The behavior of the consumers has changed over the years. 10 years ago people tend to purchase items in a totally different fashion then what they are doing now. Today the consumers are concerned about the products what they buy; hence they are purchasing better products. They gain the information of the product prior to buying it. By law the manufacturers have to print the content and ingredient of the products on the back of the food items thus helping the consumers to be more and more educated regarding it. Social, economical and personal factors have led a huge impact on the behavior of the customers. There are many NGO’s and consumer groups that aim to inform the consumer about the products in a much better way.
Successful German Companies:
German’s top companies are always capable of thriving even in rough times. The major reason behind it is that the companies transform themselves in a continues manner to maintain the competition. They have financial strength; IT enabled insight and good leadership qualities. This is the reason for the success of these German companies and this is where Asian companies fail to achieve the goal.
A New Path:
For a high growth, companies can no longer stick to the old plan of counting on the demographic changes. It’s a high time for them to take a third route and is to drive a rapid growth on industries. In the coming years the company needs to grow collectively and the leaders should find new sources that are both achievable and can be sustained for a longer period of time.
The main thing is not that consumers are changing it is, however, the way in which they are changing. These change hampers the flow of the company as they try to follow the same traditional business models. The three major elements for the success of a particular company are as follows:
Adaptive Mindset: Having a corporate mindset is very important for a successful company. The leaders should come up with quick responses at the time of any disruption. One should also adopt to lateral thinking i.e. going for the opportunities that are outside the core business. Lateral thinking helps in creating a better and unique education experience between the online products and offline services.
Agile Firm: A successful company always responds to changes rapidly and also learn quickly from the changing environment. To meet the needs of the consumer the company has to equal or exceed the standards of their industries. These organizations not only learn quickly but also pass the things what they learn.
Advanced analytics: The industry leaders should use advanced analytics to fulfill the gaps between the consumer and businesses. Many companies are using analytics to understand customers in a much better way. One should always try to build a reputation for delivering a high quality service.
The above discussed elements are very important for the success of a company and by following these elements the companies can maintain their success rate even during harsh times. In this way by meeting the expectations of the consumers business can turn consumer change to their advantage.
Technology is also crucial:
In the event of such a rapid changes it is time for the companies to give a reset button for how to use the IT. It is expected that by the year 2050 if the current consumption trend and population continues then to meet with the demand of resources it would need 2.5 planets to support. Thus business should shape themselves in such a manner that it would be more easy and personal to consumers. And it is only possible by the power of technology.
Leaders should use mobile apps and social media to reward their customers. They should use social media to encourage more competition for sustainable behavior. Customers should be encouraged through Facebook to recycle their cloths thus driving a shift in behavior.
Companies should use multi-channel platforms to tell the people about their company’s products and services. Technologies can influence and increase the consumer count in a dramatic way. A California based company “ Carrotmob “ . This particular company has adopted something similar and has progressed a lot in their field.
Improvement and experiments can lead to a big innovation. Innovation is capable of creating a powerful partnership. Old leader prefer to renovate rather than innovate as they fear that new ideas may not succeed but innovation is the most powerful tool for a company and at the same time a key driver.