“I want my business to continue to stagnate.” No businessman, owner, or executive has ever uttered those words. You can be sure that no one will do the same. That is because the development of the company is always the overarching goal of any organization. Of course, growing your business comes with challenges, such as figuring out what steps will make it easiest for you to scale and scale.
One thing is clear: You need to develop a clear growth strategy. And technology needs to play a huge role in that strategy. After all, we live in a mostly technological world. If you don’t make the most of the technology at your fingertips, you frequently miss out on opportunities to strengthen your brand position.
Where can you start? Here are a few ways that you can leverage technology to grow your business footprint. Try these recommendations, whether you’re a small-scale startup or a mid-sized company looking to a Fortune 500 future.
1. Automate repetitive manual processes.
Is it worth automating all the things that need to be done in your business to grow? Yes, especially if you do the numbers.
McKinsey’s research studied the common duties of a number of professions. They concluded that about 33% of the tasks of six out of 10 jobs could be automated. For example, let’s say your company is modestly sized with 50 workers. If your employees traditionally work 40 hours a week, 30 of them work more than 13 hours. In other words, you’re spending nearly 400 hours weekly paying employees to tackle repetitive tasks.
To be sure, not all tasks can be automated. However, you owe it to yourself to figure things out. For example, is your finance department processing payroll or entering invoices by hand? Then invest in software to eliminate tediousness — and reduce the possibility of human error.
Test your sales and service process next. Does your salesperson or support agent have to cut and paste information? Are they forced to switch between two or more non-communicating programs? Find ways to integrate those systems to free up everyone’s precious time so they can focus on development-based responsibilities.
2. Try to make the customer’s first impression more engaged with technology tools
Tons of articles highlight the importance of growing your business by retaining customers. It is true that retention tends to be less expensive than acquisition. However, you cannot keep your customers until you get them in the door. So focus on delivering the perfect first impression that drives people to follow.
The right kind of technology can help you attract the best leads through an unforgettable customer experience. For example, log in for the first time. Okta reports that asking visitors to set up accounts will be off 37% prospect. So what can you do to fix this point of friction? First, you can rely on social logins to streamline the process. From the customer’s point of view, being able to log in through Facebook, Google or already existing credentials is a breeze. From your company’s perspective, you can start marketing to other buyers or potential buyers.
A strong CRM can be equally beneficial in moving leads in and down your sales funnel. Once you’ve captured your leads via social login, personalize future communications like emails, messages, and direct messages. Just two years ago, McKinsey found that 80% of retail buyers appreciate the personal touch. So, whether you’re retailing or not, try to personalize it to keep new buyers coming back.
3. Bring a virtual assistant to your team.
You may not have enough money to hire live customer service representatives 24/7. It’s okay. Chatbots can give your organization the ability to provide visitors with self-service, even during non-business hours. And they can do it for a fraction of what you pay a live agent.
Not sure you’re ready to put your trust in a chatbot? One New York Times article explains that today’s AI-powered chatbots are only getting smarter. They are also gaining widespread adoption, with chatbot growth poised to hit around 15% by 2022. One Gartner executive even predicted that an AI chatbot program could have chat capabilities. really coming out.
Currently, some chatbots are moving towards human-like responses. One University of Florida Experiment found that about a third of people cannot distinguish a chatbot from a real person. Therefore, there is little harm in exploring the vast world of chatbots for your company. Your chatbot doesn’t have to be perfect to be appreciated by customers with questions that want quick answers.
4. Investigate technological solutions for your data mining.
Huge amounts of data flow into your company. However, you and your team won’t be able to make sense of it all. Does that mean you have to give up trying to get insights into your data? Nothing. You just need a technology-driven data mining solution.
You have a wide selection of software that can analyze data and find trends. First, though, determine where your data lives. Is it in your CRM? Or a legacy software? Once you know where to find your data, you can search for highly rated data mining systems.
Note 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 has been created for your niche.
5. Invest in a branded mobile app.
Mobile app usage continues to increase. By 2025, one Forbes writer noted that the app market will reach $1 trillion. So why doesn’t your brand have an app of its own?
This is the question a lot of business leaders are asking themselves. Give customers the opportunity to interact with your company through a meaningful app. Not only does it give them an instant connection to your organization, but it also simplifies the purchasing process. At the same time, it helps buyers feel that they are getting special treatment when you launch push notifications and exclusive offers.
How can you get the most out of your app once it’s in development? First, make sure your customers know it exists. A lot of brands have apps that get very few downloads. The problem is not necessarily the application itself. That is they do not know the application is available. Therefore, be diligent and consistent in discussing your app to drive higher usage and conversions.
You are not alone if you feel that growing your business is not happening as quickly as you would like. Most leaders wish they could get to the next plateau faster. One method to add a little speed to the process is to lean on technologies you’re not already using. Then, with the right combination of tech tools, you’ll start to see a positive difference in your numbers.
Image credit: Artem Podrez; Bark; Thank you!
