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KIA Corporation claimed a Guinness World Record in early 2021, and it had nothing to do with cars. The 303 drones used to etch the carmaker’s new logo (a movement from the classic red logo in a circle to a clean, crisp, and progressive monochrome logo) in Seoul’s night sky were loaded with fireworks. Once ignited, the drones made KIA the unlikely holder of the record for the ‘most unmanned aerial vehicles launching fireworks simultaneously’.
COVID-19 has brought about the notion of people working together for the greater good, rather than a world where people exist for their own survival. Humanity has been tasked with looking out for one other because what we do now has a ripple effect on others. In saying this, brands also have the responsibility to consider more than just their businesses but also their communities, cities, people and every element that they directly and indirectly impact.
Whether they like it or not, all business owners engage in some form of marketing, but many neglect to adopt a strategic approach. It’s not surprising then that marketing was highlighted as the area in which most business owners feel they require skills training, according to the most recent National Small Business Survey by the National Small Business Chamber.
2020 looks set to be an epic fight for survival as numerous socio-economic factors come into play that will further challenge businesses and their ability to achieve greater levels of customer satisfaction in a bid to retain and grow their customer base – from a looming recession, abysmal economic growth figures, political uncertainty and a disastrous return of load shedding.
Changing consumer behaviour and creating loyalty throughout the supply chain are areas every FMCG manufacturer is trying to achieve. However, these are the last links and typically the most difficult elements to manipulate. This is due to challenges around validating sales – you can only reward loyalty if you can verify the purchase.
Often considered a buzzword, big data can be described as the vast volume of structured and unstructured data which floods business daily. However, it is not the size of the data collection that counts, but rather what you choose to do with it that counts.
A franchise with a proven track record will probably have a lower risk and should therefore be an attractive investment. When investors are considering a franchise in the restaurant industry they should, however, evaluate the following pointers that could influence their decision: