The internet is key to improved business performance
If you are a business owner, inevitably there comes a time when you look to ways to improve how you conduct your business – increase output or sales; manage costs more efficiently; explore new markets or launch new products; expand or improve your geographical spread. For some businesses this is a constant process of evaluating business performance with a view to improving, for others it is less frequent a thought process.
Regardless of how eager you are to grow your business, the immediate concern about any attempt to improve the performance of your business is the cost and the risk associated with your investment. It makes sense to take your time and consider a strategic approach to business improvement, perhaps enlist the services of a consulting company and implement a plan that will deliver the best return on your investment in the long run.
How to Improve Business Performance
In the majority of circumstances, this is a very subjective question as there is no one-size-fits-all approach to improving the way you do business. Improvement in how you market your business and attract new customers is one area that most Australian businesses can capitalise on to deliver significant short-, medium- and long-term value to their business.
Again investing in marketing poses a number of questions relating to return on investment and what type of media best suits your business – TV, radio, print or the internet. According to a recent report from PriceWaterhouseCoopers (PWC), internet advertising is expected to experience four times the growth of TV advertising by 2014 and seven times the growth of print advertising – interesting statistics when you consider that advertising online costs a tiny fraction of what TV advertising costs and much less than what print adverts cost.
Australian Businesses Worried About Internet Performance
More and more Australian consumers are turning to the internet to make purchases with E-Bay reporting this week that Australia (along with Britain and South Korea) performed well above global averages for online purchases via E-Bay, with clothing, electronics and hardware performing strongly. Australian retailers are worried and even giants like Myer, David Jones, Borders, Target and Harvey Norman are trying to fight back by lobbying the Australian government to impose GST on online purchases of less than $1000 – the existing tax-free threshold is a major driver of current online sales growth.
This performance and the strength of the Australian dollar at present suggests the trend won’t abate any time soon. The internet as a sales channel is here to stay – so we say if you can’t beat ‘em, join ‘em!
Improve your businesses performance by utilising the internet
While internet sales are on the increase and major retailers are busy lobbying the government, the reality remains that Australian consumers like to research globally and buy locally – so putting your business online and marketing it to your target market presents a huge opportunity for improving the performance of your business.
Australian consumers are typically loyal to the concept of ‘Buy Australian’ – IF they feel they are getting a similar level of service in terms of value for money and speed of transaction. Consumers have greater confidence in buying from Australia for a number of reasons, including addressing issues if a transaction goes wrong – something that can prove a real headache with overseas purchases. So accurately representing why your businesses product or service performs better than the overseas alternative can win more customers, thus allowing your business to achieve and sustain growth.
Develop a comprehensive search engine marketing strategy
An intelligent online marketing strategy encompassing Google Adwords, a visually appealing and easy-to-use website and a comprehensive Google SEO strategy will ensure that your business gets noticed – leading to increased traffic (virtual and physical) which ultimately converts into dollars.
To discover more about how the internet can vastly improve the performance of your business, stay tuned to our regular updates or contact us at roi.com.au – our business consulting services can help you achieve the business performance you know your business is capable of.