Our gut feel said he can't but we couldn't risk it since he's our partner's son doing a dare given by his friend.
So we researched about stomach capacity of a 14 year old and found that at this age, his stomach can hold only a little over 1 liter of liquid. So no, he can't drink all of 1.5 liter of it. And I could convince him with this fact.
You see, research helped us find the answer.
To be successful in any new undertaking, be it gulping down a bottle of cola, buying a new cell phone or starting a business, it is important to understand your challenges, potential and preparedness properly through research. Research is necessary to establish the viability of a product, a service, or even just an idea.
Starting or running a business without doing a market research is like driving from New York To Los Angeles without a map.
Its a recipe for disaster.
We @OCTO offer a range of services to our customers in the field of market research to ensure that their business is successfully able to reach its customer base.
Clark Kent transforms from a business suit-wearing journalist into Superman everytime he saves the world! Why does he need to do it? to realize his true potential.
To outperform competitors on an ongoing basis, every business needs to continuously evolve and transform.
Ask yourself this:
"Are we reinvesting in opportunities coming up in the market as it evolves?"
"Is our performance superior to our major competitors?"
"Is our competitive advantage strong enough to leverage more customers and more business from existing customers?"
If the answers to any or all of these issues are not clear, you need to change the way you run the business. Remember, if you don’t change, your competitors will change.
We @OCTO offer our customers a full set of Business Transformation Services to give them the competitive edge they need to stay ahead of their competitors.
When your business is running multiple processes managed by people, your systems are generating a lot of important data. If appropriately used, this data can tell you a lot of things about your business.
Most businesses, however, miss this trick. They rely on the judgment of people rather than the insights that analysis of this data can provide.
Informed decision making is a necessity of a successful business and every good businessman should invest in it.
We @OCTO understand this need and offer a variety of analytics solutions, both in online software mode as well as offline spreadsheet mode.
Marketing research can give a business an understanding of the types of new products and services that may bring a profit. For products and services already being offered, marketing research can inform companies whether they are meeting their customers' needs and expectations. Marketing research can also help businesses identify new markets and customers that can be targeted.
By researching the answers to specific questions, small-business owners can learn whether they need to change their package design or tweak their delivery methods--and even whether they should consider offering additional services.
We @ OCTO understand this need of our business community. We can conduct broad market research on a variety of categories:
General Market Research - Companies looking for a general study of a particular market for a range of products or services, or just a business domain such as retail or architecture.
Product Research - Targeted market research on a specific product or service that a company is planning to launch or wants to purchase or acquire.
Competition Research - Focused research on companies offering specific kind of products that a company is offering, so as to understand how to position itself in the market, in terms of pricing, product features, marketing, and branding.
Customer Research - Targeted research on potential customers in different geographies and categories. This kind of research can help businesses design the USP of their products in the right way to appeal to their customers.
Brand Value Creation
Coca-Cola, Microsoft, IBM, Intel, Nokia, Dell, and GE are some of the most powerful brands on the planet. With estimated brand values between US$50 billion and $100 billion each, they account for more than 25 percent of the total value of the companies that own them. These brands command margins significantly above their industry average — massively outperforming their rivals.
The reality is that Brand value in economic terms represents the real value of a business because it enables companies to maintain long-term relationships with customers and various stakeholders.
Companies with clearly-defined brand values are more visible to its customers and generate greater loyalty and respect. A brand also represents the inherent values of the company which reflects in all aspects of its operations, be it the business processes, the employees, the vendors or the customers.
Value creation through brand building is a strategic management process which most small businesses tend to ignore since it means additional cost. However, what those businesses tend to misunderstand is that the value of the brand is absolutely essential for the business to survive and grow.
We @ OCTO provide brand building services for our customers under following categories:
Brand Conceptualization - Detailed Definition of your brand through rigorous analysis of company philosophy, its unique selling propositions, its aspirations, and vision. We build compelling description for your brand so that it stands out in the market and creates positive visibility for your business.
Web Persona Development - Designing a world-class business-centric website for your business. A classy, market-focused website shows to your customer base that you are serious about your business and that your business is professional, tech-savvy and forward-looking.
Social Media Profile Building - Designing a compelling social media presence for your company. Almost 45% of world's population uses social media, by far the highest of any form of media. A good social media profile means that you are able to reach to your customers directly and in a personal way. A content on social media is 40% more likely to be shared by users than any other content. That means your business has a 40% better chance of engaging your customers.
Transformation a process that enables your business across all the Key Performance parameters so that you can maintain your customers and outperform your competitors on an ongoing basis.
Transformation relies on the implementation of effective market and stay-in-business strategies that attract more profitable customers in selected markets and lower operating costs.
How do you know you need to transform your business? Ask yourself:
Are we reinvesting in opportunities the market evolves?
Is our performance superior to our major competitors?
Is our competitive advantage strong enough to leverage more customers and more business from existing customers?
If the answers to any or all of these issues are doubtful, you need to change your approach. If you don’t change, your competitors will change.
Business Transformation is a change management strategy which aims to align People, Process, and Technology initiatives of a company more closely with its business strategy and vision. In turn, this helps to support and innovate new business strategies.
business transformation implies a holistic process transforming across the business. It also implies that this is the only valid strategic process towards achieving your corporate vision or way forward.
We @ OCTO have over 25 years of combined experience of business transformation and are able to offer our expertise in this field to our customers in following categories:
Business Process Designing - End-to-end designing of business processes for a brand new business or expansion of an existing business.
Process Review and Performance Analysis - Detailed assessment of existing processes & people of your business. Such an assessment can inform the business owners how efficiently their processes are being run and how effective are the people running those processes.
Business Process Re-engineering & Training - Redesign of faulty, incorrect, inefficient or redundant processes with detailed redefining of activities, procedures and roles and responsibilities of people involved in the process.
Process Automation (Business Software Solutioning) - Building optimal business software solutions with re-engineering business processes that are fit for growth and expansion.
Inefficient and non-standard processes & software solutions lead to chaos and wastage and eventually failure. A business that is looking for growth by expanding its physical reach or increasing its capacity must undertake a business transformation project to prepare itself. Only sound and systematic operations can lead to sustained growth.
All business owners are keen at driving growth and profitability for their businesses, no matter big and small. But one thing they overlook quite often is that they can draw a lot of advantages by analyzing their business data to help them make informed decisions that can underpin their profitability. However, many small and medium enterprises are often hesitant to use Data Analytics solutions, thinking that they’re “just a small company” with no real need and no budget for Analytics tools.
What is now very known to a lot of entrepreneurs is that because there are many inexpensive and even free Analytics software alternatives that they can use. Data Analytics can provide a lot of benefits for businesses and show just how business intelligence tools can help SMEs grow, no matter how small they start out to be.
Trends in Data Analytics
Current industry trends show that adoption of Data Analytics in organizations is on the rise with the wider availability of Data Analytics software as well as the development of advanced solutions to handle big data.
Many business processes are already becoming automated, such as sending newsletters to customers, creating weekly sales reports, and gathering social media feedback. As a result, productivity and efficiency are increased, allowing SMEs to gain a firmer foothold in the market.
Some of the main Data Analytics trends that give us an idea of what the future will be like for businesses of all sizes are the following:
Customization for easier analysis – with greater Data Analytics tool availability and ease of use, everyone can and will become a data analyst. Data Analytics tools are allowing for greater customization, enabling even the average user to crunch numbers and gain insights from analyses of business data.
Visualization becomes key – when time is of the essence, the ability to understand figures and other Data Analytics content at a glance becomes crucial. Data will then become more visual with the use of Data Analytics tools, allowing users to create great-looking graphs, charts, and infographics.
Use in different fields – Data Analytics will see greater use in the fields where it can be most useful in, such as financial analytics; SEO and web analytics; ICT management; human resources; and sales, marketing, and customer relations.
Top Benefits of Data Analytics to SMEs
Data Analytics tools bring plenty of advantages to small and medium enterprises–here are the best benefits to convince you that using Data Analytics solutions is the way to go.
Data Analytics software provides answers to critical business questions quickly. Data Analytics tools enable SME entrepreneurs to pull out relevant data from unstructured data pools, run these through analytical tools, then use the results to make business decisions. Entrepreneurs can also quickly and easily access customer and contact lists, sales data, and other Data Analytics content any time they need it.
Data Analytics empowers team members. With Data Analytics tools, every member of the team can become a decision-maker, something small businesses with minimum human resources can surely benefit from.
Data Analytics solutions save time. Data Analytics software allows for automation, saving time SMEs used to spend on data entry and other manual tasks that are also prone to human error. With Data Analytics tools, employees can spend less time on repetitive, boring tasks and more time on other tasks that require creativity and critical thinking.
Data Analytics software provides SMEs with more accurate client profiles. SMEs will find audience targeting easier thanks to Data Analytics tools. Through various online channels, Data Analytics software can gather customer data, allowing entrepreneurs to identify perfect buyers and bring their products and services to their target market in the most efficient way to boost sales and therefore increase profit.
Data Analytics tools help SMEs identify where they can cut costs. If you have very limited funds, then you’ll surely appreciate knowing where you can bring operational costs down without having to resort to elaborate austerity measures (such as laying off people). With Data Analytics tools, entrepreneurs will be able to make better budget plans and allocate funds more wisely.
Data Analytics solutions provide insights into trends. With Data Analytics software, SMEs will be able to identify industry trends early on, which may help them get ahead of competitors.
Data Analytics provides entrepreneurs with insights on real-time business performance. With Data Analytics tools, SME entrepreneurs will be able to track customer satisfaction, profitability, sales, and grow revenue in real-time. Users won’t have to wait until the end of a campaign or reporting period to determine whether a product or a campaign performs as expected, which means they can make informed decisions to remedy a potentially profit-decreasing situation.
Data Analytics software presents data in a format that’s easier to understand. Not all entrepreneurs have business degrees or have a knack for understanding columns of numbers at a glance, and this is where Data Analytics tools come in. Data Analytics software comes with advanced visual features that show analysis results and other Data Analytics content in the form of easy-to-understand charts, graphs, infographics, and other visuals. By presenting data in the graphic format rather than paragraphs of plain text, Data Analytics software also allows entrepreneurs to understand business data more quickly.
Data Analytics software facilitates easier cooperation and collaboration. With Data Analytics solutions, SME team members will have an easier time exporting and sharing data. In an SME where constant communication, cooperation, and collaboration are key in moving the business forward, it’s important that all team members are able to easily access relevant, up-to-date data and use it in real time.
OCTO's VALUE PROPOSITION
Please spare a few minutes to see a short video below to learn
how OCTO can add value at every step of your business journey!