Today, family businesses are turning their weaknesses to their strengths and are quickly transitioning to professional companies. That’s why, experts believe that the 21st century belongs to family-owned businesses. If you want to follow their footsteps and transform your family business to a professional one, here are four best practices that can help you succeed.
Four Consumer Trends Shaping Business Today
Consider this - Almost 80% of global consumers have smartphones, nearly 10% own wearables, more than 50% have tablets, and 7% own all three. This consumer landscape has evolved so rapidly and is constantly redefining the market. The consumers of today are tech savvy, indecisive, have high standards, young and rich. These are the masks they wear and it strikes an ever-increasing challenge to marketers.
As market realities change and create new faces of customers with each passing day, the answer lies in technology and psychology —getting into the mind of the consumer to unveil what customers really want.
The Rise of Mobility
The average person checks their mobile device 100 times a day, according to IDC Always Connected report. This, says the report, makes mobiles an important channel for brands to connect with people, especially in Southeast Asia.
Today’s hyper-connected consumers expect businesses to have a mobile presence and would most probably look past companies that don’t have one. They want to do everything through their mobile devices, and that’s why you need to ensure that your company grabs their attention.
Businesses are resorting to sell their wares through chat platforms, which is increasingly becoming more of a sales channel more than just an instant messaging platform.
The writing’s on the wall: If you want your products and services to be taken seriously, you’ll need to get on your customers’ mobile devices. Most companies have acknowledged that and are making their presence felt
The Reach of Social Media
According to a study by Deloitte, consumers check Facebook 14 times a day. That’s an incredible opportunity for sales to convert those Facebook visits to potential leads by targeting the right audience with the right product.
Nothing has influenced the modern buyer’s mind more than social media. There’s a reason why there are marketing teams and research analysts whose primary responsibility is to scrounge through social media and read between the lines.
Concepts like consumer sentiment analysis have become popular because marketers are trying to track the correlation between brand affinity with brand perception. Consumers are constantly talking about brands and products and services they love—and more importantly, what really gets their goat, on like Facebook, Twitter and Instagram
The Popularity of Personalization
Nobody wants to be just another face in the crowd. Buyers today want to stand out and be noticed. That’s why having their own identity—especially in the virtual world—is all the rage these days.
And when companies acknowledge that, buyers are delighted. Gone are the days when ‘carpet bombing’ used to work wonders. One size no longer fits all. Today, consumers expect businesses to understand their specific needs and speak to them with a degree of familiarity.
The average consumer goes through at least five touchpoints before converting. That’s a long sales cycle and businesses can no longer afford that. That’s where targeted marketing—like programmatic marketing—steps in.
Take for instance, product recommendation features—like the people you may know feature—on Facebook and Amazon that prompt buyers. This helps buyers look at possibilities they didn’t know existed. That’s something modern buyers are beginning to expect.
The Growing Middle Class and Millennials
There’s no doubt that there is growing middle-class population in Malaysia. With income and spending capacity increasing in Asean countries, the standard of living of the middle class has increased significantly. But what does this mean for your business? Simply put, it means a bigger world of potential customers.
What makes the middle class even more interesting is that it’s brimming with millennials—another target audience that fits right in the middle of the paradigm shift happening in what’s increasingly becoming a buyer’s market.
It is estimated that by 2020, millennials will comprise half the global workforce, according to Catalyst. That’s a whole generation of customers with disposable income. Your next step is to get a hang of these forces that are shaping the consumer, hyper-personalize your product with the right messaging and you will be in a better position to sense the pulse of the customer and take your business to the next level.
Ready to grow your online presence? See what Maxis eCommerce can do for you.
Where was Senheng’s first retail outlet? How have you grown since then? Senheng Pandan Jaya was our first Senheng store that was established back in 1989. Today, we have more than 100 stores nationwide.
Can you provide us a brief introduction to Bata? Bata was founded in Zlín, Czech Republic in 1894 and brought into the Malaysian market in 1935.