When you are a businessman, it is common
for you to hear phrases such as, “The corporate world has cut-throat
competition these days” or “Nowadays, it’s a dog-eat-dog world”. Although
people think that corporate competition is a creation of the modern day and
age, it has existed for decades if not centuries. What has escalated is the
nature of the competition? Development in
technology, easily available educational opportunities and a growing
international market has made it possible
for existing businesses to expand and for new entrepreneurs to spread their
wings. But it has also resulted in a competitive environment where the
opportunities are few and have to be grasped
as soon as they appear. This is
especially true for firms engaged in B2B (business-to-business) practices.
Under such conditions, the best way to ensure success and profit is by doing a
thorough market research and also using the ever popular social media sites to
one’s advantage.
B2B
Market Research
To understand what another business
might be interested in acquiring, it is always a good option to know the market
first. By knowing the market, one can
understand the relations between demand and supply of goods and services. But, even though it is a favorable practice,
there are obstacles in the path of market research. Some of them are as
follows:
- Information Overload: The market is filled with information of all sorts, and none of them can be deemed unimportant. In such situations, it becomes difficult to determine which set of information to choose and which to discard.
- Distraction:Related to the above point, companies sometimes become so engrossed in researching the market, that they start neglecting other, equally important facets of running a business. This behaviour is mostly seen in new start-up businesses.
- Financial Constraints: Collecting information is not cheap. It requires quite an amount of money, and if the annual profits are not what they should have been, market research can sometimes be put on hold.
Due to such difficulties, many
companies tend to push back market research until they are able to do them properly. By timing a research accurately, one
can reap the maximum benefits. It also needs to be remembered that the ones
being researched in a B2B market research
are other businessmen. These people are very busy and seldom have time to sit
and talk. By being patient and smart, market research can be conducted
efficiently and profitably.
Social
Media Automation Tools
Nowadays, everyone we know is on the
social media. There are hardly any people out there who do not have a Facebook,
Twitter and Reddit profile. Many people follow their favorite bloggers and are subscribed to their favorite channels on
YouTube. Social Media Automation Tools help businesses by automatically posting
content related to the concerned firm on social media networks. There are
various tools available that can help a businessman in using the social media
to his advantage. Post Planner can be automated
to post on Facebook on a periodic basis, Zapier can link the work done on one
social media network with another (such as your Facebook with your Twitter) and
Dlvr.it can be used to distribute new blog posts.
Conclusion
It is true that the competition is never going
to settle down. As a matter of fact, it might get even fiercer. But we shall
always have the tools to deal with them. To know more on Socia Media Optimization Please Visit Inventive Smi : http://www.inventive-smi.com/smo-services
