If you look at all the successful enterprises today, you will notice one thing- their business, brand, and marketing strategies intersect. All their strategies complement each other, and there is no confusion or lack of focus anywhere. This article explores the intersection of these three strategies and how organizations succeed because of this intersection.
Let’s first understand what business strategy means. Business strategy means how a company will achieve its business goals in a given period. It also takes into account the vision, mission and other objectives of the organization. Great businesses prioritize their various goals. They would first articulate their vision, followed by the mission. Once these two goals have been defined, companies would identify the following sub-goals:
- Market share
- Entry and Exit Barriers
- Government policy
- Environmental Risk Factors
- Public Policy
- Profit Goals
Please note the above goals are only suggestive. For example, Telstra has announced the following business objectives for 2022:
- Making customer interactions easy.
- Create more digital touchpoints.
- Simplify business processes.
It is no wonder than this Australian brand has made itself a global entity and is winning in all the spheres of its presence. Defining business strategy is no easy task. If you are stuck here, visit website. The next step in the business process is defining the brand strategy.
As business owners, you need to create and develop your brand. This brand breathes and lives your company’s vision. If your company stands for customer satisfaction, the brand will stand for this value. Creating a brand is a challenging task. It is not just about creating the right logo or brand colours. Business owners have to deep dive and find what makes their brand unique. There are other factors too they need to keep in mind like:
- Brand Identity
- Brand Health
- Brand tone
Coming to brand tone, you could also consider identifying who your target audiences are. A brand is not meant for consumption alone. It should also be aa great place to work at. For example, Mars Australia and Mecca brands (both employ more than 800 employees each), are also known as employee-friendly. These companies have done a lot of employer branding as well. So you see, creating a brand is about reaching out to consumers as well as other stakeholders.
As said earlier, creating a brand is no easy task. For example, the Australian government gave these instructions to its agencies while creating the national brand identity. Once you have created the brand architecture, the next step would be to create a marketing strategy. This means identifying marketing channels and building a marketing team. You would have to make a sales team as well. The marketing strategy would work within the brand guidelines. Marketing is a pull tactic; it attracts customers toward the brand.
For this reason, consider doing the following activities:
- Identify your target audience.
- What is your price point?
- What is your selling proposition?
- How does your brand stand out?
Once we have all the answers to these questions, we create a marketing message. As part of the marketing strategy, we also develop marketing channels like retailers, distributors, etc.
So how does this intersection of strategies take place? If you notice intersection happens this way:
- Your brand value reflects your business vision.
- You attract those customers who agree with your business and brand values.
- Your marketing partners are mostly those who are in sync with your marketing, brand and business strategies.
- Your marketing promotion strategy takes into account your business strategy; essentially, it is about profitability and market shares.
- Competitive strategy is connected to brand and business strategies.
This article was nothing but a mini comprehensive guide for you to understand that all your business, branding, and marketing strategies need to work in perfect harmony with each other for your brand to escalate further. Happy branding!
Can We Use Magento Commerce as an Enterprise E-Commerce Platform
Are you planning to roll out an enterprise e-commerce platform? If so, you are certainly on the right track to leverage a wide spectrum of benefits. Yes, you can expect to get high traffic, important customer data, and several orders that need to be processed.
What I mean is enterprise e-commerce will allow you to get a dream start. But wait for a moment. Did you consider one major player playing a pivotal role in building a strong inning? Yes, I’m talking about Magento Commerce, which has become a popular choice among e-commerce owners.
Research says that Magento nearly powers 1.2% of the internet and 12% of all e-commerce sites. Furthermore, about 2,50,000 online merchants use the Magento e-commerce platform.
But remember you are operating an enterprise e-commerce platform in the age of digital transformation and cutthroat competition.
Which is more appropriate: MagentoOpensource or Magento Commerce
It is important for you to know the major difference between Magentoopensource and Magento ecommerce solutions.
MagentoOpensource, also known as Magento Community, is basically a free version of Magento that you can easily download, customize and self-host.
Magento Commerce is available in two versions namely Magento Enterprise Cloud and Magento Enterprise. Now, both these versions have been combined to form Magento Commerce, a subscription-based version providing cloud hosting facilities.
Now that you are acquainted with the difference between the two Magento versions, it’s time to consider the important elements before choosing Magento for enterprise e-commerce.
Consider the ongoing cost
If you are going with MagentoOpensource, you don’t need to pay the annual subscription fees, unlike Magento Commerce. But it does not mean that you can enjoy all the free benefits. Yes, of course, you have to go for regular upgrades and integrate new features to enhance your e-commerce functionality.
Besides that, there are various other hidden costs such as updating the security, which isn’t an easy task. You may require professional help unless you are a Magento expert.Also visit https://www.jbklutse.com/
Magento Commerce is based on the traditional approach, which focuses on downloading and customizing the platform. Hence, it may consume your time but also require technical knowledge as well. Plus, you have to invest your money as well, if you want to custom-built and get enterprise-grade e-commerce.
Is Magento restricted to e-commerce solutions
We have to ask this question. Most people have the notion that Magento for e-commerce is a stellar platform, but does it fit into the shoes of enterprise e-commerce? With competition exceeding, you need more than an e-commerce platform.
The customers have become much smarter. This means you just cannot convince them on the basis of good website reviews and product ranges. Customers want a more real-time experience of the product with AR and VR technologies. They demand relevant videos, documentation, and third-party genuine reviews.
In short, they are looking for an omnichannel experience and Magento Commerce is ticking on that corner. In addition, it also helps you to monitor and analyze your e-commerce website performance and gather all-important customer data. You can even implement your ad and email marketing campaigns to drive more sales.
The support system
Magento was facing issues with its support services having only 1300 open and ongoing support tickets. You had to wait for some time to receive assistance if there was an issue.
Now, with the progress of time, Magento has upgraded its support system, providing faster solutions to the problems. But having said that, you will have to pay a premium amount to avail support.
What about updates and migrations
The next vital question that comes to mind is what about the updates and migration process. You must be aware that come June 2020, Magento will stop supporting version 1.0. Hence, you have to migrate to a higher version now or sometime later.
Additionally, if you are planning to re-platform it completely instead of migration, it’s going to be an intricate task. And this is not something that you can do yourself. In fact, many Magento developers have already shared their experiences regarding the challenges and difficulty levels.
Choose Magento Open or Closed-source
Magento is a popular open-source platform that allows users to customize the codes. But you may have to face a few issues when you are updating or migrating the e-commerce platform to a higher version. The challenges are more associated with back-end implementation and re-platforming.
So, this is where the closed-source enterprise e-commerce platform will come into play. It is a more viable solution to build a custom e-commerce website. But you still have to approach a Magento Development Company to do the work on a professional note.
As you have explored the options, you can make a decision, whether Magento Commerce is the right platform for enterprise e-commerce. The ultimate choice is yours. You can decide depending on your requirements for the project.
Technology Gives Chance of Growth to Every Business: New Govt. Schemes
Technology is central to the growth of modern businesses. With remarkable development in digital connectivity and information technology (IT), businesses are aiming to maximize their reach. In 2017, India’s IT industry contributed around 8% of the nation’s GDP.
The Government of India has consistently encouraged the boom of small and medium scale businesses to support the Indian economy.
Moreover, with online tax filing and GST login facilities available enterprises want to incorporate the recent technological advancements to compete in the global market.
The government has launched multiple initiatives to offer vocational training to the Indian workforce.
The purpose of such training is to create a capable and competent populace possessing digital literacy.
Micro, Small, & Medium Enterprises (MSMEs) have benefitted the most from this technological revolution facilitated by government schemes.
Government initiatives to boost technology in business
The Government of India has ardently supported the implementation of technology in MSMEs. It has launched various initiatives to ensure technological co-ordination and organisation across sectors.
Government loan schemes also enable businesses to upgrade their infrastructure to accommodate the best technological practices for growth.
- For vocational training in technology
The government has undertaken certain initiatives to provide the young workforce with technological literacy and skills to serve MSME needs.
- Visvesvaraya PhD Schemes: Electronics & IT
This scheme was launched by the Ministry of Electronics and Information Technology (MeitY) to offer training in Electronics System Design and Manufacturing (ESDM), and IT Enabled Service (ITES) to 1500 PhD candidates across India.
This scheme also provides vocational training to 200 Young Faculty Research Fellowships.
The objective of this scheme is to boost research & development (R&D) in technology-intensive sectors.
It ensures that PhD scholars acquire skills to identify the technological requirements of MSMEs as per international business standards.
- Financial assistance to set up Electronics & ITC academies
The central government has allocated funds to set up Electronics & ITC departments in IITs, IIITs, and NITs to create a base of employable graduates in the technology service MSMEs.
Special attention is given to Engineering, Science, and Polytechnic colleges to develop a technologically capable workforce for MSME needs.
- Skill Development in ESDM
The central government aims to provide training in skill development to 3,28,000 aspirants in the Electronics System Design and Manufacturing (ESDM) discipline to boost employment in electronics, telecom, health and automotive sectors.
- Government loan schemes for business growth
MSMEs have the option to consider several government loan schemes to boost their competence and infrastructure for combining technology and business operations. Enterprises require this fund to create a growth plan for small businesses.
- MUDRA loans
Business owners can opt for loans up to Rs.10 lakhs under the MUDRA scheme. At an affordable interest of 8.40% and a reasonable tenor of 1-5 years, the fund acquired under this scheme can be allotted to the development in technology and product modification.
Enterprises may leverage the fund to provide training to its employees to tackle the technological challenges prevailing in the relevant market.
- Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)
This scheme provides financial coverage to business loans up to Rs.2 Cr. Small and micro-enterprises can claim financial cover to 50% and 85% respectively against defaulting.
An enterprise may invest the fund in the latest sector-specific technology to gather an advantage over its competitors. The sanctioned amount can also be used to employ experts in technology for a boost in business.
Businesses can fund the use of technology to increase business efficiency.
GST filing for MSMEs
Filing for GST returns is mandatory for MSMEs under the ‘one nation one tax’ structure. Around 4.8 million MSMEs are registered with the GST council under the Udyog Aadhar Memorandum (UAM) program.
GST is an efficient taxation system that implements automation and data-intensive software to eliminate error in the new tax administration. MSMEs can avail GST login portal facilities online for maximum convenience.
Thus, details of sales, purchases, input tax credit and output GST can be found on the GST login portal. This feature improves the overall efficiency and transparency in the taxation system.
When an MSME has an updated database of return figures, it can avail loans at lower rates of interest and reasonable tenors. Individuals can reap the benefits of collateral-free business loans whenever their businesses face a financial crunch.
Bajaj Finserv provides pre-approved offers to ensure quick and easy disbursal. These offers are available on home loans, business loans, and personal loans.
Technology has become the make-or-break factor of any business. To compete in the business market, an MSME must have a technological advantage for further growth. Business loans can aid companies to meet these technological requirements.
How to keep employees happy in 2020?
In today’s world I think business owners lose track of ways to keep happy employees. Most importantly, there are certain things that a leader of a company can do to help boost company morale. A lot of business owners lack this communication with employees. The owner needs to gauge the success of their company based on the people day to day who make it run, because if they do not, they will see not only the revolving door, but a decline in productivity.
Here are some things a business owner can do to help keep their employees happy.
First of all, a lot of people spend more time with co-workers then they actually spend with their own families. For that reason, these company events allow personnel to engage and learn about one another outside of a work and professional setting. This could be a company picnic, barbeque, bowling, a baseball game etc. Furthermore, this creates great company morale and memories for the staff to look back on and talk about later.
Another way to keep your employees happy is to implement a monthly bonus within a company. This will help increase sales and actually give the employees something to work towards to keep up productivity. Who wouldn’t want an extra $500-$1000 per month by just giving a little more than what is normally required? This extra effort can produce way more in revenue then the actual costs of the bonus.
A lot of people who work a job, never receive adequate training in the beginning. Everyone is in a fast-paced environment that I think the time spent to adequately train employees is rushed and overlooked. Even when initial training is effective in the beginning there is never a refresher to follow up on the training previously learned. There should almost be like a continue education class for employees. This will eliminate mistakes and improves quality control.
Consequently, most companies do not have a review process in place for their employees. As a result, an employee will not get a raise until they complain, or they already have began looking for a new job which will pay them more. People aren’t always loyal to the company, they are loyal to their responsibilities (i.e. bills, credit cards, car payments, rent, etc.). If a company puts in “Money Reviews” I like to say, this keeps your employees on track. Whether the reviews are quarterly, every six months or yearly there is an expectation put in place that if the employee has performed their duties and has not had any issues, they are entitled to some type of incentive or pay increase for their consistency in performance.
Every company should be having sales meetings. No matter if sales are up or sales are down. These sales meetings make the employee feel like they are apart of the company especially when the company is doing great and thriving. It gives them a sense of accomplishment that their efforts and hard work is a direct contribution to the company’s success. If the company isn’t doing well it still gives the employee a sense of comfort knowing that they are involved and made aware of what is going on within the company and how important their role is to the company’s success.
Most people are all too familiar with loving the company they work for but consequently hating the supervisor who is in charge. An employee will always respect a professional leader who is willing to help and encourage. There is no pleasure in working with a manager or supervisor who is not motivating you to be the best. Making sure you hire great management and supervisors to oversee your business and departments is a key asset to business growth and productivity.
If you are a business owner be aware of these things that you can do to help boost your company morale. Keep in mind what makes a good boss and always know how to effectively communicate with those people who are helping steer the ship. If you implement these small things, I can promise you better productivity amongst your employees.
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