The latest MYOB Business Monitor shows that New Zealand businesses will primarily focus on customer satisfaction and growth in new markets during 2012.
The survey to 1000 business owners around New Zealand reveals kiwi businesses' top priorities for the year, which also include sales and an increase on online marketing and advertising.
“The most popular strategy for businesses in 2012 is customer retention,” says MYOB general manager Julian Smith. “This speaks volumes about the way business owners are structuring their business, and gearing them to be more service focused and proactive in keeping their existing customer base," he adds.
According to Smith, the recession led businesses to become aware of how hard won every customer was. “This new focus will actually make us more responsive and more competitive as an economy.”
The list of top 10 priorities for New Zealand businesses in 2012, as found by the MYOB Business Monitor, is as follows:
1. Focus on customer retention strategies – 35%
2. Increasing business activity in new markets – 33%
3. Focus on customer acquisition strategies – 31%
4. Increasing the number of products or services offered by the business – 27%
5. Sales of products / services offline – 27%
6. Sale of products / services online – 25%
7. Increasing spending on online marketing & advertising – 23%
8= More sales promotions – 22%
8= More investment in IT systems & processes – 22%
10. Increasing salaries & wages – 20%
Smith says, however, that business growth is unlikely to be reflected in the labour market this year. “Only one in nine (11%) business owners intend to increase the number of full-time staff, with 66% indicating this aspect of their business would stay the same. Only one in six (17%) said they would increase part-time staff. However, 20% of business owners are intending to increase the amount they pay their staff.”