06 Nov Business Blog November 2023
Welcome to the November edition of our monthly Business Focus blog
Our business focus blog explores the things that matters to your organisation. This month, we will focus on key trends in Targeting, HR, tech and management theory.
We hope you enjoy reading this blog post and find it useful. Please get in touch if you would like to know more about any of the issues discussed in this blog post.
- Targeting under-serviced markets
- Nurturing junior talent
- Refurbished technology
- Mayo’s human relations movement theory
Targeting under-serviced markets
Identifying and targeting under-serviced markets can be a game-changer.
Underserviced markets are groups of customers or potential customers who have unmet or underserved needs, problems, or preferences in your industry. They may be overlooked, ignored, or underserved by your competitors, or they may be new or emerging segments that have not been addressed yet. Underserved segments can offer you opportunities to create value, differentiation, and loyalty.
To identify underserved markets, start by conducting thorough market research. Identify industries, regions, or customer segments that have been historically overlooked or underrepresented by your competitors. Investigate the unmet needs and pain points of potential customers in these areas.
You can harness the power of data analytics to uncover hidden market opportunities. Analyse market trends, customer behavior, and demographic data to identify gaps in the market. This data-driven approach can reveal valuable insights that traditional market research might miss.
Once you have mapped out the potential gaps in the market, consider focusing on a niche area within a broader sector. By specialising in a specific product or service, you can tailor your offerings to meet the unique needs of a smaller, underserviced customer segment.
Reaching underserved segments requires a tailored and targeted marketing and sales strategy that is tailored to their needs, preferences, and behaviors. To do this, you should develop a clear and compelling value proposition that highlights how your solution is better than the alternatives. It is also important to choose the right channels and platforms to communicate your value proposition, such as websites, blogs, social media, email, podcasts, webinars, and events.
You can also create content that educates, entertains, or inspires your target market in order to showcase your expertise. Finally, build relationships and trust with your underserved segments by providing value, support, feedback, and incentives.
Look out for opportunities to collaborate with partners or startups in your target underserviced markets. They often have a deep understanding of these niche markets and can provide valuable insights. They may be able to help you to drive innovation in product design, delivery, or pricing which can help make your offerings more attractive to underserviced markets.
Targeting underserved segments can also present challenges and risks for your business. You may face higher costs and complexity when serving diverse and niche customer segments with different needs, preferences, and expectations. You will need to invest in educating these target markets on the benefits that your products or services offer to new customers. Investment in terms of time and money is required and the return on that investment must be justifiable.
Nurturing junior talent
In the era of remote working, businesses must prioritise the need to nurture junior talent.
In an era where remote work is often becoming the norm, businesses face a new challenge: how to effectively train and mentor junior staff members. Balancing the benefits of remote work with the essential development of junior team members is a critical concern for modern firms.
The rise of remote work aligns seamlessly with the vast array of technological tools at our disposal. Businesses are encouraged to fully embrace these digital solutions to facilitate unfettered communication and collaboration. Virtual meetings, screen-sharing capabilities, and cloud-based project management tools have become instrumental in bridging the geographical gap and enabling effective mentorship.
Successful junior staff training programmes that can be administered remotely are central to this challenge. Implementing well-structured remote training programmes ensures that junior team members receive consistent, comprehensive guidance. Interactive e-learning modules and webinars can be valuable components of this structured approach, enabling self-directed learning.
Peer-to-peer learning within the team should be actively encouraged. Virtual forums, chat groups, or collaborative digital spaces can facilitate knowledge sharing and create a supportive environment for junior staff to learn from their colleagues. Where possible, consider arranging periodic in-person meetings or training sessions. These moments are invaluable for building stronger relationships and providing hands-on training opportunities.
In order to nurture junior talent, it’s important to foster a corporate culture that places a high value on learning and development. Senior team members should be accessible, approachable, and patient in their roles as mentors. The firms that invest in developing their junior people will succeed in the long run as they will grow their own future leaders.
Is buying refurbished technology a viable option for businesses?
As society tries to embrace environmentally sustainable business practices, many firms are starting to consider the advantages of buying refurbished tech rather than always buying brand new products. A commitment to sustainability is increasingly important and businesses need to walk the talk. Opting for refurbished tech supports this cause by reducing electronic waste. It’s a tangible step towards a greener, more sustainable future.
Refurbished tech provides a cost-effective alternative to brand-new equipment. This is particularly advantageous for small businesses or startups looking to optimise their budget without sacrificing quality. As inflation continues to affect businesses, savings from purchasing refurbished devices can be allocated to other critical areas of the business.
While refurbished technology offers immediate cost savings, it’s prudent to evaluate the long-term costs, including maintenance and potential future upgrades, to make a fully informed decision. When buying refurbished, it’s important to consider the quality of the products that you are buying.
Reputable refurbishers subject their products to rigorous testing and quality control processes, often including warranties. This assurance guarantees that the equipment not only meets industry standards but also aligns with your business’s operational needs. A critical element in purchasing refurbished tech is choosing trusted suppliers. Extensive research and due diligence are essential to identify reputable sources known for their quality and adherence to refurbishing standards.
A dependable warranty and flexible return policy are crucial for safeguarding your investment in refurbished tech, offering peace of mind in the event of unforeseen issues. From an IT management perspective, it is important to ensure that the refurbished tech integrates with your existing systems and software.
The use of refurbished tech in businesses can be a practical choice for many companies. It helps balance cost-efficiency, sustainability, and quality, but it’s important to do your research and align any tech purchasing decisions with the current and future needs of the business, in order to avoid being out of date within a year or two. It’s worth noting that some big names like Apple and Dell even have dedicated online stores for their refurbished tech.
Mayo’s human relations movement theory
Applying its principles can foster a more harmonious and productive workplace
Mayo’s Human Relations Movement, an enduring pillar in management theory, resonates deeply in contemporary business environments. Applying its principles can result in a more productive workplace, as well as a better culture in the firm, overall.
At the heart of Mayo’s theory is the idea that employees are not mere production units but individuals with emotional and social needs. Recognising and addressing these needs can significantly improve employee satisfaction, engagement, and overall performance.
One key aspect of the theory is open communication. Encouraging dialogue between management and employees, as well as fostering collaboration among team members, creates a culture of inclusivity. This transparency not only enhances workplace morale but also allows for innovative problem-solving and idea sharing. Moreover, the Human Relations Movement emphasises the importance of employee involvement in decision-making processes. Engaged employees feel a sense of ownership and responsibility, leading to increased commitment and dedication to the firm’s goals.
Applying Mayo’s principles can also boost employee well-being. By valuing individual needs, fostering positive social interactions, and acknowledging the human side of the workforce, businesses create a work environment that reduces stress and enhances job satisfaction. In an era where employee retention, morale, and productivity are pivotal, Mayo’s Human Relations Movement offers a timeless and effective framework. By incorporating these principles, businesses can create a workplace where employees feel valued, connected, and motivated, resulting in a more vibrant, collaborativ