5 Factors That Shape a Modern Business

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With technology at the helm, doing business today is completely altered. Now, it takes more than a product, service or both to become successful. To make the matters worse, competition is everywhere – online and offline. How can you ensure that your business is ahead of the competition? One way is to make sure that these factors are at the core of the said business.

Factors that shape modern businesses

1) An updated website

Today, the existence of digital assets is the point of competition. This is true whether your business is competing locally or internationally. If not a website, a corporate blog will do. For one, an actively updated website where you can show expertise, demonstrate advocacy, engage people, etc. could be one of the reasons why you are winning more businesses than your rivals. Such a website can be developed and managed by a web design company in the Philippines or any of your local providers.

A website or blog basically drives traffic and conversion. Without a professional-looking website, you are losing precious traffic and conversion to competitors with well-placed digital properties. These properties are the epitome of modern business. In fact, about 97% of prospects are searching online for products and services and yet more than 75% of businesses don’t have a website. And that’s in the US alone.

2) A well-founded social presence

Billions of users are in the social media. Thereby, if you don’t have a Facebook account, then you are missing a lot of opportunities. And we mean a lot. Case in point: Facebook has more than 1.55 billion active monthly users. It is the very first social networking site that surpasses the one billion mark and the only site to do so as of this writing.

Other social sites with millions of users are Tumblr, Instagram, Twitter, Pinterest and LinkedIn. It would be wise to create a social profile on these networking sites. The keyword here is appropriate. These sites are not universal – what’s fitting for one business may not necessarily be right for your business. Proceed with diligence.

Indeed, not all social sites are applicable to your business. Any pragmatic business owner will research which ones are the most suitable to the nature of his o her business. For instance, if you are selling clothes, you might as well be in Tumblr, Pinterest or Instagram so you can better showcase your products.

3) A personal style

In the business world, branding is everything. A business needs to perfect its own style, one of the significant differentiators. It’s not just about the business card, uniform or website although all of these will form part of your branding as they exude order, form, and professionalism. Rather, it is about your voice and how you relate to your target audience through such.

Modern businesses are exposed to the world with people from all over joining the conversation, even those who you least expect to join such. Thus, your brand’s relatability will drive the engagement, which is fundamental to contemporary businesses. Interactions are considered the lifeblood of present-day enterprises. Without interactions, you cannot expect your venture to grow and prosper.

4) A storytelling prowess

More often than not, this is an untapped asset, thinking that their business doesn’t have any story to tell. But, believe me, all businesses have stories that are worth telling. It may not necessarily about the business, but its people or customers. Also, there are a plethora of great stories in the interweb that are worth re-telling so that more people are aware of it and may learn from it.

Further, the goal is to harness the power of narrative to reach as many people as possible, providing greater value to them and improving the quality of their lives. Interestingly, even when the business landscape is ever-modernizing, the need of the customers is still the #1 priority, and no technology can ever change or replace that fact. It is either you give what your customers needs or you lag behind the competition.

5) A strong research ability

Every industry’s sales funnel is getting more complicated. A prospect no longer searches for the product that he wants and buys it on a whim. They no longer buy things for the sake of buying; there are several sub-processes involved from comparing items, searching for alternatives, reading reviews and testimonials, interacting with previous customers to gauging the social activities of the brand. This is the new reality.

It all boils down to one thing – R-E-P-U-T-A-T-I-O-N. For one, the prospects are yearning for information. If they cannot find it in your website or official social pages, they’ll look for it elsewhere. Thus, it is important that you present them with the right information particularly those that will make their lives easier. There’s a reason “life hacks” are the in thing at present; these are practical information that can be put to good use.

Nonetheless, you should be wary of what information you are sharing on your digital properties as discussed above. The reputation that took you years to build can be damaged by a single unverified post that turns to be a hoax. This is one of the most common pitfalls for modern businesses – sharing without confirming. The ‘think before you click’ mantra is more useful than ever when it comes to this. 

Key takeaways

First, technology is inclusive, and it is in this inclusivity that will impact a business’s future. There are meaning and relevance to inclusivity that only those businesses that chose to embrace technology can reap the benefits of such. The fact that modern businesses thrive on high-quality engagements cannot be emphasized enough.

Second, technology is global; it affects and connects people. Everyone has its say these days. Modern businesses are getting more and more boundary-less. If it means tapping the digital landscape to increase engagements, then so be it.

Third, technology is disruptive. It is here to stay; you cannot ignore it and what it can do for your business. It is important to stay ahead of the competition with technology as the key driver. Your people are using it and so should you. It is a paradigm shift that should be embraced by all businesses.

About April Ang

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