According to him IMD Business School, Mexico ranked 51 of 63 in 2018 in regards to competitiveness. It is the lowest place it has been since 1997.
The good news is that there are several ways to improve business competitiveness and ensure that your company does not become part of statistics.
To achieve this, factors such as:
- International Trade
- Commercial Legislation
- Institutional Framework
- Infrastructure and technology
- Health and Environment.
You have to keep in mind that Competitiveness not only depends on the intrinsic factors of a company.
There is a whole legislative, governmental and social environment that can promote or curb entrepreneurs' initiatives.
The KPMG network prepares a survey every year called “Perspectives of Senior Management in Mexico”.
In its 2018 edition, it presents a very interesting vision of what entrepreneurs in Mexico consider as the 5 pillars of competitiveness for the next three years.
These were the results:
1.- Focus efforts on offering better customer experience
63% of the entrepreneurs surveyed agreed that focus your efforts on the client It is the most important strategy to stay competitive.
Digital marketing is personalization oriented from service and to the customer as a buyer in many cases expert, who knows exactly what he is looking for and needs.
Currently the customer does not reach a brand looking for a product or service, but an experience.
Given so much offer in the market for the same product, the experience they provide to the customer arousing their interest, curiosity, empathy or reflection is what will determine their purchase decision.
The CRM tool in Mexico, it is increasingly popular to establish this type of dialogue with the client.
It allows you to segment your prospects according to your preferences, tastes and buying patterns which will help you design much more personalized and effective sales strategies.
Knowing your customers is the key to satisfying them!
In addition, Mexican businessmen stressed that loyalty programs and customer service They are essential to maintain a close dialogue with your users.
2.- Development of new products and business lines
This strategy ranks second with 50% support from respondents.
When we have a flagship product in our brand, we are so confident in its popularity that we neglect the fact of inserting new proposals.
Currently the changes and digital transformations that occur in the business world are at high speed, so it is necessary to improve the company and perfect the products and services you offer.
The business model should always be constantly analyzed and evaluated to apply improvements and updates.
3.- Work on the formation and retention of talent
Human talent is the most valuable resource of any company and 43% of respondents agreed.
Undoubtedly have a constantly trained, motivated team that develops a sense of belonging with your brand It is the best guarantee of a good work environment, communication and organization between all levels.
The efficiency of human talent will depend on their efficiency in each of their processes, in addition to their ability to face all changes.
Of course this will be indispensable in the Growth and competitiveness of any company.
4.- Improve the processes and performance of the company
45% of Mexican entrepreneurs believe that it is important to focus on continuously improve The processes of a company.
You can always optimize processes to make them more efficient.
As entrepreneurs, many times the mistake is made of maintaining a process because "so far it has worked well" but ask yourself if it could work better.
make a diagnosis of your costs and expenses to identify in which areas you could implement more efficient processes.
This will increase your competitiveness globally and also in the long term, being a much more sustainable strategy that you should never put aside.
Ask yourself constantly:
- Could you do that same task in less time or using fewer resources?
- Is there a digital tool in the market that automates that administrative process that takes you so long?
Holding on to a process will only make it harder to adapt to the changes.
5.- Invest in Innovation and creation of new concepts
As with the improvement of processes and performance, 54% of entrepreneurs in Mexico believe that innovation is an important pillar in competitiveness.
We know that innovating is not as easy as it seems and that in some cases it represents a risk, but it is important to think outside the mold and dare to implement new ideas and concepts.
Innovation goes hand in hand with technological advances.
If your company does not work with updated tools that facilitate the processes, it will be easier for it to be displaced in relation to its competitors.
Everything that encompasses the user experience (UX) in the digital landscape It is an innovative element that every company should adopt if they want to maintain their visibility in the consumer.
To do this, consider aspects such as:
The idea is that it allows the user to view photos, text and content conveniently from their Smartphone, as well as send, transaction and purchase products or services.
- User interface: Evaluate how comfortable and practical it is browse your website or use your brand's mobile application.
Through the opinion of the users you can identify if there are errors and you must implement some improvement.
- Navigation Speed: in the digital world every microsecond counts.
That your website and your application load quickly will make the difference between a user who makes a purchase, and one who leaves your page.
Although there are factors that do not depend directly on companies, such as the geopolitical, economic and social situation of the country, there are factors that are in your control.
In your hands is implementing these five pillars of competitiveness.
Mexican entrepreneurs have implemented each of them and the results have been very favorable.
I hope you liked this content. Now it's your turn to tell me what you have implemented in your company that has helped to establish its competitiveness.
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