The goal of every business is to expand, which is not an easy feat, especially when we are talking about small businesses built from scratch. However, digital technology can act as a powerful ally which can help you to succeed and develop a thriving endeavor.
According to a study conducted by Boston Consulting Group, technology leaders managed to outperform their competitors in the marketplace, expanding their business and increasing their revenues. If you are wondering how they achieved such impressive results, the answer is simple – they are aware of the importance of learning how to utilize new technologies.
Let’s see how.
Reach a wider market
“Marketers need to build digital relationships and reputation before closing a sale.” – Chris Brogan, Chief Executive Officer of Owner Media Group.
Long before the advancements in digital technology, there was a time when businesses had to rely solely on offline marketing – Yellow Pages, cold calling, direct mail, and printed promotional material, all of which could be very expensive.
However, with the emergence and growing popularity of digital marketing, this is not the case anymore.
Internet marketing facilitates the key stages needed for a business to take off – generating leads, driving traffic, and increasing sales, all while being very cost-effective. Due to its diversity and budget-friendliness, digital marketing is sure to give small businesses a chance to compete, survive, and, ultimately – grow.
First of all, digital marketing facilitates communication with your customers because it gives you the ability to engage with your target audience in real time. And the variety of ways in which you can communicate with your customers is limitless – from social media marketing and emails to a multitude of apps and software. Frequent interactions will help you form lasting relationships, boost customer loyalty and, thus, build brand reputation. Once your brand name goes viral, it’ll be much easier to reach new markets and attract targeted traffic. Such expansion will inevitably deliver higher sales conversion and better revenues, consequently allowing your business to thrive.
Improve customer experience
“Luckily for the customers, what once was an adorable buzzword in the business world is now becoming the most important business mantra that’s making customer-centrism the “it” gal on the block.” – Djuradj Caranovic, a digital innovator and keynote speaker.
Happy customers are the building blocks of any successful business. If you are wondering why the answer is simple – customer satisfaction greatly affects the company’s profits. That’s why investing in new technologies which assist in creating a great customer experience is essential. There are many software and tools that can help you improve both customer retention and the quality and efficiency of your customer support. As Djuradj Caranovic says: “The (un)satisfied customer is finally being given the opportunity to voice up, and unless you can follow through, you may as well leave the party because… guess what? Customer-centrism has arrived”.
One that stands out as a must-have for your business is definitely customer relationship management (CMR) software, designed to manage basically every interaction with your customers (current and potential ones). It facilitates the process of collecting consumer data and enables you to create a CMR database where all of your contacts, customers, and potential leads will be listed and neatly organized. Such a systematic approach towards gathering and utilizing user data is sure to position your company as a customer-oriented one.
Another technological advancement that will enhance customer support is chatbot technology. It proved to successfully improve customer engagement since chatbots are available 24/7 and are practical for both businesses and consumers. However, for this tool to be effective, it has to implement well and should be designed specifically for your business.
Increase employee productivity
“To win in the marketplace you must first win in the workplace.” – Doug Conant, an internationally renowned business leader.
Productivity goes hand in hand with performance. Namely, productive workers are efficient workers, and getting more things done in less time can be a real game-changer when it comes to business expansion. Using productivity tools is a sure way to improve operational efficiency, put an end to tedious paper-based processes, motivate your employees, and help them stay on top of their duties. For this reason, there is a plethora of tools and applications used to boost business, employee, and personal productivity.
The beauty of these tools lies in their variety. Let’s take a look at time monitoring tools – since time is money, tools such as TMetric Time Tracker can help you track not only your employees’ working hours, but the overall time (and money!) spent on a certain project. Furthermore, planning tools are an inevitable part of your business growth strategy. They will enable you and your employees to set clear goals, stay organized, work within the pre-set time frame, and get the tasks done.
Minimize operational costs
“With the cloud, individuals and small businesses can snap their fingers and instantly set up enterprise-class services.” – Roy Stephan, founder, and CEO of PierceMatrix.
High operational costs can be a real deal-breaker, especially if you are starting from scratch and are on a tight budget. Not to worry – cloud computing’s got your back, as it’s power lies in its cost-effectiveness.
Since the cloud enables businesses to operate online, they end up investing less money in software, hardware, and storage solutions. Cloud technologies provide an all-in-one place for your company’s marketing and finance tools, collaborations, invoicing, and security. With the reduced costs and all the tools and services at your disposal, it will be much easier for your business to pick up.
Above are just some of the benefits digital technology has when it comes to business growth. The possibilities seem endless, the options are countless, and new ones are yet to be discovered. Care to share your own story with us?