In just ten years the internet went from a geeky curiosity to a business essential. That’s a revolution in the way we live and work.
Remember too that those born after 2000 have never known a world that was not always connected – always online.
Nothing will stop the pace of change. Every business needs to understand how technology will affect them.
So what does all this mean for you and your business?
Technology choices do matter – from websites to the CRM system to fulfillment workflow systems.
The negative view: future innovations in technology may undermine your current business.
The positive view: new technology will drive down costs, increase your market and get you permanently ahead of your competitors.
Seven Technology Tips to Build Your Business
1. Keep your technology current and reliable
The mobile phone generation will not tolerate waiting. Your website and online portals must be fast and reliable, or you risk losing leads and prospects.
Once customers have bought from you, you must deliver. Your internal systems must work seamlessly to act upon the promise of your website
Get good advice. Get good staff and consultants. Focus on customer delivery.
2. Move fast, innovate and measure the results
Business has become more complex, and it will continue to evolve rapidly, responding to innovations in technology. You need to establish what works best for you.
Also, remember that the best businesses continuously innovate with their products and offerings.
Keep what is working now. However, try new strategies with small pilot projects. Measure the results and if they work – ramp them up.
3. Hire the best advice
Business technology is evolving fast. The smart people who understand the latest technology trends are in demand.
You are unlikely to be able to afford the best and brightest of them on your staff so find experienced and connected consultants to advise you on the trends and opportunities.
4. Identify ideal prospects and engage with them
Conversion rates on e-commerce sites range between 1% and 3%. Therefore identifying the characteristics of visitors who become real leads is the key to success.
Build a list of these ideal customers and communicate with them. Find the social media channels that influence them and communicate with them there, where they are listening.
5. Focus on long-term profitability
While sales numbers are important, profitable sales are the key to growth and survival.
Use systems that keep inventory costs under control. Measure your marketing efficiency. Examine all overheads, delivery costs and make sure that any product returns are under control.
Monitor all of this in real-time – if you can’t measure it you can’t improve it.
6. Webrooming and Showrooming
Physical retailing is still essential, particularly when senses like taste, touch and smell are involved.
You should expect your customer to be much better informed when they do come into your showroom. Webrooming on their mobile or laptop will mean they will have researched their purchase online and know about price points, features and benefits before they walk into your showroom.
Contrast this with “Showrooming”, where an uninformed customer learns about products in your store but then buys online.
You need strategies for both kinds of customers. It begins with your web presence and ends with proper staff training and innovative sales closing techniques.
7. Embrace the future
In less than five years’ time, estimates say there will 40 billion devices connected to the internet.
Many of these devices will be able to respond in real time to businesses like yours.
You owe it to yourself to think about this and plan how your business needs to respond to take advantage of this extraordinary opportunity to connect with customers around the world.
Recent Comments