A business is defined by Wikipedia as an organized set of activities undertaken for the purpose of earning a profit. In business activities, businesses may be public or private; for-profit or non-profitable. The scope of business activities is widely influenced by the market environment. They can be home-based, office-based, retail, wholesale, or manufacturing operations.
The global economy is experiencing intense challenges that have forced many businesses to re-examine their strategies and practices and revamp their operations and management systems. One of the most challenging aspects of business is the creation and development of new business functions. There are several ways in which businesses are using technology and social media to achieve their objectives. This article provides some 15 examples of how businesses are leveraging technology and social media to increase customer loyalty, drive sales and improve return on investment (ROI). This report is divided into two sections – one that discusses the strategic implementation of business strategies and techniques; the second section looks at the creation of strategic alliances.
Social media has been an effective vehicle for branding companies, especially since it is not cost-effective to launch a major marketing campaign. As such social media is often used to build brand awareness, attract customers and to build partnerships. It is also frequently used as a tool for market research and analysis. Market research is often used by businesses to determine what kind of consumers are likely to buy a product. This is achieved by conducting product surveys and obtaining feedback from various sources like friends, clients and employees. Examples of popular business strategy tools being used by many businesses include Facebook, Twitter and YouTube.
Many businesses must find ways of keeping their talent and employees motivated. This is especially true for highly talented individuals working in a dynamic environment that is prone to high levels of stress and frustration. Stress can lower a worker’s productivity, cause accidents and create negative impacts on performance. Professionals must learn how to de-stress and find effective ways of managing work-related stress. One way many employers are using to help their employees is providing them with a more social work-like environment where they can openly discuss issues, ask questions and create support for one another.
The third section of this report looks at the creation of relationships through information technology. Many businesses have information technology departments to support customer service and social media marketing efforts. However, the creation and maintenance of these departments can be hindered by the inefficiencies created by the typical business practice. This problem is exacerbated by the fact that many businesses lack a formal customer service process or a system for tracking, organizing and responding to customer service calls. In addition, some business managers argue that IT departments are not doing a good job of prioritizing tasks or implementing rules or regulations that regulate the use of technology by the business.
The fourth section examines the competitive landscape. Today’s business strategy is much more complex than a traditional business model. Moreover, the structure of the economy and the nature of business lending mean that businesses need to adapt to changes in the regulation and taxation landscape. In order to be successful, businesses must determine what types of activities will result in greater profits while also reducing costs and expanding their reach.
The final section looks at partnerships as an important aspect of creating revenue streams. Businesses need to look beyond the revenue streams created through the direct sales and advertising channels to develop partnerships with other organizations that can help generate additional revenue. Creating revenue streams through partnerships can create synergies between different business models that generate greater overall profits for businesses.
Overall, this report identifies four main areas of business concern. The first section identifies four general ways that businesses can improve their profit margins through the development of new markets, organizational improvements and changes in consumer behavior and habits, leveraging existing corporate assets and developing new personal assets. The fourth section identifies four specific strategies that businesses can use to reduce their corporate debt burden. All these strategies can be used together or independently to achieve greater profitability.