Politics and Business
How Aware Of Your Business Are You?
Self-awareness is important in life. Knowing how we present ourselves to other people, how we have acted, and how we can improve in the future is important. When we’re structuring a business from the ground up, we could say that these important principles are as crucial as ever to consider.
This is because a business is a framework in which people put forth their effort, are serviced, and ultimately form a relationship with. In all ways, businesses are completely propped up by different engagements with different people. From connecting well with suppliers, to appealing to your pursued audience, to gauging how well your public relations statements are received, people are both the name and the game of your business – even if selling the most basic of raw materials to them.
But how aware of your business are you? Can you too apply some of these prior principles, formerly only reserved for individuals? And if so – just what metrics should we judge this by? It’s worth asking these questions, because more than ever the need for caring businesses that run by an ethical and effective framework are required.
So, let’s help you do that:
Measure Your Marketing
Taking the time to measure how well your marketing is going is a worthwhile use of your time. Companies can otherwise spend many thousands marketing using a whole range of methods that may ultimately not bear fruit. For instance, if you’re marketing your surfing equipment via platforms or television channels that are mostly watched by those in their elderly years – it’s not hard to see how little of a return on engagement you will get.
For this reason, understanding how your business is most effectively marketed, and how that relates to specific products – is essential. Furthermore, it’s important to analyze the metrics of your advertising efforts from top to bottom. Affiliate marketing software can be used to help you with this. From ensuring that your ad tracking is optimized and automated using a range of traffic sources such as Google Ads, Facebook and Exoclick, you will better develop, distribute, and gauge the return on your marketing efforts.
A good example to think of is that of fishing. Marketing can sometimes be like that. You never know how many bites you’ll receive in a day. However, ad tracking platforms such as this allow you to fish with a smart fishing rod, one that calculates every variable and the weight, type, timing, and suitability of each bite you retrieve. You can see how for an effort that requires such investment, this helpful addition can be so worthwhile.
Understand Your Staff Culture
Staff culture can truly translate to how your brand is viewed, and how satisfied your employees are working within it. Think of the recent allegations put against Ubisoft, one of the largest game developers and publishers in the world. Recent sexual harassment and toxic workplace culture allegations suggest a real corporate issue that is now causing thorough damage to the brand.
But more than your public relations, you should care about ensuring your staff have a happy and measured place to work. They must not have to worry about mistreatment, or a toxic culture, or harassment. Implementing a no-tolerance policy can be essential to help weed out the trouble, as well as a confidential HR reporting system that takes into account all of the facts regarding a current situation, and does so in a totally impartial sense, without even high-ranking managers immune from those rules.
Perhaps your staff culture is fantastic, and that’s worth celebrating. Yet we cannot expect this to form without a little guidance and concrete examples of what ‘ideal’ looks like. If you can achieve that, you’ll be making the right moves.
Reflect & Identify Problems
Reflecting on and identifying problems can help you move forward and bring your brand to a better place. Perhaps your recent sales promotion failed to hit expectations. Why was that? Did you forgo making price amendments to bring people in through the door – especially after Covid-19 has rocked people’s spending confidence and willingness to go out and shop in a retail sense?
Perhaps your brand has been criticized for acting ‘too loosely’ on social media, something that only brings with it a sense of ‘over-relating’ and trying hard to look cool? Some brands, like fast food brands, can pull this off. If your business has been trying to push a communication style that doesn’t quite reflect well on your company’s values, there could be a problem here. Remember that no business is immune to mistakes. But businesses that have the foresight to hold themselves to standard and identify the roots of problems will overcome those mistakes, and become stronger and better informed for the effort.
Does Your Brand Name Hold Value?
Measuring the import of your brand name can also be a great method of determining value. Of course, your brand name is officially comprised of all the assets you hold on your books, and the potential liquidity you can claim. That being said, brand names are more than just ownership of funds or holdings. Instead, brands can be subject to true goodwill, or even negative press, and this may dictate how your value your brand.
Furthermore, it can show you where you may be limited. When Kraft took over Cadbury’s, many in Britain saw this as a foul move, a huge American conglomerate taking over what they still saw as a heartfelt, soulful British chocolate manufacturer no doubt seemed like things would go south. Since then, Kraft have largely kept Cadbury’s at the same quality, but it was the perception that led to an initial dip in sales. Should measures like this spur you from potential acquisitions or other pursuits outside of your current framework? Perhaps not. But being able to measure and understand where these challenges may reside can help you improve – in no uncertain terms.
With this advice, we hope you can become more aware of your business and its machinations. Staying self-aware as an owner is a thorough virtue, proven time and time again.