Business

Exploring Canada Shifting Business Landscape

Published

2 years ago

February 9, 2023

Canadian businesses are facing a host of new trends that are reshaping how they operate and compete. From the rise of the experience economy to new rules of competition, businesses need to stay on top of these shifts in order to remain competitive and relevant in 2023.

The Rise of the Experience Economy

Gone are the days when consumers simply wanted products and services; now, they want experiences. This is known as the “experience economy” – an economic shift toward experiential purchases rather than tangible products or services.

In this new economy, businesses must focus on creating unique experiences for their customers if they want to stand out from their competitors. By offering interactive experiences such as virtual events or online classes, businesses can curate memorable moments for their customers that will help them build loyal relationships with them in the long run.

Meeting the Demands of the Future Consumer

The future consumer is more demanding than ever before – they expect personalized customer service, real-time feedback, and seamless digital interactions with brands. To meet these demands, companies must invest in technology such as AI and automation to ensure they provide a seamless customer experience across all touchpoints.

Furthermore, companies must ensure they act ethically and responsibly when it comes to data privacy and security – this will give customers peace of mind that their data is safe when interacting with your brand.

New Rules of Competition

The rise of e-commerce has changed the rules for competition for businesses in Canada – traditional brick-and-mortar stores must now compete with online stores which often have lower overhead costs and better access to global markets.

To stay competitive, businesses must focus on providing a unique customer experience by leveraging technology such as augmented reality (AR) or virtual reality (VR).

Additionally, businesses should focus on developing omnichannel strategies that allow them to reach customers across all channels – from physical stores to online marketplaces such as Amazon or eBay.

Exploring the Latest Trends in Canadian Manufacturing

The manufacturing sector is vital to Canada’s economy and future growth. To stay competitive and remain successful, Canadian manufacturers must understand the latest trends in the industry.

Transitioning to Industry 4.0 & 5.0

By utilizing these technologies, manufacturers can become more efficient by collecting data on production processes and using that data to optimize their operations.

In addition to this, Industry 5.0 focuses on creating a unified platform that combines different production cycles into one seamless process while also incorporating concepts such as artificial intelligence (AI) and machine learning (ML). This type of technology integration allows for faster production times, improved product quality, and less waste overall—all leading to increased efficiency within the manufacturing sector in Canada.

In order to transition into either Industry 4.0 or MaaS successfully, there are several key factors that must be taken into consideration first before making any changes or investments in new technology or services:

Understanding current processes :

It’s important for manufacturers to assess their current processes and identify where potential improvements could be made before investing in new technologies or services; this will help businesses to ensure that any changes made are based on actual needs rather than guesswork alone.

Implementing necessary changes :

Once an assessment has been completed and potential areas where improvements could be made have been identified, then steps should be taken towards implementing those changes – whether it’s investing in new technology or outsourcing certain components of production – in order to ensure maximum efficiency across all parts of the business’s operations going forward.

Staying up-to-date with industry standards :

Finally, it’s important for manufacturers to stay informed about industry standards so they can remain competitive with other businesses operating within their sector; this includes staying abreast of technological advancements that could provide additional opportunities for improvement within their own operations as well as monitoring how other businesses are adapting their processes accordingly too so they don’t get left behind in terms of innovation or efficiency gains.

Manufacturing as a Service

Manufacturing as a Service (MaaS) is another trend that is becoming increasingly popular among Canadian manufacturers due to its ability to help reduce costs significantly over traditional methods of manufacturing products.

MaaS allows companies to outsource certain components of their production process such as inventory management or supply chain optimization tasks, resulting in fewer resources being spent on non-core activities while still allowing them access to high-quality services from experienced professionals who specialize in those areas.

This can be especially beneficial for smaller businesses that may not have the internal resources available for certain tasks but still want access to the same level of expertise that larger companies have at their disposal.

Conclusion:

It’s clear that there are many trends affecting Canadian businesses today – from meeting the demands of future consumers to staying ahead of shifting rules for competition. However, by understanding these trends and investing in technology, Canadian businesses can stay ahead of the curve and succeed in 2021 and beyond! By focusing on innovative customer experiences through technologies or leveraging omnichannel strategies, Canadian businesses can remain competitive despite changing industry dynamics.

Business

What Difference Will You Make to an Employer?

Published

16 hours ago

October 21, 2024

Nick Kossovan

It’s common knowledge that companies don’t hire the most qualified candidates. Employers hire the person they believe will deliver the best value in exchange for their payroll cost.

Since most job seekers know the above, I’m surprised that so few mention their Employee Value Proposition (EVP). Most job seekers list their education, skills, and experience without substantiating them and expect employers to determine whether they can benefit their company; hence, most resumes and LinkedIn profiles are just a list of opinions—borderline platitudes—that are meaningless and, therefore, have no value. Job seekers need to better explain, along with providing evidence, how they’ll contribute to an employer’s success.

Employers don’t hire opinions (read: talk is cheap); they hire results.

You’re not offering anything tangible when you claim:

I’m a great communicator.
I’m detail oriented.
I’m a team player.

Tangible:

“At Global Dynamics, I held quarterly town hall meetings with my 22 sales reps, highlighting our accomplishments, identifying opportunity areas, and recognizing outstanding performers.”
“For eight years, I managed Vandelay Industries IT department, overseeing a staff of 18 and a 12-million-dollar budget while coordinating cross-specialty projects. My strong attention to detail is why I never exceeded budget.”
“While working at Cyberdyne Systems, I was part of the customer service team, consisting of nine of us, striving to improve our response time. Through collaboration and sharing of best practices, we reduced our average response time from 48 to 12 business hours, resulting in a 35% improvement in customer feedback ratings.”

These examples of tangible answers provide employers with what they most want to hear from candidates but rarely do; what value the candidate will bring to the company. Typically, job seekers present their skills, experience, and unsubstantiated opinions and expect recruiters and employers to figure out their value, which is a lazy practice.

Getting hired isn’t based on “I have an MBA in Marketing and Sales,” “I’ve been a web designer for over 15 years,” “I’m young, beautiful and energetic,” blah, blah, blah. Likewise, being rejected isn’t based on “I’m overqualified,” “I’m too old,” “I don’t have enough education,” blah, blah, blah. Getting hired depends entirely on showing employers that you can add value and substance to their company; that you’ll serve a purpose.

When you articulate a solid value offer, the “blah, blah, blah” doesn’t matter. Job seekers focus too much on the “blah, blah, blah,” and when not hired, they say, “It’s not me, it’s…” The biggest mistake I see job seekers make is focusing on the “blah, blah, blah”—their experience and education—believing this is what interests employers. Hiring managers are more interested in whether you can solve the problems the position exists to solve than in your education and experience.

Not impressive: Education

Impressive: A track record of achieving tangible results.

You aren’t who you say you are; you are what you do.

If you want to be somebody who works hard, you have to actually work hard. If you want to be somebody who goes to the gym, you actually have to go to the gym. If you want to be a good friend, spouse, or colleague, you have to actually be a good friend, spouse, or colleague. Actions build reputations, not words.

The biggest challenge job seekers face today is differentiating themselves. To stand out and be memorable, don’t be like most job seekers, someone who’s all talk and no action. Any recruiter or hiring manager will tell you that the job market is heavily populated with job seekers who talk themselves up, talk a “good game” about everything they can “supposedly” do, drop names, etc., but have nothing to show for it.

More than ever, employers want to hear candidates offer a value proposition summarizing what value they bring. If you’re looking for a low-hanging fruit method to differentiate yourself, do what job seekers hardly ever do and make a hard-to-ignore value proposition.

Increase sales: “Based on my experience managing Regina and Saskatoon for PharmaKorp, I’m confident that I can increase BioGen’s sales by no less than 25% in Winnipeg and the surrounding area by the end of 2025.”
Reduce cost: “During my 12 years as Taco Town’s head of purchasing, I renegotiated contracts with key suppliers, resulting in 15% cost savings, saving the company over $450,000 annually. I know I can do the same for The Pasta House.”
Increase customer satisfaction:“During my time at Globex Corporation, I established a systematic feedback mechanism that enabled customers to share their experiences. This led to targeted improvements, increasing our Net Promoter Score by 15 points. I can increase Dunder Mifflin’s net promoter score.”
Save time: “As Zap Delivery’s dispatcher, I implemented advanced routing software that analyzed traffic patterns, reducing average delivery times by 20%. My implementation of this software at Froggy’s Delivery can reduce your delivery times by at least 20%, if not more.”

If you want to achieve job search success as soon as possible, structure your job search with a single thread that’s evident and consistent throughout your résumé, LinkedIn profile, cover letters and especially during interviews; clearly convey what difference you’ll make to the employer.

_____________________________________________________________________

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

Business

Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

Published

4 days ago

October 17, 2024

Anne Joseph

Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

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Business

All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store

Published

5 days ago

October 17, 2024

Sven Eggers

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