Discuss about the Marketing in Practice Of Xero Company.
Xero is a New Zealand based Software Company developing Cloud based accounting software. Their target companies are small and medium sized business. Xero has offices in New Zealand, Australia and New Zealand and Singapore. Moreover the company is listed at both New Zealand and Australian Security Exchange Market. The products are based on Software as a Service Model. They are selling software on the basis of the subscription and the number of companies managed by the entity. The products are used by consumers in more than 180 countries (About Us.2017).
Xero has a vision to build a trustworthy relationship with small business customers through online partnership. They are proud to be helping over 1 million subscribers globally by transforming the way of doing business (About Us.2017).
The important features of Xero comprise of automatic bank and credit card account feeds, invoicing, accounts payable, expenditure statement, fixed asset depreciation, purchase orders, and benchmark business and management coverage. Xero can mechanically import bank and credit card statements through its software. It presents a free API that allows customers and 3rd-party vendors to incorporate external applications. There are Over 275 3rd-party software vendors who has built Xero add-ons. The company also supports multiple tax rates and currencies. In this way the company is able to meet needs of diverse customers in order to provide with a complete solution. They have an effective payroll feature for users in the Australian and United States markets. Furthermore, the users can contact local teams in New Zealand, Australia, Europe and the United States for assistance.
The products designed by the company serve to all financial needs through a single unified ledger. This allows users to work in the same set of books in spite of of locality or operating system. The company released the Xero Touch mobile apps for IoS and Android devices phones allowing users to issue invoices on-site with clients. They have also partnered with PayPal to permit invoices to be paid. Fast Company has marked the software in a 2012 article, stating that the design is uncomplicated and formulates it simple for users to get a glance design of real time financial situations (Ryan, 2016).
Xero persistently increasing its share price in the market. With the cloud accounting software provider’s strong revenue growth making it is one of Australasia’s top listed technology companies.
The dual-listed company has more than one million subscribers worldwide that has passed a quarter-of-a-million subscribers in New Zealand and hit the half-a-million mark in Australia. It is one of the largest technology companies by revenue listed on the ASX and NZX.
Political environment
The most important factors in any country are its trade policy and legal rule, regulation and their government. A stable government has a less chance of risk as legal rule and regulation would not change in short time. In New Zealand, the risk Related to government rules, policies and procedure is high because the government changes after three year. The new government applies new rule and regulation which could or could not be good for it. Similarly, the employment rate is very expensive in New Zealand. In New Zealand the productivity is more than few other countries (Solomon, 2014). Their one labor is equivalent to five labor force. A vast amount of investment is needed to develop a strategic business unit. Every organization desires a vast amount of money to establish them. The companies ought to pay more interest which could be fine for the government but it lessen the profitability of a company. Most importantly Business freedom is 99. 9 % and trade freedom is 84.6 %. This suggests that the company has a better environment to do business and trading. Xero has a target market in the form of small and medium sized business (Pappas, 2016; Goldson et al 2015).
The country has registered an extraordinary growth during the last decade. The New Zealand economy is listed as a high income economy. The economy is predictable to attain $207 billion by 2018. The country growth is chiefly driven by domestic and external demand. The economy is exceptionally reliant on trade with other countries. In the recent time, changing pattern seen in external demand has affected the country’s economic condition. They have a lower spending in R&D activities resulting in external dependency for new technology. In addition the major key drivers of economy reside in the industrial scope, constructive business climate and political strength promoted a significant FDI inflow to New Zealand. Moreover, the economy enjoys a low rate of inflation contributing to lower interest rates and growing purchasing power parity (Hollensen, 2015).
The Country’s economy is tremendously dependent on trade with other countries. The changing external demand pattern has an effect on economic situation. The lower spending power in R&D activities has resulted in external dependence for new technology. The long-standing political environment of New Zealand is very steady and low-risk. New Zealand welcomes FDI and encourages them as well. With a stable government and an effective anti-Corruption Index, the country has ample of investment opportunities. New Zealand is measured as a safe and reliable country to do trade. Xero can expand its business relationship with small business customers through online partnership. In this way they have helped over 1 million subscribers globally by transforming the way of doing business (Strauss, 2016).
The OECD’s Programme for International Student Assessment has ranked New Zealand’s education system as the 7th best in the world. New Zealand has an adult literacy rate of 99%, and over half of the population between 15- 29 hold a tertiary qualification. Technologically the country is outperforming.
The company although offers a complete range of options that fit to an individual expectations or unique conditions. There are other companies providing with the multiple other Accounting & Finance Software solutions. The other alternatives provided by the company are its pricing plans, as well as user comments for a wide choice of solutions provided by competitors. They ought to select the most consistent service (Jain and Haley, 2009). As per a survey conducted by Alternatives, Xero has a total score of 9.4/10. The actual users of Xero have a normal fulfillment rating at 97%. This reveals their experience with service. Most of the products provided by the other companies are somehow similar in nature. FreshBooks, Wave etc are the accounting software used by the individual.
CSR is concerned with treating stakeholders of a company in an ethical or in a social responsible manner. Stakeholders subsist both inside a firm and outside. As a result, behaving socially responsibly increases the human development of stakeholders together within and outside the corporation. The organization has recognized the importance of Corporate Social Responsibility (CSR) by designing systems all through departments to guarantee coordination in customers, staff and all stakeholders (Jobber and Ellis-Chadwick, 2012).
Technology is important for favoring lives to be easier. Especially in the case of small businesses, they have the flexibility and the inventiveness to take advantage of this power. By continuing to be lean and agile, a small business can become accustomed to use new technology and power in emerging markets. Due to their size, small businesses don’t have the capital to support a poorly-implemented change. The increase of smart phones and linked technology has presents security issues. It can cause a loss of significant client information (Lovelock, 2011).
Savvy small businesses need an early acceptance and careful execution. As new technology initiates risk, it also gives business an opening to grow. They get a chance to jump onto the future. In this way they can prepare for meeting the tech trends taking place in the current situation. Technology will develop in coming years and this will surely lead to adoption of breeds’ faster technology. This is one of the certain things about 2017.
Chatbots, AI, and machine learning
AI is a computer’s ability to imagine for itself based on prior knowledge. The procedure of building the algorithms help in managing the risks. The amalgamation of these technologies helps in making communication with customers in an easy way.
BYOD and MDM
More reliance on the mobile workforce creates a vulnerable data, particularly in workplaces with a bring-your-own-device policy. The employees can check email and sensitive customer information on their personal devices. In this way, a significant amount of information is exposed to a threat. Small companies need to protect themselves against hacking and social engineering, by bookmarking particular URLs that need VPN access.
E-commerce
There is a necessity to promote business through an e-commerce site. Otherwise the clients will go elsewhere. There are few buyers who don’t purchase if the goods are not delivered to the doorstep. There are few who are looking for niche products from undiscovered sellers (Ma, Ding and Hong, 2010).
Connection-as-a-Service
The newest trend in the market is the connection as-a-service practices like in case of Uber or Amazon. As per the recent change in the market companies are directly connecting to the sellers to sell goods.
Connecting customers to services and products is big business. In case of small businesses, it is one of the most effective trends in the market. Lots of small business are partnering with connection services to create their products handier
The company is meeting out with its target by helping the business organizations around the world to use an effective solution for their problems. Local and International brands are doing excellent adding up to the country’s economy. Xero supports multiple tax rates and currencies. In this way the company is able to meet needs of diverse customers in order to provide with a complete solution In order to gain competency the company is contributing in developing the global economy. The small businesses succeed through better tools, information and associations (Malhotra, 2008).
The low cost products are used by the small business in order to get multiple solutions for their problem. In the process, the small business organizations are organizing different techniques and process to deal with the solution. The software is capable of mechanically importing bank and credit card statements through its software (Markides and Charitou, 2004; Perrey and Spillecke, 2011).
Mobile app software can be used by an individual businessman in his day-to-day life. For the purpose of gaining competency, small business are using Xero Touch mobile apps for IoS and Android devices phones allowing users to issue invoices on-site with clients(Armstrong, et al 2012).
Big corporate houses located across the world are using Xero to supports multiple tax rates and currencies. The company dealing in different countries can use software products to deal with the problems. In this way the company is able to meet needs of diverse customers in order to provide with a complete solution. By attempting a distinguish technology the company is able to gain sustainable strength (Thompson and Martin, 2010).
Advisories across the world are using the technology to meet the target. They are providing with an advisory solution in order to meet the query of clients. The products developed by the company are based on Software as a Service Model. In this way the company is able to use the data in a well-defined way. By attempting a distinguish technology the company is able to gain sustainable strength. The distinguish features by the company has helped it to gain a competitive advantage (Belz and Peattie, 2009).
Conclusion
To conclude, The Small businesses are contributing in developing the global economy. In this way the small businesses succeed through better tools, information and associations. All These challenges help the company in keeping a close knitted connection with customers, partners, and other friends to drive modernization self-assured, turning Xero into the online business proposal. Therefore, to create effective marketing strategies it is evident to develop the core competitiveness
References
About Us.2017. Online. Available at: https://www.xero.com/us/about/ Accessed on: 4 September 2017
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2012. Marketing: an introduction. Pearson Prentice-Hall, London.
Belz, F.M. and Peattie, K., 2009. Sustainability marketing: A global perspective. Chichester: Wiley.
Goldson, S.L., Bourdôt, G.W., Brockerhoff, E.G., Byrom, A.E., Clout, M.N., McGlone, M.S., Nelson, W.A., Popay, A.J., Suckling, D.M. and Templeton, M.D., 2015. New Zealand pest management: current and future challenges. Journal of the Royal Society of New Zealand, 45(1), pp.31-58.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Jain, S.C. and Haley, G.T., 2009. Marketing planning and strategy. Cincinnati South-Western Publishing Company 1985.
Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No. 7th). McGraw-Hill Higher Education.
Lovelock, C., 2011. Services Marketing, 7/e. Pearson Education India.
Ma, Y., Ding, J. and Hong, W., 2010. Delivering customer value based on service process: The example of Tesco. International Business Research, 3(2), p.131.
Malhotra, N.K., 2008. Marketing research: An applied orientation, 5/e. Pearson Education India.
Markides, C. and Charitou, C.D., 2004. Competing with dual business models: A contingency approach. The academy of Management executive, 18(3), pp.22-36.
Pappas, N., 2016. Marketing strategies, perceived risks, and consumer trust in online buying behaviour. Journal of Retailing and Consumer Services, 29, pp.92-103.
Perrey, J. and Spillecke, D., 2011. Retail marketing and branding: a definitive guide to maximizing ROI. John Wiley & Sons.
Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
Solomon, M.R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). Upper Saddle River, NJ: Prentice Hall.
Strauss, J., 2016. E-marketing. Routledge.
Thompson, J.L. and Martin, F., 2010. Strategic management: awareness & change. Cengage Learning EMEA.
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