Increased customer satisfaction because you have a greater understanding of their requirements through feedback from customer communications.
For example, identifying market trends before they happen might enable you to offer products and services to customers before your competitors.
An improvement in the goods or services you offer and the processes that you use to sell them.
Non-executive directors - these can be a good way for you to bring on board specialised industry experience and benefit from ready-made contracts.Ĭonsider the measurable benefits of capturing and using knowledge more effectively.
See the page in this guide: create a knowledge strategy for your business. For example, you might create procedural guidance based on your employees' best practice. You need to find formal ways of sharing your employees' knowledge about the best ways of doing things.
Organisational memory - be careful not to lose the skills or experience your business has built up.
Product research and development - scientific and technical research and development can be a vital source of knowledge that can help you create innovative new products - retaining your competitive edge.
Trade exhibitions and conferences - these can provide an easy way of finding out what your competitors are doing and to see the latest innovations in your sector.
#Wow client opeing as a background process professional#
Professional associations and trade bodies - their publications, academic publications, government publications, reports from research bodies, trade and technical magazines.
You could consider setting up a team of employees to monitor and report on changes in the business world. Developments in politics, the economy, technology, society and the environment could all affect your business' development, so you need to keep yourself informed.
Knowledge of the business environment - your business can be affected by numerous outside factors.
How are your competitors performing? How much are they charging? Are there any new entrants to the market? Have any significant new products been launched?
Market knowledge - watch developments in your sector.
You can use formal surveys to gather this knowledge or ask for their views on a more informal basis.
Employee and supplier relationships - seek the opinions of your employees and your suppliers - they'll have their own impressions of how you're performing.
You may be able to develop mutually beneficial knowledge sharing relationships with customers by talking to them about their future requirements, and discussing how you might be able to develop your own products or services to ensure that you meet their needs.
Customer knowledge - you should know your customers' needs and what they think of you.
Your sources of business knowledge could include: This is known as the knowledge advantage. Using this knowledge in the right way can help you run your business more efficiently, decrease business risks and exploit opportunities to the full. Your understanding of what customers want, combined with your employees' know-how, can be regarded as your knowledge base. through brainstorming sessions, training courses and documentation. You should make sure that your employees' knowledge and skills are passed on to their colleagues and successors wherever possible, e.g. Having staff who are knowledgeable can be invaluable in setting you apart from competitors.
Your employees are likely to have skills and experience that you can use as an asset.
Your files of documents from and about customers and suppliers hold a wealth of information which can be invaluable both in developing new products or services and improving existing ones.
You can tailor this market knowledge to target particular customers with specific types of product or service. If nobody wanted what you're selling, you wouldn't be trading.
You've probably done market research into the need for your business to exist in the first place.