The onset of modern digital technology and fast adoption across the industries has revolutionized the business and also the individual’s life. Concurrently, these tech advancements have also given acceleration to a new robust and growing new-age startup business ecosystem that has already become a notable contributor to the economy.
With the evolution of new-age technologies and digitization, there is an onset of a new arena of businesses that are developing beyond the boundaries of time and geography, expanding their businesses globally. Still, many firms are operating traditionally, or slow in adopting a modern way of business are facing many challenges and declines in their businesses. These traditional businesses are at significant risk; they are ignoring customers and market demands.
For entrepreneurs, It is vital to identify and adopt transformative business practices to succeed and stay relevant.
Here are the top 5 business strategies that are driving new-age businesses.
Changing workplace dynamics:
Gone are the dreary days of a 9.00 am to 5.00 pm work hour jobs! With the advent of young new-age entrepreneurs and passionate startup founders, there has been a significant shift in how businesses work. There is a substantial effort in understanding employees, their skills, goal, needs, and providing a suitable working environment to make them comfortable and part of good organizations. Boring cubicles have been replaced with open office cubicles and no doors/ no cabin offices, which helps create an approachable and accessible work environment, putting a focus on merit and professionalism over corporate designation.
Apart from that office structure, the workplace today offers active employee engagement programs, which is like a retreat for employees to get away from their mundane work whenever they wish to. These new structural changes are a way to have every employee act like an entrepreneur and take ownership of their actions rather than feeling on an outsider who is just doing their job.
Employees come first:
Companies slowly realize that to grow business fast, it is essential to look after the employees. Previously companies used to focus on getting business only, retaining their client’s orders, and keeping them happy. At the same time, employee engagement and wellbeing were left to the HR, with little to no effort made to create a connection.
But with the entrepreneurial culture rise in, this mindset has seen a significant change. Many companies now appreciate, acknowledge, and offer several perks and benefits to their employees, not just to happy them but also to motivate and enhance their work productivity. Keeping the employees’ schedule in mind helps a company to grow exponentially and fast since their employees are happy and a lot productive.
Constant Interaction and engagement with the audiences:
Marketing has seen a revolutionized change and has moved forward to a whole new level, both geographically and demographically wise. With social media, brands have the power to understand their customers’ tastes and preferences, and, based on the data, they can drive narratives and conversations around what customers demand.
This approach helps builds trust and loyalty in the audience’s mind, which immensely helps the company in the long run business. Every business seeks to have a loyal base of customers, which they can rely on to support them. This can be done by continually engaging with the audience.
Utilizing New-Age Marketing Tools strengthen your business:
With the inception of new-age businesses, there has been an influx of new-age marketing tools that companies need to understand and use to maximize their reach. Tools like Digital Marketing, which includes the whole gamut of the online world like social media and website, PR, Content, and many more, are what is driving the new-age marketing. It is high time that brands start understanding the importance of these tools since these marketing channels can reach a vast number of audiences at a fraction of cost compared to traditional marketing tools.
Building on Online Reviews:
It is a known fact that customers can be classified into two types. There are the ones who are satisfied customers who are likely to recommend a brand to another. Then there are ones who had a bad experience. The latter is more than likely going to go and write about their bad experience in the form of an online review. According to research posted online by Local Consumer Review, 91 percent of people regularly or occasionally read online reviews, and 84 percent trust online reviews as much as a personal recommendation.
And they make that decision quickly: 68 percent form an opinion after reading between one and six online reviews. We can see how important it is to have online reviews. And it is essential to stop fearing bad reviews and view any report as feedback and an opportunity to engage with a consumer. Responding to reviews to give a personal picture of the Organization and its services and products is essential. Good reviews will offset the occasional negative one.
Necessary procedures, coupled with Innovation and new modern technology, aid the creation of an efficient economic structure where traditional processes are streamlined and replaced by innovative strategies. As the saying goes, old has always to make way for new modern things. And that is the underlying key to developing a nation driven by New-Age businesses.
Disclaimer: Author of this article is Agnelorajesh Athaide, Views expressed in this article are his own