Substantial market opportunities are unfolding for emerging companies in the personal technology and associated accessories sectors according to a new analysis from FFP Global, a business process outsourcing company.
These opportunities are fueled by the robustness of broadband networks and consumers’ attraction to personal technology products, services and applications on many levels. With a multitude of online sales channels and companies making their customer bases accessible through partnership programs, distribution is no longer the taxing challenge it once was.
For emerging companies to capitalize, they must embrace new market dynamics that include compressed product cycles, vibrant social networks and consumer customization. Just as importantly, product launches must be flawless, because hyper competitive threats are abundant and word of mouth implications have been greatly amplified with the boom in social networking.
Not too long ago, significant amounts of capital were required by new companies to develop and introduce products, FFP Global’s analysis points out. Today, that template is changing as costs for intensive computing power have dramatically dropped, open source software modules are plentiful, access to cutting edge knowledge is a few clicks away and business processes such as fulfillment and customer support can be outsourced. In addition, as highly sophisticated technology becomes available at commodity prices, innovative thinking is catalyzed and as a result new businesses are formed.
“To participate in this new economy of increased risk and return, emerging companies must leverage themselves by outsourcing business processes, so they can focus on their core competencies in order to go-to-market in the most timely manner and proactively influence marketplace variables. From the start, outsourced partnerships must be adaptable and collaborative in ways that conceptually resemble a game of twister,” said Elise Chow, Chief Executive of FFP Global. “For example, product fulfillment for a personal technology company could require matching a product’s SIM card with online accounts that have already been established,” she adds.
FFP Global’s analysis contends the mindset of emerging companies isn’t simply centered around solving problems, they are also focusing on creating new markets and product offerings with unique businesses models Emphasis is on integrated and heightened experiences with appealing, low risk price points for multiple consumer segments.
As the need for emerging companies to achieve successful launches takes on critical importance, FFP Global’s analysis recommends emerging companies devise business processes that are engrained with providing delightful customer experiences in every interaction. Products are increasingly being defined and valued based on the initial consumer experience. If early adapters have great experiences, the viral ecosystem can greatly elevate market prospects.
The importance of successful product launches is compounded as products have become sales platforms all to themselves – whether it involves an accompanying service subscription and or selling value enabling products, the analysis notes.
FFP Global is an award-winning, business process outsourced solution provider, specializing in e-commerce development, contact center services, product fulfillment and returns management for Fortune 500 companies, non-profit organizations and emerging businesses. Clients range from apparel brands, to entertainment providers, to pharmaceutical companies. FFP Global helps companies manage every point of the customer lifecycle including: customer acquisition, engagement, order processing, fulfillment and retention. For more information on FFP Global visit www.ffpglobal.com.