This Business News Story Was Uncovered By Us From: https://blog.eonetwork.org/2020/01/leader-or-a-laggard/
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Contributed by Angela Fernandez, vice president of community engagement, GS1 US.
Today, maintaining steady revenue growth can be difficult without the right help and mindset. GS1 US, an information standards organization that helps brands identify their products for commerce, recently surveyed more than 500 entrepreneurs to identify best practices to achieve sustained success. The results are presented in “Charting the Growth Journey: From Product to Profitable Business.”
Respondents were classified as “leaders,” those who achieved sales growth of more than 25 percent in the last year, or “laggards,” those whose sales declined in the past year.
Explore the results to determine if your brand will lead the pack or stay in a holding pattern.
1. Are you prepared to think big?
In the early stages, an entrepreneur’s energy may be sustained by the excitement of sharing their new product with the world. In fact, 51 percent of the business owners surveyed said that pursuing a passion, ambition or skill is the biggest motivator for starting their own companies.
However, small brands would benefit from taking a broad perspective and diversifying their sales channel strategy to position them for future growth. The research found that leaders use an average of three sales channels, compared with laggards, who typically sell through just one channel. While traditional brick-and-mortar retail channels are still relevant, leaders are more digitally savvy—73 percent of leaders sell through their own website, compared with just 44 percent of laggards, and 57 percent of leaders work with an online marketplace, compared to just 16 percent of laggards.
2. Do you have what retailers and online marketplaces want?
Prioritizing accurate product i… Read More
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