With the advent of social media and the availability of instant news via the Internet, we have truly become a global marketplace. That means those in big business must be ready, educated, willing and able to adapt at the snap of a finger, those who cannot keep up will lose to their competitors. Education plays an important role since obtaining a Masters in Business Intelligence will enhance and prepare those in business with the latest perspectives and technology
Technology has dramatically changed the way people do business. Before a customer steps into a retail store for a larger purchase, they have likely already done extensive research. If not, a couple of taps on a smartphone can tell them all they need to know about your business, product or service, leaving you a small window of opportunity to get it right and make a favorable impression.
Instant Feedback through Social Marketing
Many major corporations are taking advantage of the potential in social marketing by establishing a presence on such websites as Facebook and Twitter. While this is an excellent way to expand market reach, it is also a good incentive to offer top-notch customer service. Unhappy customers can tell their friends about a negative experience, those friends can tell their friends, and so on. A truly terrible experience can go viral, putting a black mark on the reputation of a business in a matter of minutes.
This instant feedback and broad reputation reach does not apply only to customers. Contractors and employees are more aware than ever of what the competition is doing, opening the door to increased demands for contract negotiation, higher wages and better benefits. While this may have disadvantages to big business, it helps level the playing field as well, which can help provide stability and balance to a particular industry.
Keeping Up with the Business Joneses
Technology plays a large part in business peer pressure, too. Where a business might have been able to plod ahead and ignore what the competition was doing in the past, it is difficult to keep a head buried in the sand these days with instant news updates on phones, iPads and computers. Big corporations must be competitive, which can be harder on the bottom line but makes for a more favorable environment for consumers.
If You Do Not Do It, Your Competitor Will
Instant information means instant access to new ideas, concepts or directions for a business to take. The business who fails to leap at the opportunity will be passed by the business that sees and acts on the instant information available on the Internet. News updates, product releases and ever-changing technology make the current business climate more competitive than ever.
More Choices than Ever in a Global Marketplace
Not only is there more competition between corporations, but also more choices for consumers, something most potential customers are very aware of. With big businesses vying for market share, the incentives and promotions give consumers more choices at better prices. In less time than it would take to call the local store to ask for a price, shoppers can search a price aggregator and find the lowest possible price for any item they might want to buy.
Technology has brought us many big changes, and most of them are very positive. While big business has to be aware of its reputation and how quickly it can change, the potential to reach more people quickly and efficiently far outweighs any potential drawbacks of living in this technology-driven information age.