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16.12.2019 Article

How Can A Business Stand Out In Today's Highly Competitive Business Ecosystem?

By Michael Grantson, Country Head, Kirusa Ghana
How Can A Business Stand Out In Today's Highly Competitive Business Ecosystem?
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Change is the only constant they say. For businesses that are not monopolised, competition is a constant. These days competition has become so rife and serious that it can pull-down a company. So, what should a business do to sustain, survive and succeed in this competitive race?

The foremost factor that leads the way for a business to flourish is its product or service. A company should ensure that its product or service is one step ahead of its competitors. Further, adopting the latest technology, business & market trends as well as understanding the consumers (existing and potential) & their requirements play a critical role in determining success.

Every company wishes to beat the competition and get ahead in the race. One critical way to do so is by embracing consumer-friendly communication channels and strategies. In an ever-evolving business ecosystem, customers play a significant role in driving the prosperity of a company. Consumers are the reason for the business in the first place and adopting a customer-centric approach has become extremely critical for companies. This includes managing customer expectations, communication and support in the best possible way which helps achieve customer satisfaction, trust and loyalty.

A company can be differentiated from the clutter based on the customer experience and service they provide. It takes a lot to keep consumers happy but it is worth the efforts. Companies need to be efficient, prompt and helpful while dealing with customers. They need to provide convenient & suitable solutions and offer services in relevance to consumer preferences. If they fail to do so, then there is a high possibility that the unsatisfied customers may not return for repeat purchase of the product or service and some may even turn to the competitive brands. This is the harsh reality of today’s highly competitive business ecosystem that every company has to tackle.

Thus, businesses need to adopt communication channels and strategies that are most relevant to their customers for achieving maximum outcome.

T oday’s customers are mostly upwardly mobile, tech-savvy, aware and more sophisticated. Hence, the need for businesses to embrace emerging technology as a tool for improving customer experience. As human interactions with technology improve, companies are constantly put on their toes to offer solutions that would meet and exceed customer expectations. One such solution is Kirusa Konnect, an omnichannel Communications Platform as a Service (CPaaS) offering for businesses designed to bolster customer engagement using instant, two-way and interactive communication over multiple cost-effective channels including messaging, voice and rich media bots.

Kirusa Konnect is a self-serve portal facilitating companies to conceive, execute and monitor omnichannel communication campaigns. A company can use one or more of the channels and services that the platform provides, which is best suited for the purpose of the communication. With options such as SMS, SnapCall, Interactive Voice Response (IVR), Voice SMS, Outbound Calls, SMS Tagging and Rest APIs, Kirusa Konnect helps improve and simplify the ways in which businesses communicate with their consumers.

Furthermore, there are newer channels of communication that are leading to a paradigm shift in business communication -- IP Messaging and Chatbots. IP messaging comprises of OTT messaging apps such as WhatsApp, Messenger, iMessage, Viber, Telegram, as well as RCS, the next generation of SMS; and Chatbots that are based an artificial intelligence (AI) software that can simulate a conversation (or a chat) with a consumer in natural language through messaging applications, websites, mobile apps or through the telephone. Businesses are adopting these channels as they provide a rich media experience with enhanced levels of personalisation and engagement.

With access to multiple OTT messaging platforms and RCS, Kirusa Konnect is helping businesses to move into the world of IP messaging. It is also helping design and build chatbots to enable 24X7 two-way communication with consumers. Kirusa platforms record about 3.5 billion calls/SMS monthly in Africa with Nigeria, generating over 50% of the share.

Nigeria is Africa’s largest economy. With a population of nearly 200 million and the highest number of tech hubs in Africa, QUARTZ Africa report describes Nigeria as home to the continent’s most valuable tech ecosystems which makes it an important destination for businesses and investors. Ghana’s economy is one of the fastest-growing in the continent. There are innumerable banks, e-commerce retailers, mobile app developers, educational institutions, government organisations, hospitals, travel companies, religious organisations and NGOs mushrooming in the two countries. Various c ompanies from Nigeria and Ghana are using Kirusa Konnect to get more value and result from every communication they are making.

There have been instances where some of the world’s biggest companies have failed to make an impact among their consumers and withstand competition. To avoid a situation like that, every business needs to rethink their communication strategy and make sure they use the apt communication channel(s).

Disclaimer: "The views/contents expressed in this article are the sole responsibility of the author(s) and do not neccessarily reflect those of Modern Ghana. Modern Ghana will not be responsible or liable for any inaccurate or incorrect statements contained in this article."

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