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High growth biz July 31st, 2014

7/31/2014

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THE ROLE OF COMPETITIVE INTELLIGENCE
Developing the market edge for success

Is your market research leading you to new business opportunities?


Do you have a deep understanding of the competitive advantages of your offerings?


Do you appreciate the difference between marketing and sales and their inter-relationships?


Competitive intelligence is a tool that allows a business to monitor the strategies competitors are utilizing in marketing and product development. The focus is on analysing publicly available information.

During the 1980s, the forest industry in British Columbia went into deep recession. This was caused by increased global competition and tariffs on forest imports by the United States amongst other factors. A fundamental economic shift occurred that impacted negatively on single-industry forest communities like Chemainus on Vancouver Island resulting in high unemployment.

Chemainus responded by developing a tourism industry with local entrepreneurs driving the change. Its’ main street was revitalized with a series of outdoor mural paintings. A shopping mall was constructed. This gave the local community a competitive economic advantage.

Individual businesses too can tap into new opportunities by researching the market and responding in ways that give competitive advantage.  Understanding what consumers really want results in high business growth.

Intelligence findings by a technology based company showed that the high cost of downtown city parking had shifted attitudes of a significant segment of the population away from ownership to sharing of cars to get around the city. This led to a business where customers with electronic identity cards could swipe to unlock and use cars provided at strategic locations in the city. Competitive intelligence is a tool for analysing the market and the competition to create advantages and fresh opportunities for your business.

It is important for businesses to identify opportunities by understanding local factors that impact business growth.

Make a Positive Difference in Business
By learning about the strengths and weaknesses of the offerings by competitors you can work to improve satisfaction for customers. Get involved in industry organizations and understand the forces shaping research and development. There is always room for something different that leads to more positive experiences for consumers.

Utilize Electronic Communication Networks
We can learn a lot about the competition and consumer attitudes by simply researching electronic online postings by both the competition and consumers. Transparency is the best way to build consumer trust. This has resulted in many businesses providing online information about their market research findings and progress made in product development. Additionally you can create your own communication channel that reaches out to your target market more effectively.

Make Things Affordable For Customers
An interesting furniture start-up went into business offering modular furniture with parts that could be move around to change the shape of the furniture. The quality standards and manufacturing realities shaped their pricing strategies. This led them into a market where they now sell to large corporations. Competitive intelligence helped them make the decision to manufacture in North America instead of in Asia.

Promote Continual High Growth
It can be said, if you are not growing you may be dying. Competitive Intelligence encourages you to gather publicly available information about the market and the competition. This can be converted into intelligence that leads to knowledgeable decisions that help you to manage and grow the business.

With the right intelligence your business can be pro-active and competitive.

Siddha Param
International Business Consultant
Reboot your business plan for sustained high growth.



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July 24th, 2014

7/24/2014

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PLAN FOR MARKET SHIFTS
Continual business re-evaluation


The phrase Paris fashion evokes an image of attractive designer clothing that wraps the body in pure luxury. Sheer indulgence that says you are worth being pampered. But too often the hesitation to buy comes when prospective customers look at the price tag.

BUSINESS OPPORTUNITIES AND SHIFTS
A business opportunity arose when a couple of entrepreneurs realized that there were always a few items on the rack left unsold because of colour or size. This began a business where they would buy the unsold clothes from the fashion houses at a fraction of a cost for resale to discount stores across Europe. The business was a success.

However, over time the discount stores started to contact the fashion houses directly. Our entrepreneurs found their business under threat.

BUSINESS RE-EVALUATION
Internet technology came to their rescue. Setting up an E-commerce site they targeted consumers across Europe directly. This shift from a business to business (B2B) to a business to consumer (B2C) modal was a success. They had studied the market shifts and re-evaluated their entire business modal early enough.

To remain profitable a business must continually re-evaluate information and use it to innovate in response to changes in industry practices and consumer habits.

RESPONDING TO CHANGE
The internet has fundamentally shifted how perception about products is shaped and delivered to consumers. The ability for consumers to communicate their views and experiences to the world is influencing consumer choice. It is a form of brand democracy that levels the playing field for big and small business.

It requires businesses to have a continual conversation with their constituency customers, responding to their needs quickly. Already the organic food movement is reshaping the food industry. We see aisles of organic foods in supermarkets. This is the response from established businesses. Smaller organic produce stores are responding by utilizing E-commerce and identifying with desires for healthy living.  

E-commerce has created a market shift in industries from travel to health and consumer goods. The role of marketing has expanded beyond obtaining market feedback while encouraging sales. Marketing personnel now have to get involved in business planning to reshape the business operation. They have to become change agents within the business. This is necessary to ensure timely response and continual business growth.

Siddha Param
International Business Consultant
Reboot your business plan for sustained high growth.


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July 16th, 2014

7/16/2014

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Successful Relationship Marketing
A lasting positive emotional bond


After months of hard work with long hours, delivering quality to customers and spending time staying in touch after the sales to ensure continual customer satisfaction, it was time for a vacation.

Our successful entrepreneur couple listened to recommendations from friends and researched the internet settling for a beach front hotel destination. From the moment they arrived it was an experience of sheer luxury and constant pampering; warm smiles all around; a room décor of fine furnishing and beautiful paintings; a sea front view of exquisite beauty; a butler at their service; a trendy restaurant with a chef who created unique dishes based on their personal taste; everything was pure indulgence.

The days spent at this vacation retreat was indeed a taste of paradise. No wonder our entrepreneur couple have kept returning to this get away. The philosophy of the hotel was simple. It was “a haven designed to pamper and delight each and every guest”. Quality amenities and service was the hallmark. The hotel succeeds because it did not stop at writing down the vision and values of the business. Rather, it implemented the vision and practiced those values. In short, it was a business with integrity.   

Business Values, Beliefs and Principles
The word integrity comes from an ancient Greek word that conveys the meaning of a sense of inner wholeness. It relates back to your values, beliefs and principles that lead to making decisions and taking action that is seen to be just and fair by the community within which you operate.

Integrity, Trust and Customer Relations
To conduct business with integrity requires actions to be consistent with declared values, methods, standards, and expectations of those you deal with in the business organization and across the supply chain set up to deliver customer satisfaction. Integrity conveys truthfulness and builds trust in business relations.

Relationship Marketing and a Competitive Edge
In this sense integrity is considered the secret weapon that can be deployed to build a relationship of trust with customers that gives your business the competitive edge to out-perform the competition.

Apply integrity and declare your values, then, conduct your business based on those values. Give information and provide knowledge freely about your business. The more transparent your business, the more confident will prospects and customers be with your business.

Information and knowledge allows businesses to pull ahead of the competition. Spend time sharing your knowledge with the community you serve and build a relationship of trust.      

Compromising on integrity will result in substandard service and consumer distrust. This leads to business failure. It is therefore critical for businesses to practice integrity in all aspects of production, delivery and customer relations. This cements a relationship of trust that leads to high growth and long term success.

Siddha Param
International Business Consultant
Reboot your business plan for sustained high growth.


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July 09th, 2014

7/9/2014

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High Growth Leadership
Getting teams to succeed


One of the most critical traits of leadership is, having the courage to set out a vision for long term success that inspires the team to complete daily task and achieve set goals.



Business Management and Leadership

Business management requires running an operation that produces products to be delivered to paying customers. To achieve this requires managing a delivery system staffed by people who are capable of working productively. Task like making payments, meeting sales targets and providing customer service can all be carried out by professional managers.

Business leadership on the other hand focuses on setting the long term vision. Leaders have to make sure the business is headed in the right direction while daily task are performed profitably. Leaders need to know about industry developments, social changes and economic factors that can impact the business.

Leadership Vision and Business Success
Planning is essential as it helps you to be pro-active and not re-active. This will help your business to outperform the competition.

Visualize the future state of your business when your ideas have been implemented successfully. Write out a vision statement that helps your managers and team members to also visualize what you see as the ideal state for business success.

Your business plan should set out a practical pathway for achieving targets and goals in the short and medium term that lead to profit. This has to be done without deviating from the direction set by the vision.

Hallmarks of Effective Business Leadership
Leaders must have the courage to act decisively. This requires self-confidence and a belief in your business vision. A sound vision has to be based on a deep understanding of your industry and the market you serve.

Henry Ford wanted to produce a car for the greatest number of people at the lowest cost possible while paying the best wages possible to his employees. He succeeded because he had a clear vision, a deep understanding of the market and the possibilities of the automobile industry.    

To give your team the confidence to perform effectively over the long term, share your vision with them. Your confidence will grow as you hear yourself explaining your vision in a manner that encourages a buy in.

An effective leader delegates task while remaining in control of the business. Get competent and qualified people to carry out specific task. Delegating powers to team members can build trust and confidence in your leadership.

But, always remember that as leader, you can delegate powers but not responsibility. This requires establishing feedback channels that allow for timely reporting back to you. This is to ensure that the business is managed and operated according to the agreed plan of action.

Effective business leadership requires a willingness to continually learn. It is a good idea to engage consultants periodically to provide an objective review of your business plan as business practices change and markets evolve. This can stimulate fresh ideas and innovation that increases competitiveness.    

Siddha Param
International Business Consultant
Reboot your business plan for sustained high growth.


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July 02nd, 2014

7/2/2014

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COMMUNICATING TO CONVINCE
Selling your business message

To run a business successfully you must be good at convincing the stakeholders in your business that includes your employees, agents, suppliers and customers to accept your point of view.

Most individuals operate from a position of conviction. Based on their understanding of what works best for them, individuals tend to resist a point of view that appears to differ from theirs.

The resistance to accepting a different message can come from a personal belief in the individuals own experience and expertise. Very often the individual may have a trusted adviser that he or she relies on.

What is the best way to convince individuals of the evidence that supports your business message?

You could communicate the evidence with; (1) a write-up, or (2) a visual image (picture, diagram, chart or graph), or (3) build up their self-esteem.

Interestingly, the most effective of these three methods of communication is to use a visual image. It has been said that a picture paints a thousand words. A chart or a diagram also creates a visual image that the human brain can understand clearly. Our brains are tuned to pick up the message through a visual image. It is no surprise that news reports on market trends are commonly presented using charts and graphs.  

The message from the image comes across very clearly. Plotting statistics onto a graph gets the message across effectively. Hence, when you want to convince your stakeholders that your business has the track record to deliver, create diagrams, charts and graphs. Plot the evidence you have to support your message as to why they should do business your way.

Use pictures to support statistics. Even effective radio advertising works on creating images in the minds of listeners.

We have to work harder mentally to compute information conveyed with words then with pictures, diagrams, charts and graphs. We can see these images as real evidence. It is difficult to argue against what we see. After all it has been said, “seeing is believing”.

Use visual aids to present evidence supporting your business message. It will help align the mindset of your stakeholders to your approach to organizing the business. This in turn will drive efficiency through the supply chain to deliver satisfaction to customers.

Siddha Param
International Business Consultant
Reboot your business plan for sustained high growth.


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