This morning, I shared the latest results from the MYOB Business Monitor with the media about the key priorities for Kiwi business owners in 2012. I’m pleased to say, there’s a healthy dose of optimism and “glass half full” sentiment out there in the engine room of our economy.
In spite of all the international economic doom and gloom, for the most part, here in New Zealand we seem to be doing ok. For most folks who own a business – the year of the dragon is all about pursuing a growth strategy, which was clearly reflected in the MBM. The number one priority for businesses this year is a real focus on keeping our existing customers loyal and happy – and seeing how we can encourage them to spend a little more with us.
Many business owners are looking at expanding the markets they sell in and also increasing the number of products and services on offer. This is great news – it creates new opportunities, but also means we don’t have “all our eggs in one basket” – so we’re not exposed to a single market or a narrow range of products and services.
A real trend for 2012 is a growing awareness of the value of getting your business online. In addition to full e-commerce offerings, many businesses are seeing value in promoting their offerings with a website, even though they intend to sell their products and services offline. With two thirds of Kiwi consumers looking online to do their research into a product or service before they buy – it makes it a lot easier for businesses to acquire and retain customers if they can be found online.
The internet is also becoming the dominant media for advertising, with more business owners intending to increase marketing and advertising spending online than offline this year.
Top 10 priorities for Kiwi businesses in 2012 | MYOB Business Monitor
- Focus on customer retention strategies – 35% of businesses
- Increasing business activity in new markets – 33%
- Focus on customer acquisition strategies – 31%
- Increasing the number of products or services offered by the business – 27%
- Sales of products / services offline – 27%
- Sale of products / services online – 25%
- Increasing spending on online marketing & advertising – 23%
- More sales promotions – 22%
- More investment in IT systems & processes – 22%
- Increasing salaries & wages – 20%
What are your key priorities in business this year? Do any of the top 10 areas above feature in your plans?
If you’d a quick 3 minute video summary on a related topic around the key pressures for Kiwi business owners this year, you might like to check out my interview with TVNZ’s Nadine Chalmers-Ross on Breakfast.
You can find the online library of all the MYOB Business Monitor reports & releases here.