Whether you are the owner of a small business or a large, global organization, growing a business is a top priority any owner would want to achieve. To do so, one must have a strong business growth strategy that it can use to not only scale its operations but also bring more customers and increase its overall success. In the 21st century, the most viable way to do that is with the help of technology. The modern business world requires all businesses to transform themselves digitally, remain competitive, and succeed.
Here are 6 ways to use technology for business growth:
Building Your Digital Presence
With the advent of social media and digital tools, there are infinite opportunities to grow your business. Since the users of social media and digital platforms are on the rise, with access to a plethora of digital content than ever before, all businesses have the opportunity to grow their business globally. Using the right digital media marketing strategies, you can easily take your small, local business and transform it into a global venture. Similarly, by using social media, you can target the audience that you believe specifically requires your product or services, creating loyal customers that help you grow organically.
While using written records and files sound like a good option for any small business, it can quickly turn into a hassle for anyone aiming to grow their venture. Firstly, the clutter that comes with written documents can take up a huge amount of space that will slow down your daily operations. Secondly, having to look for the right document when needed can be laborious if they are all present in hard copies which will be extremely detrimental to any business. Digitizing your information may seem like a daunting task at first, but it will make your life much easier in the long run.
Online Payment Acceptance
Another way to ensure the growth of your business is through providing the customers with ease of access with credit card payments. To start accepting electronic payments, you’ll need to sign up with a merchant payment provider. From the different merchant services options available, choose the one that simplifies the entire enrollment process. Doing so will allow your business to conduct fast payment processing without having to deal with a lot of paperwork and going through the underwriting process. By providing a few data points to the payment facilitator, you’ll get boarded as a sub-merchant under their master account, thus, allowing you to start accepting payments from your customers. This is a faster and more convenient method of getting started with your processing account.
Big Data Analytics
Strategies to grow your customer base and overall optimization of your business should not be based on hunches and intuition. With technological advancements, all successful businesses base their growth strategies on appropriate, verifiable data. Using big data analytics hand in hand with artificial intelligence, there is no need to drown in the immense amount of data, instead, you can efficiently use the information available to tweak your business strategies and marketing tactics in a way that best boosts your growth.
Improve Your Customer Service
Another way to ensure that your business thrives is to have excellent customer service. Not only does that retain pre-existing customers and build customer loyalty, but it also attracts new customers to your business. Technology now enables new business owners to improve their customer service by responding to customer queries in a timely and efficient manner.
Functioning and Mobile-Friendly Website
One of the key factors that differentiate a great business from a mediocre one is its website, which has now become a norm if you want to stay competitive in the current global market. Not only must the website be engaging to retain customer attention, but should also be mobile-friendly and frequently updated based on business changes. Realizing that the world is shifting towards mobile technology, customers are more likely to browse the internet, make purchases, and generally organize their lives around mobile technology. Having a website that isn’t compatible with mobile phones will seriously impede the growth of your business.
Being able to stay competitive in the long run requires you to look towards technology and digital solutions to advance your business, improve customer satisfaction, and scale your operations. These tips are even more so applicable in the post COVID era, where the shift to digital mediums has become absolutely crucial for survival. Whether it is automation, managing remote working employees, or getting key insights about consumer behaviors, technology, and digital solutions can help grow your business and maximize profitability.