Business Model For Today's Economy

Business Model For Today’s Economy

Businesses have always had to adjust to the times in which they find themselves. It all began with the business model that focused on production, then the quality of production, with the focus on the needs of the customer now following. Customer-focused business models have recently shifted with the advancement in technology coupled with the recent financial downtown which was experienced around the globe. For an organization to survive in today’s economy, its business model must:

BE A SERVICE PROVIDER:

Emphasis has shifted to organizations giving back to the society while providing value-added goods and services. This is the only way to win the trust of the public who in turn become customers. There is also the need to be more focused on treating the employees of the organization better. If you’re running a dentist office, balancing a corporate social responsibility with the demands of caring better for the organization’s employees while providing quality goods and services is a must in today’s economy.  Here are some examples of corporate social responsibility.

CREATE A BRAND:

In today’s economy, an organization needs to be known for a particular product. This is the only way to gain the appeal of the public. mosquitofaq.com has created a great brand like this. This explains the recent surge in mergers and acquisitions by organizations. Organizations tend to sell divisions that divide their attention while focusing on their primary business.

BE INNOVATIVE:

Organizations of today are expected to be creative. Clients expect innovations these days. They are always on the lookout for organizations that can make life simpler for them. With the advancement in technology and the availability of “Artificial Intelligence”, clients demand more from organizations in what products they offer and how it is offered. Make sure to consult with lawyers to make sure you’re not being too creative.  In the case of manufacturers, the society at large expects them to innovate ways to produce in an eco-friendly way.

MUST BE RESPONSIVE:

It is not enough to just be there for the sake of being there. In today’s economy, it should be easy to reach an organization speedily. Technology has advanced so much that organizations do not have an excuse not to effectively interact with their clients — especially if you are a therapist.  This situation applies both for the in-store and online store. This explains the “live chat” functions on websites and the availability of a customer service department in the brick-and-mortar store.

In today’s economy, organizations tend to share more and give more. This is the only way to earn the trust and loyalty of the ever demanding public. Without earning their trust and loyalty, there will be no clients to patronize an organization’s products. This has sparked organizations to be more creative in how they provide their goods and services to their clients.