Do you know the secret behind social networks?
Why do businesses invest heavily in activities that bring either the employee or the customer or both on one platform? This is what social business or Corporate Social Responsibility (CSR) is all about.
Every entrepreneur has a story on the business teething challenges.
Multinational companies engage the community in non-profit-making activities to widen their business presence. Naturally, people love to associate with companies that give back to society. As much as you look at it as a free service; there are indirect benefits.
The social business simply refers to activities carried out by business enterprises to solve a social problem. The activities cut across many disciplines depending on their CSR budget. Some of them include
- Capacity building
How do you feel when you have a poor road network that leads to a multinational factory near you? It is common for them to just take a leading role to make the road rather than wait for the government.
There are numerous social business solutions for your investment.
What is the best social business solution for you?
Before you decide on the best social business solution; you need to do due diligence on its effectiveness and the need. This determines its success. The achievement of the social business solution should also have a direct impact on the profit margins.
Professionals, skilled personnel and an organized system; are not enough phenomena to lure customers. You have to go to the customers and understand their desires. This helps tailor your product or service ahead of the competition. Mike McGlade, is an example of a failed social entrepreneur.
He is a typical example of misplaced priorities in business. He never took the time to understand the market demand vs. supply.
Some of the most common social business solutions include
- Social media
- Door to door campaigns
- Free goods or services
- Business offers
- Capacity building and training
When you take advantage of social media solutions high-profit margins are inevitable.
Currently, this is the way to go. Your online presence gives you business leverage. It gives you the platform to directly interact with your customers- for the benefit of both positive and negative feedback.
As a social entrepreneur, you have to go out of your way and reach out to customers through the door to door campaigns, business offers, and free/ subsidized goods and services. This allows you to have honest feedback on what people think of your product.
With this, you can now go back to the drawing board and address some of the issues in your products or services. It is a way of sealing business loopholes for its success.
How can you get new customers for your product amidst competition? Let people try out your products for free for comparison. Reduce your profit margins through business offers as an entry point in the flooding market.
The quality of your products or services determines customer loyalty. Moreover, it is the platform to get honest feedback for customization. This helps you to understand the reasons why your competitor controls a higher market share than you. With this in mind, you have all the tools to move the business to the next level.
Social business solutions provide hands-on ideas for business growth.
As a social investor, you are the flag bearer of the vision and mission of the investment. As you carry the mantle, you need people to understand your present business state, your short term, and your long term goals.
The only way they can do this effectively is through empowerment. Take time and organize capacity building seminars, workshops, and training for a first-hand approach. It will yield fruits.
A case at hand is in a building project. You may have the architectural design; yes, but, with poor workmanship, the building concept becomes a failed project. It is the firearm (the design) to get you shooting the target (building project) for a perfect house (winning a battle).
That aside, these are the main reasons why you need social business solutions for growth.
- High-end customer relations
A business that goes the extra mile to meet customers’ expectations is bound to maintain customer loyalty. The social business embraces the concept of transparency and openness in its business strategy. Every customer wants to be valued and appreciated. It is through the social business solutions that you get passive and active brand ambassadors.
- Better understanding
The social business allows you to have a deep insight into customer feedback, behavior and need. This gives you a tip on relevant and fruitful marketing tools to broaden the audience. To have the idea is one thing, but to tailor it in the market is yet another task that is simplified by social investment solutions.
- Widens your creativity and innovation strategies
Social media plays a significant role to get ideas on what your customers require. You may have overlooked, but, the market demand pushes you to it before you are thrown out of business.
This is not only from the customers but also from employees who have first-hand experience with the consumers. It is the innovative ideas and employee creativity levels that will help you increase the market share.
- Maintains your brand
Customer satisfaction comes as a result of the fact that you have maintained a reputable brand over time. This is just by the simple reason of listening and acting on what the employee and customer suggestions. This explains why a reputable organization makes a serious mistake on the market but still maintains its brand.
- Creates a team spirit
As long as everyone in the business chain speaks in one voice then you are sure of increased productivity. The social business puts everyone on the table.
Everyone’s opinion counts.
As long as there is freedom of speech and innovation, your employees strive to grow the business for they know the reward at the end of the day.
The moment there is a culture of proper communication with the right business systems then you are sure of more productivity in all aspects of the business. This is the power of social business solutions. Social business is a journey that requires commitment and responsive behavior between consumers and investors. Your work as an entrepreneur is to identify the relevant social business tools; design the right work culture, and set up a friendly business system; you will soon rip the fruits.