Less than half of private companies are “very satisfied” that they have a good understanding of what their customers’ needs will be over the next couple of years.
In an effort to anticipate those needs, private companies are making entrepreneurial use of social media, mobile devices, big data, and other digital tools to reach a far greater number of customers with their brand message, gather considerably more information about them, and do it much faster than before — all at relatively little cost.
Read how private companies are leading the charge in using these digital technologies to reach their customers and level the marketing playing field between themselves and their public-company counterparts.
Growing Your Business is a series published by the Private Company Services (PCS) practice of PwC. It discusses the opportunities and challenges that leaders of privately owned businesses face, suggesting ways they can make the most of both.
Reaching customers via social media
Putting big data to profitable use
Globalization, economic realignment, and rapid technological change are likely to drive volatility for years to come. Against this backdrop, private companies need to rethink their approach to risk so that shocks to the system won't derail corporate strategy and undermine growth.
In today’s world of emerging technologies, emerging markets, and emerging consumer demands, companies must emerge too — out of old molds and into new ones — if they are to survive and thrive. For some companies, that means reinventing themselves. For others, it’s about seeking innovative ways to make their business newly relevant. Read about why 75% of US private companies are prioritizing innovation, with growth as their top objective.
Businesses are going where demand is growing. That means venturing into new markets abroad — a move that doesn’t come naturally to all private companies yet may be more manageable than they think.
Cyber criminals are increasingly targeting private companies in hopes of easy access. The cost to a business can be high, ranging from financial loss to reputational damage. With heightened awareness, private companies can fight back.
A clearly communicated succession plan signals that the business is here to stay. Lack of a plan, on the other hand, may suggest an uncertain future for the business in an already uncertain economy. Early planning can nip that concern in the bud.