This week, organic grocer Whole Foods announced better than expected quarterly earnings despite lowering prices. Facing growing competition and customer dissatisfaction, Whole Foods slashed prices and announced a more affordable line of stores called 365 by Whole Foods. Responding to customer and market demands have paid off for the grocer, proving that continued brand evolution is best executed by listening first.
Earlier this year, Instagram announced that they were rolling out business profiles. A small group of beta pages have now been enabled, and feature a contact button, maps and directions, and categorization by business type. The new features alleviate previous pain points for marketers, further cementing their place as a must-use platform for business. If you’re business is not on Instagram, now is the perfect time to start compiling ideas and building a strategy for your brand.
Watch Last Week's Episode: This Week in Business Week of April 25, 2016
In other Instagram news, a ten year old hacked the app, revealing a flaw in which he could delete user comments. Thanks to a “bug bounty program,” 10-year old Jani received a payment of $10,000 from Facebook for discovering the flaw. Facebook and Google alike have programs that reward users for finding significant issues within their systems. Enabling tech-savvy users to help instead of hurt the giants has paid off, and proves the value in building rewards and community around your brand and it’s assets.
The U.S. Labor Department revealed that employee productivity is down for the second quarter in a row. In the fourth quarter, productivity fell 1.7 percent, and in the first quarter, it was down another 1 percent. The culprit? All signs point to antiquated systems and tools. Despite growing labor costs and declining growth, companies are hesitant to invest in newer systems that will further increase employee output and efficiency. The takeaway here is that investing in the tools your employees need to succeed will pay in more ways than one.
That’s all for this week in business. Tune in next week to learn the biggest headlines affecting your business and career.