With proper research and investment you can quickly expand your business.

Checklist for an Effective Business Strategy

Checklist for an Effective Business Strategy

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A strategy is a long-term plan that you create for your company to reach a desired goal. A strategy includes your company’s goals and objectives, the type of products or services that you plan to build, the customers who you want to sell to and the markets that you serve to make profits.

Why do I need a checklist?

Wherever you are in the strategic planning process, it is worthwhile to run a check to ensure you have done everything you need to do. Strategic planning is not complex. Implementing a strategy might be difficult but the planning is quite simple and easy.

Here are 6 things your checklist should have:                                            

Gathered the facts

To know where you are heading, you have to know where you are right now. So before you start looking ahead, you should review the past performance or the current situation. Study each area of the business and determine what worked well, what could have been better and what opportunities lay ahead.

There are many tools and techniques available to help with this process, such as SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. The most important part of this process is involving the right people to make sure you are collecting the most relevant information.

Developed a vision statement

This statement should describe the future direction of the business and the future goals. It’s about describing the organization’s purpose and values. You should develop both the vision and the statement to successfully create a business plan.

Developed a mission statement

Like the vision statement, this defines the organization’s purpose, but it also outlines its primary objectives. This focuses on what needs to be done in the short term to realize the long term vision.

For the mission statement, you’ll want to ask the questions:

  • What do we do?
  • How do we do it?
  • Who do we do it for?
  • What value do we bring?

Identified strategic objectives

At this stage, the aim is to develop a set of high-level objectives for all areas of the business. They need to highlight the priorities and inform the plans that will ensure the delivery of the company’s vision and mission.

Try to incorporate any identified strengths and weaknesses into your objectives. Crucially, your objectives must be SMART (Specific, Measurable, Achievable, Realistic and Time-related). Your objectives must also include factors such as resource allocation and budget requirements.

Tactical Plans

Convert your strategic objectives into more detailed short-term plans. These plans will contain actions for departments and functions in your organization. You may even want to include suppliers.

You are now focusing on measurable results and communicating to stakeholders what they need to do and when. These tactical plans are short steps towards executing your strategy.

Performance Management

It is vital to continually review all objectives and action plans to make sure that you are still on track to achieve that overall goal. Creating, managing and reviewing a strategy requires you to capture the relevant information, break down large chunks of information, plan, prioritize, capture the relevant information and have a clear strategic vision.

How to Convert Your Marketing Spend into Sales

How to Convert Your Marketing Spend into Sales

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Sales and marketing used to be like quarreling classmates drawing imaginary lines across the bench. Sometimes they get along but most of the time they want to keep the other off their territory. Yet this does not work in the digital environment. Marketing builds relationships and loyalty while sales bring success.

Digital marketing today aims at building relationships and helping a company’s brand remain relevant in its industry arena. Emphasis is on personalized content experiences. Yes, these can improve the time spent on site stats. Still, the greater goal is to engage the customer while gathering intentional information that helps the marketer provide an even better experience.

The biggest challenge for marketing and sales teams today is penetrating this web of information, such that you are still able to extend your message to your target audience.

The best way to overcome this challenge is to:

Align Marketing with Sales

Any approach or model that hinges on the transaction or the purchasing decision is bound to miss out on the limitless engagements made possible by digital technology. Content is key to these engagements. In fact, it is of utmost importance during that span of time our market has not reached out to our sales team. It is how we penetrate a web full of information and get our message across. And, further down the buyer’s journey, it is what we need to arm our sales teams with: engaging, useful content.

Sales and marketing must work together closely to share their insights into buyer needs, challenges, interests and to better understand what converts a prospect. So, in choosing a framework through which you can align the efforts of your marketing and sales teams, remember these:

  • The path to purchasing is no longer linear. Our customers follow a web of information and go back and forth before making a purchase. The buyer’s journey can takes months at a time or even a few seconds.
  • There are several dimensions to social influence. It is no longer the sole function of your marketing team to build your brand. Keep track of your online reputation. There are several free and paid tools you can use for this.
  • Do not disregard your advocates. Whether or not they are customers, these advocates have social clout that can be to your advantage. When planning your content and video marketing strategies, keep them in mind.
  • Focus on the relationships that you build with those you engage with through your content and video marketing. Do not put the transaction or the purchasing decision as to your end goal; the digital sales landscape does not work that way.
  • Measure your stat and growth. There will be a need to calibrate and re calibrate your approach until you learn the common paths taken by your customers.
Your Business Growth is Proportional to your Digital Advertising Cost

Your Business Growth is Proportional to your Digital Advertising Cost

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Modern means of communication and information acquisition has drastically changed marketing strategies. Though traditional social media marketing schemes are still working, it’s important to invest in paid digital advertising to expand your business.

How to start building a paid media plan:

Before you start making a concrete plan understand the following:

  • Your target customers
  • Customers’ buying process and decision making
  • Customers’ usage of social media
  • Your budget allocated for digital marketing
  • The message you are projecting

Develop a proper marketing and communication plan once you are sure about your goals.

Different platforms and their advantage  

Facebook

It is one of the best platforms to find and engage your target customers. Once you learn how to build your audiences based on demographics, geography and interests, you can easily attract new customers. Familiarize yourself with building campaigns and create a plan that works for you.

LinkedIn

LinkedIn is the best tool to attract decision makers. Paid marketing on LinkedIn also provides data that helps you see how your ads are working.

Search engine marketing

The biggest advantage of search engine marketing is that you can easily find people who are searching for your products or service. But this form of marketing has become increasingly complex and expensive. It requires some very advanced skills to be able to build, manage and optimize campaigns that get a solid return on your investment.

YouTube

YouTube advertisements are one of the best ways to attract attention to your brand and products. YouTube pre-roll ads should be short and attention grabbing. If they are long they should have a great story line which should engage the audience. YouTube ads are a great way gain new customers.

Digital Ad Networks

Networks such as AdRoll and DoubleClick place ads on websites where your target customers might be browsing. They place ads all over the internet. Companies must understand their goals and analyse how this form of digital marketing will influence their business.

Remarketing, Affiliate Marketing and Influencers

Remarketing is a very powerful tool that helps you gain more sales. Affiliate marketing is a technique where you offer up commissions to third parties for referral traffic to your website. Influencer marketing is more about product placement and using influencers to promote your product. Again, analyse your target audience and understand their social media usage before going for a product placement.

Remember to be unique and original to stand out. The message that your brand stands for must resonate with your audience. Developing the message your customers want to hear is a good investment. With proper planning and understanding you can develop a digital marketing strategy needed to stand out.

Strategies for Growth in a Sluggish Market

Strategies for Growth in a Sluggish Market

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It is extremely difficult to keep up in a changing economy. Business trends and markets are changing slowly. People are becoming more frugal and are changing their lifestyle and spending habits. How do you survive in such a market?

Given below are some strategies on how to thrive and grow even in a sluggish market:

Stand apart

When there is a diminishing customer base it is highly important to find ways through which you can distinguish yourself from your competitors. Make sure that you offer unique products and service. Consider your competition’s products and ensure that you are better than them. To stand apart from your competition make sure that your product is better, marketing is better and your customer service is the best that you can offer.

Marketing

Usually when things get tight most businessmen immediately reduce their marketing expenditure. This is a wrong move. The best way to survive in a bad economy is to invest more in marketing. The idea is to attract more customers. Spend more money on advertising and evaluate how you can improve your current marketing plan. This way you can attract more customers.

Introduce new products

Most businesses derive 80% of their profits from the sales of a main product. During hard times this dependency on a single product can make your business vulnerable. It is necessary to branch out and create stability. Here are some ways you can expand your business:

  • Entering a new market through a new product.
  • Offering a new product related to the old one and persuading customers to buy it.
  • Making a plan to build continuity revenue.
  • Taking on clients who are from a different market base.

Customer loyalty

During hard times it is easy to fall into quick fix schemes. Remember that these remedies are only temporary solutions. To stay strong in a market it’s important to have a strong customer base. Focus on building customer loyalty and trust. Offer the best possible customer services. Provide innovative and affordable solutions and products. Always keep your clients’ best interests in mind. This will greatly benefit the business in the long run.

Leverage

There are three primary forms of leverage available to entrepreneurs: automation, systems, and people. The key to success is to apply leverage on the well-established business processes. Consider how well you can utilize the available resources and how you will benefit from it. Leverage correctly applied can work miracles for almost any business. So determine how you can use leverage to get more results out of business processes that are already working well.

It might seem scary and hopeless surviving in a sluggish market. By applying these strategies any business can grow and proposer even in the most unsure market conditions.