5 Ways To Grow Your Business With Technology
5 Ways To Grow Your Business With Technology
“I’d like my business to remain stagnant.” No entrepreneur, owner, or CEO ever uttered those words. You can be sure none ever will, either. That’s because corporate growth is always an overarching goal for any organization. Growing your business comes with its challenges, of course, like figuring out which steps will make it easiest for you to scale and expand.
One thing’s clear: You need to develop a clear-cut growth strategy. And technology needs to play a huge part in that strategy. After all, we’re living in a primarily technological world. If you’re not making the most of the tech at your fingertips, you regularly miss opportunities to strengthen your brand’s position.
Where can you start? Below are a handful of ways that you can leverage technology to grow your business’s footprint. Try these recommendations, whether you’re a micro startup or a mid-size corporation headed toward a Fortune 500 future.
1. Automate repetitive manual processes.
Is it worth automating all the mindless to-dos in your business in order to grow? Yes, especially if you do the numbers.
McKinsey research studied the ordinary tasks of several occupations. They concluded that around 33% of the tasks of six out of 10 jobs could be automated. For example, let’s say your company is modestly sized at 50 workers. If your staffers work a traditional 40-hour week, 30 of them are frittering away 13 hours. In other words, you’re losing nearly 400 hours weekly to pay employees to handle repetitive duties.
To be sure, not all tasks can be automated. However, you owe it to yourself to find ones that can. For example, is your finance department team processing payroll or inputting invoices by hand? Then, invest in software to remove the tedium—and reduce the chance of human error.
Check out your sales and services processes next. Do your salespeople or support agents have to cut and paste information? Are they forced to switch between two or more programs that don’t communicate? Look for ways to integrate those systems to free up everyone’s valuable time so they can concentrate on growth-based responsibilities.
2. Strive to make customer first impressions stickier with tech tools
Tons of articles highlight the importance of growing your business by retaining customers. It’s true that retention tends to be less expensive than acquisition. Nevertheless, you can’t hold onto your customers until you get them in the door. So put a premium on delivering impeccable first impressions that urge people to stick around.
The right type of technology can assist you in wowing your best leads via an unforgettable customer experience. Take first-time logins, for instance. Okta reports that asking a visitor to set up an account turns off 37% of prospects. So what can you do to overcome this friction point? First, you can rely on social logins to streamline the process. From the customer’s viewpoint, being able to login via already-existing Facebook, Google, or credentials is effortless. From your company’s viewpoint, you can begin marketing to yet another buyer or potential buyer.
A strong CRM can be equally beneficial to moving leads into and down your sales funnel. Once you’ve captured prospects’ data through a social sign-in, personalize future communications like emails, texts, and DMs. Only two years ago, McKinsey found that 80% of retail buyers valued the personal touch. So whether you’re in retail or not, strive for individualization to keep new buyers coming back.
3. Bring a virtual assistant to your team.
You may not have the funds to hire live customer service representatives 24/7. That’s okay. Chatbots can give your organization the ability to offer visitors self-service, even during non-business hours. And they can do it for a fraction of what you’d pay a live agent.
Not sure you’re ready to put your faith in a chatbot? A New York Times article explains that today’s AI-fueled chatbots are only getting smarter. They’re also gaining widespread acceptance, with chatbot growth poised to hit around 15% in 2022. One Gartner executive even predicts that a genuinely conversational AI chatbot program is just around the corner.
Already, some chatbots are inching toward humanlike responses. A University of Florida experiment found that about a third of people could not tell a chatbot from a real person. Consequently, there’s little harm in exploring the wide world of chatbots for your company. Your chatbot doesn’t have to be perfect to be appreciated by customers with questions who want fast answers.
4. Investigate tech solutions to tap into your data.
Tremendous amounts of data flow into your company. Yet it would be impossible for you and your team to make sense of it all. Does that mean you have to give up on finding a way to unearth your data’s insights? Not at all. You just need a tech-based data mining solution.
You have plenty of choices regarding software that can analyze data and find trends. First, though, determine where your data exists. Is it in your CRM? Or a legacy piece of software? Once you know where to find your data, you can search for highly-rated data mining systems.
Be aware that some data mining programs have been developed with specific industries in mind. These can include healthcare, finance, e-commerce, or manufacturing. It never hurts to see if something’s already been created for your sector.
5. Invest in a branded mobile app.
Mobile app use continues to rise. By 2025, one Forbes writer notes that the app market will approach $ 1 trillion. So why, then, doesn’t your brand have an app of its own?
This is the question a lot of business leaders are asking themselves. Offering customers the chance to interact with your company through an app makes sense. Not only does it give them an immediate connection to your organization, but it simplifies the purchasing process. At the same time, it helps buyers feel that they’re getting special treatment as you deploy push notifications and exclusive offers.
How can you make the most of your app once it’s been developed? First, make sure your customers know it exists. Lots of brands have apps that get very few downloads. The issue isn’t necessarily the app itself. It’s that they don’t know the app is available. Therefore, be diligent and consistent about talking up your app to drive higher usage and conversions.
You’re not alone if you feel that growing your business isn’t happening as fast as you like. Most leaders wish that they could get to the next plateau faster. One method to add a little speed to the process is to lean into the technologies you’re not using yet. Then, with the right combination of tech tools, you should begin to see a positive difference in your numbers.
Image Credit: Artem Podrez; Pexels; Thank you!
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