5 Business Stats: Learn, Implement and Improve
We know there are issues in the way of our working culture, managing activities and surviving in the market. We don’t realise the issues until its back up by some numbers. To be specific ‘statistics’. The specific business stats are achieved after thorough market research and customer analysis considering various factors in mind.
Here I want to bring your attention to some of the provoking ‘Numbers’ researched by top trusted institutes and organisations. What you can do is:
- Pay focussed attention to the numbers
- Analyse what is your company’s scenario
- Compare it with top practises adopted by global giants
- Implement in your culture ASAP.
These are not only statistics, these are learnings.
If you are budding entrepreneur, stable organisation or just business, there is always room to grow and grow bigger than before. I will also suggest some meaningful analysis to make you understand better.
Data is The New Gold
As claimed by several business giants, data is the new gold. That means leveraging data and insights into your business actions and strategies will not only be a competitive advantage but also help in strategic planning and execution as it will measure the plan based on data.
As per one of the studies by twitter, 57% of companies globally have a Chief Data officer. This role is pivotal in helping to democratize data and analytics across any organisation.
Unstructured data is with most of the companies and they might even not know it. Analysing those data and leveraging the analytics in your business is itself a skill. Employing a leader to get hold of this task will add value to your company.Data specialist and Data officers will lead to more effective business strategies and implementation.
Hackers Have Their Eyes on Small Businesses
There are hackers and eavesdroppers present in every stage in digital platforms. 58% is though big number of exploitation caused to small businesses. But let me warn the digital criminals that may be the business is small but will have bigger securities in coming future.
All small business owners reading this, I hope you’ll support my statement by having a secured system and secured culture in place, if still not in existence. Because customers are very particular about their details nowadays and data breaches cases are happening more than ever. Lost of reputation and revenue is very severe for the health of any organisation.Having a robust system and security prevention measures will be aid to data leaks and data mis-usage
Experience sells more than a product
The strategy of selling products is so last season. Today, people buys experience. A research shows that 90% of customers puts feelings before logic to make a buy. And here when the feelings are involved, another research says that 32% of customers will stop doing business with a brand they loved after one bad experience.
So that means, no mistake is allowed? In reality, business mistakes are bound to happen may be because of human error or technical issue or any other unseen event.
84% of companies that work to improve their customer experience report an increase in their revenue.
Recently, I received burned food from Swiggy. I was disappointed to another level. I immediately raised a complain. In return what I get as a reply from their help centre makes me totally happy. They offered me another delivery of that food item in better condition plus a cash reimbursement of the amount I paid. Double bonus. Though I didn’t receive my food at the time I was expecting but yes their initiative to accept their mistake was appreciable.‘Experiences are relatable and sharable. Make sure, you sell an unforgettable experience that will automatically brings brand loyalty and brand sustainability.
Fly Your Business to Cloud
Due to security breaches and storage of data, 49% of the companies uses cloud based services as per a study done by Deloitte. There is also a trend of hybrid cloud sharing strategy in the industries. Recently, Microsoft and Oracle had a hybrid cloud to manage their data.
TranZact is cloud based business software(ERP) that will secure your business information and there will no worry of backing up or losing up data. Your data is secured and will provide you some great insights and analytics with their new BI module. If you are a manufacturer or trader. Give it a shot.Move your data into cloud for stronger and secured business ecosystem
Eyes Sees and Brain Remembers
This will help in digital as well as offline marketing of your brand and product eventually. With timeline flooded with ads, your creatives and ads need to standout to make a difference or attract viewers to engage with your brands. Brands like Amul or Parle G have their constant face that will appear on every ads offline or online. Building a brand image is very crucial. Also, creating awareness through videos and images helps a lot to any business.
As we have seen above that 65% of world’s population is visual learners, Your brand needs to build presence through visual modes.Replace texts with images/videos and create brand awareness and positioning.
Indian companies could help the country become the world’s fifth largest economy by 2022 by creating more innovative business models and strengthening corporate-governance standards. Basing your decisions on these business stats will help you to some extent to work on small gaps your business must be having. These gaps might not have visibility in present but in future they can impact your business survival.