The State of The Internet report recently published by Akamai for Q1 of 2014, states that the average internet connection speed around the world is increasing steadily and is currently at 3.9 Mbps. The reports says, “Globally, the average connection speed was up by 24% over the same period of the year prior”. That’s a 24% increase.
This growth is part of the ongoing trend in which companies and governments around the world are working very hard to ensure high speed connectivity to as many people as possible. You might be aware of the innovative global connectivity projects by tech giants like Google (Project Loon) and Facebook (Internet.org).
Now, what does that mean to your business?
1. Better Connectivity Means More Empowered Customers:
As connectivity increases, the internet will become the primary source of information for the consumer before making a purchase decision. The more information they get about products using the internet the more empowered they are to make the buying decision.
In 2013, Google partnered with Nielsen to research the purchasing pattern of consumers, the report was titled Mobile Path to Purchase. The study found that consumers spent 15+ hours a week on their smartphones researching products, before making the buying decision.
Right now as you read this, your prospects might be searching for your products on the internet, somewhere on the globe using their laptop or mobile devices. Being aware of this buying behaviour will help you better equip your business.
2. Global Connectivity Means Expansion Of Your Market:
Today, businesses need not be limited to one geography. Based on your business goals & type of products that you offer, you can choose to serve customers from any region in your country or any part of the world. This increases your market size and potential for growth.
3. Better Connectivity Means Efficient Business Operations:
Better internet connectivity around the world will enable you to run your business & control key business processes like sales, marketing and production from anywhere in the world. If you set up your business software right, you can manage your business right from your tablet.
Even today we see many of our customer’s benefit from the Business Hub feature in DecoNetwork, which is designed to help them run their businesses more efficiently using cloud software, to create quotes & orders, to streamline communications with their clients, to approve payments online and much more. (Get more details on Business Hub).
4. Global Connectivity Means More Partnership Opportunities:
With better connectivity around the globe, there are more chances of you partnering with the right suppliers, vendors and service providers around the globe who can help you take your business to the next level. As a business owner you can use social media, directories, forums and blogs to connect with the right partners.
5. Better Connectivity Means Better Ways of Adding Value To Your Customers:
Today, as a business you have more ways of adding value to your customers than ever before. From your warehouse or your office, just by using your smart phone, you can create help videos for your customers. Without leaving your desk, you can interact with all your customers using social media, offer them product support, teach them about your products, write useful blogs and announce new products that you are going to launch.
Is Your Business Ready? 5 Questions To Help You Find Out
1. Do You Have A Strong Online Presence?
Do you have a website that reflects your business goals, with products that are well presented, with enough information to help buyers make a decision, with information that is accessible on mobile devices, well connected with social media & optimised for searches?
2. What Is Your Online Strategy?
Apart from your offline strategies, do you have a plan and strategy for selling online? Online sales & marketing plan needs be a regular part of the agenda in your monthly strategy discussions.
3. Are You Using Technology For Business Efficiency?
As mentioned earlier, using technology in business is not only about having a website and being present on social media; your production and other business operations can also use technology and the power of the Internet to operate efficiently. Re-assess the way you process orders, send quotes, communicate with your key stake holders, make and receive payments.
4. Are you connected with your customers?
Being present on Social Media is not just a good idea anymore, it is an important means of staying connected with your customers. With social media channels growing across the globe, most of your customers might be on social media already. Which in turn means that your business’ presence in social media will help you stay connected with them, help them make the buying decisions when they need to, support them, update them with key business information and educate them. You can even have a bit of fun by creating relevant, smart & humorous marketing campaigns to entertain them!
5. Do you have a content strategy?
Content is everything. Search engines are moving towards an age when ‘visibility depends on high quality content’. If you have a content strategy to educate, empower and make life easier for your customers, then you have high chance of showing up in search results, when your customers try to find you.
Now go ahead and prepare your business to make full use of this great online opportunity, that is created by high-speed global connectivity.
Share with us if you have any thoughts on the impact of this Global Connectivity on your business. We would love to hear from you.
Please leave your comments below. Thank you!