Update your Operating System

On June 11th 2013, Apple unveiled the next version of iOS – the Apple device operating Imagesystem. The new system will update the current device functionality and enable new services. What about your business operating system? Have you been thinking about updating how your business operates to improve your functionality, improve quality, and enable new services?

Your company is just like Apple.  The market moves ahead and your customers are always expecting more. Your customers’ needs change, competition changes and the way you operate needs to adjust along with them.

Find out what customers are expecting and how well you measure up:

  • Implement a metrics driven review of customer needs. Track Net Promoter Score and benchmark your company’s performance.
  • Understand what’s new in the market. Talk to your customers about the way they would like to do business with you.
  • Look closely: what are your customers are collectively saying and note any patterns or trends.

Uncover sources of customer satisfaction or dissatisfaction inside your organization:

  • Optimize processes to determine the most efficient workflow, reducing wasted time and resources.
  • Define the key operational process metrics that lead to customer satisfaction, such as on-time delivery, back-orders, or returns.
  • Determine the cost of quality in your organization. Find ways to eliminate double- or triple-checking of a single step in the process.

Keep up with the times and remember to continuously innovate:

  • Innovate your business processes from supply chain to ordering to customer delivery. Make use of mobile technologies and automation to streamline the information flow and get real-time updates.
  • Create new services to improve your connection to the customer, create repeat business, and generate new revenue streams.
  • Need ideas? Read the article 3 Ways Mid-Market Companies Can Innovate

Updating the way you do business is just another way to take care of your customers, employees and yourself. Think back to when you started the company, or took over as the CEO, COO or CFO – you wanted to leave your mark on the company by making things better, and changing the status quo. It’s time to do it again!

DataKey Difference: Our passion is helping our clients accelerate their financial and business objectives. Our goal is to give you the tools for lasting and self-sustaining advancement. Over the last 10 years, DataKey has successfully completed hundreds of projects across 30+ different industries for mid-market and Fortune 1000 companies. As a measure of client satisfaction, over 90% of our clients reengage on multiple projects. Contact us today for a free initial consultation and see how we can help your business thrive.


Is there a Social Media Bubble?

Social Media BubbleSocial media represents the real world network we all desire but prefer to access from the comfort of our couch, desk, or coffee shop. We can effectively ‘keep in touch’ with many more people at one time than if we were to plan coffee, lunches, dinners and phone calls. The old standard email among friends has diminished. Instead, we say, “Didn’t you see my Facebook post?” For individuals, social networking is a big win. What about for business? Does social media efficiently help businesses grow revenues, reduce expenses, and build a brand? The answer: it depends.

Social media is a powerful tool as part of an overall strategy and aligns well with organizational functions such as customer service, HR, marketing, and sales. DataKey consults with CEOs and leaders of mid-market companies in dozens of industries who are primarily concerned with business growth. Organizations that identify a target market, define their customer needs and fine-tune content to build engagement use social media more effectively than those without a well-defined marketing strategy.

Social media is often more useful in B2C organizations for lead generation, voice of the market / customer and customer support. According to Nielsen[1], there’s a 92% trust level with a recommendation from a friend, vs. only a 29% trust level from the advertiser itself. Social media has enabled a more informed consumer who now gathers third-party reviews, references and ratings before visiting your website or making a purchase. Once a customer (or potential customer) follows your company on social media, they are more much likely to make a purchase. According to one study[2], “64% of Twitter users and 51% of Facebook users are more likely to buy the products of brands they follow online.”

Case in point: Pretzel Crisps[3]. They launched a $1.00 coupon on their Facebook page. Within 36 hours, their fan base grew from 5,000 to 12,000. So, they launched another coupon – Buy One, Get One Free. Only this time, they didn’t tell their fans. No matter – fans found out on their own and the “letting you in on a secret” factor had a viral effect that exploded the fanbase from 14,000 to 29,000.  Now it’s at over 250,000. But fans just tell one side of the story.  The redemption rate for the fist coupon was 87%; the redemption rate for the second was 95%, and annual sales increased 93%.

The case is not as clear for social media for B2B business development and sales. We did a poll of 25 mid-sized B2B business owners and found that none of them are using social media as a major component of their business development strategy. In some cases, it is gaining traction where digital natives are the organizational buyers and leaders. Yet, business leaders are constantly being bombarded with messaging about “getting social” and the new “integrated marketing.” Perhaps we are experiencing a social media bubble where it is hyped to the point of not being realistic. Where is the ROI?

There is a big downside and RISK in ignoring social media – it’s ever-evolving, businesses are constantly innovating new ways to use it, and the last thing you want to do is fall behind. Undoubtedly, the value to all companies in any industry will only continue to grow over time. So even if you’re one of those B2B companies that doesn’t see the value today, it’s essential to keep your eye on social media trends and be ready to invest when you can gain an advantage.  Any well-developed marketing strategy must include a comprehensive social media plan – even if that plan is to watch and wait – now and in the future.

DataKey Difference: Anticipating ever-changing demands in the marketplace has never been more critical, especially when the competition is only a mouse-click away. To make data-driven management decisions, it is essential to fully understand the market, prospects and customers. DataKey will bring knowledge, experience and best practices to your door and translate them into techniques that will create results for your company. DataKey is accountable for recommendations and implementation. Contact us today for an initial consultation.