Recession-shy buyers are now tightening their belts, zipping their wallets, and putting off that big purchase or commitment they were hoping to make. Business leaders are facing the ever-increasing challenge of globalization of commerce. There’s lots of panic, concern and fear. In this difficult economic environment, some of the world’s best-established companies and brands have found themselves struggling to stay afloat. Incredibly, though, others seem to be doing better than ever. Is this possible? Actually, yes. Even in a disastrous economy you can transform the current downturn into a significant advantage. You can use the pressure of the moment to induce structural changes and efficiencies that are harder to accomplish in more tranquil times. Attitude is all that is essentially required, for blasting through the fear of crisis and making sure you don’t lose your plot even in turbulent times.
We are operating in a new normal environment, which is that we are going to have economic challenges and geopolitical issues somewhere in the world, all the time. Taking bold steps forward can be frightening, of course, during turbulent times. During crises, there is a temptation not just to hunker down but to actually adhere to the trusted and better-known old and conservative corporate strategies.
Today’s most successful companies are the ones that have kept a laser focus on performance. High performance is still about market focus and positioning, your distinctive capabilities, and your people. This idea is, though, beautifully simple and logical, the reality, however, can be significantly more difficult. Some people take their current operating models and their view of the customers and continue to struggle with global expansion. Successful organizations, on the other hand, are figuring out how to be, both, globally efficient and locally responsive. They leverage technology and know-how around the world as quickly as possible. They are prepared to seek out and absorb input from the countries and cultures they touch.
Today’s Social Networking is Tomorrow’s Enterprise Communication
You can no longer continue to afford a closed-door communication system. Consumers worldwide have grown up during a time, technologically speaking, when almost any information is available easily and cheaply. Technology, indeed, has been a key to some companies’ global success. The ability to disseminate whatever you think is also immediately available. Your customers, today, bring the outside world with them. Especially in the emerging markets, you’ve got to be part of the fabric of society and make sure you’re very conscious of that. The definition of a high-performance company now includes commitment to the community and the people who live and work in your midst. Social media is a relatively new term that describes marketing using interactive media or grassroots personal interaction. In a global enterprise, these services are becoming the fabric of how you operate and interact. There is huge value proposition only in those companies that make themselves more porous and interactive, today.
An important part of the corporate agenda, these days, involves corporate identity and values. Corporate values aren’t just an obligation but they also lead to performance-enhancing benefits. It is no longer sufficient to simply sell products or services. Instead, top organizations are now being called upon to support the values and beliefs of the people they serve. These values vary widely from place to place. In India, it’s about health care. In Europe, and now in US, it’s about sustainability. But whatever the specifics, people want to associate only with a company of character. The social networking media is a tool, which if used properly, helps your company to distinguish itself from others, in nature and character.
Twitter, Facebook and LinkedIn are few of the very popular non proprietary social media web sites that help people to stay connected by continually updating users’ answers to one simple question: What are you doing? Networking media has been incredibly beneficial for the companies in getting a great deal of insight from a community of folks—employees and customers alike—who are interested and curious. They want to be engaged. As long as someone is listening, they’ll continue to tell you what they think. They allow you to take knowledge from wherever it is to wherever it’s needed, regardless of geographic boundaries. And that ability allows you to succeed in the globalization agenda.
Unfortunately, for today’s businesses, there is no assurance that any given plot will have a happy ending. The outcome for each business depends on the input, the effort, and especially the organization’s performance as employees and executives work together to meet corporate goals. Companies struggling in these areas bear the brunt of today’s woes. High performers, on the other hand, are most likely to survive and even thrive regardless of the economic climate. It is the most compelling reason imaginable for every business to develop, implement, and vigorously maintain a company-wide culture of high performance.
Businesses and organizations must be prepared to stay the course, especially when it comes to globalization. They must show confidence and courage, knowing that people are looking at them and reacting to how they act. They must make best use of the available platforms such as social media, for better outreach and effective results. Let us embrace this consumer-driven reality and take advantage of the “big bang” happening in social media.
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