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Introduction
In an effort to attain a high operational efficiency, firms in different economic sectors are increasingly incorporating performance tools. These tools aim at enhancing execution of performance management roles within firms. According to Dye (2010, para. 1), performance management contributes towards enhancement of competence within a firm.
Considering the opportunity presented, Londyou has made a decision enter into the market by developing a performance tracking website. According to Krantz (2008, p.211), performance tracking websites are efficient in enabling a firm to evaluate its portfolio.
In order to succeed and attain a high market position, the firm will required to develop a strong performance tracking website. This arises from the fact that it will face intense competition from other firms already in the industry. The two main categories of products which pose a threat to the success of the intended performance tool include enterprise human resource systems and social business systems.
Enterprise human resource systems include software designed to support various human resource functions such as compensation management, performance appraisal, reward management and on-boarding. On the other hand, social business systems entail an enterprise based system which assists collaboration of the various associates.
Considering the nature of competition in the market, the success of the new performance tracking tool is dependent on its ability to have a high competitive advantage relative to its competitors. Some of the major competing applications include HR Smart, Peopleclick, Spectrum iVantage, Success Factors, NuView, Yammer, Jive and BrainPark.
To be successful, it is paramount for the firm to conduct a comprehensive competitor analysis. According to Grant (2005, p.106), competitor analysis plays a significant role in a firm’s effort to formulate strategies aimed at countering the competition. In light of this, this paper entails an analysis of nAbleyou’s competitors.
Well designed websites
In their operation, all these firms have effectively designed their website by incorporating various contents. This enables potential customers to access sufficient information regarding the firm and its performance tracking tools. Some of the content included in their websites relates to company history, products, news and events, and contact information.
Additionally, other firms such as Jive, Brainpark, and Nuview have enhanced their competitive advantage in the design of their website by including video demos, how they differ in product delivery options.
The video demos enable customers to have a better view of their products features and functions. To be effective in informing the customers regarding the features of their products, all the firms have incorporated downloadable documents containing comprehensive product information.
In addition to the performance tracking software, some of the firms such as Nuview, Yammer, HR Smart and SuccessFactors have diversified their product offerings. This has been achieved through incorporation of other services aimed at improving performance. Examples of the services offered include implementation of the software, training, consultancy and support services.
In an effort to create the urge for knowing more about the firm, all the sites have developed a clearly visible link on each page. The link enables the visitors to take a certain action either by requesting a demonstration or to enquire more information. Examples of firms which have incorporated this include Jive, Brainpark and SuccessFactors.
Incorporation of social communication networks
As a result of the high rate of technological innovation, firms are increasingly integrating emerging social networks into their websites. The core objective of this shift is to enhance relationship with their customers. This arises from the fact that social networks play a significant role in improving customer relationship.
According to Evans and McKee (2010, p.16), integration of social networks enables a firm to enhance the customers’ engagement. This means that customers are transformed from being viewers to participants.
Some of the competing firms such as NuView, Yammer, Jive, Brainpark, SuccessFactors and Peopleclick have integrated social networks in their operation. Through these networks, they are able to provide information regarding their operation. In addition, the inclusion of social networks enables these firms to improve their interaction with the customers. Some of the social networks that have been incorporated include Twitter, blogs and YouTube.
Competitive advantage of Londyou
Attaining a high market position can contribute towards the success of a firm. This is due to the fact that the firm becomes well positioned in the market.
One of the ways through which a firm can achieve this is by developing its competitive advantage. In an effort to enhance its competitiveness, LondYou will integrate both social networks and human resource system. Its performance website will be effectively designed to ensure interoperability. This means that it will be possible for firms to implement the new system without being required to replace its existing system.
Due to the high cost of implementing new systems, the interoperability characteristic of the website will enable a large number of firms considering the website integrating Londyou due to its cost-effectiveness. Additionally, the firm will put more effort in ensuring that its overhead costs are minimal. As a result, it will be possible to price its performance tracking tool more competitively.
In their purchasing patterns, consumers are price sensitive. The firm’s low pricing will contribute towards a large number of consumers considering the firm’s pricing as being fair. Currently, the market is characterized by low switching cost. Therefore, a large number of customers will be attracted to integrate the firm’s performance tracking tool due to its low price.
In order to enhance its competitive edge, the firm will integrate social networks in its website. Incorporation of social networking tools in the company’s website will help the firm reach a large number of customers. Despite this, the firm also expects to face intense competition from other established firms such as Exceed.
Social media strategy
It is paramount for a firm to be effective in designing its social media network in order to generate large traffic (Mclvor, 2008, p.2). To cope with the risk of imitation, Londyou will diversify the operation of its website upon integrating social networking by incorporating different social networks. Some of the networks which the firm will incorporate include Twitter, YouTube, MySpace, blogs, Wikis, LinkedIn, Google, RSS, and Facebook.
In addition, the firm will also incorporate podcasts, video and photo sharing. This will ensure that the firm caters to the divergent tastes and preferences of the customers in regard to their social networking. The firm will continuously, embed a number of issues which the visitors can follow up through the social networks. Therefore, use of social networks will enable the firm to improve customer relationship.
External facing website
To attract a large number of visitors, nAbleyou will ensure that its website is effectively designed. This will be achieved by integrating diverse components on the website. Some of the contents to be incorporated include about us, services, solutions, our clients, alliances, and knowledge center. Each of these will contain diverse categories of information.
For example, about us will give information regarding the company’s history, reasons why firms should incorporate Londyou as their performance tracking, the firm’s locations, news and events. On the other hand, services will detail the various services offered by the firm. This will ensure sufficient distribution of information. The follow up link will be given so as to enable ease of networking.
Conclusion
From the above analysis, it is evident that there is a high probability of nAbleyou succeeding by venturing the performance tracking tools market. To achieve this, it is important for the management team to consider developing a high competitive advantage. This can be achieved by effectively designing its website in a way which is compatible with the existing human resource and enterprise networking systems.
This will ensure that firms do not incur additional cost in implementing the website. The resultant effect is that the firm will increase its probability of penetrating the market. Additionally, integration of social networking tools will play a significant role in publicizing the firm.
Reference List
Dye, F. (2010). What are the different types of performance management tools?. Web.
Evans, D. & McKee, J. (2010). Social media networking: the next generation of business engagement. New York: John Wiley and Sons.
Grant, R. (2005). Contemporary strategy analysis. London: Wiley-Blackwell.
Krantz, M. (2008). Investing online for dummies. Hoboken, N.J: Wiley.
Mclvor, C. (2008). Social media strategy. London: Christine Mclvor.
Do you need this or any other assignment done for you from scratch?
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