Tech-Savvy Business Growth: Improving Your Business’s Ability to Grow and Thrive
If you want to be able to grow and scale your business, keeping up with the latest technology–and establishing a tech-savvy growth plan–is critical for your business. An estimated 8 out of 10 businesses self-described as “technologically advanced” expect to see significant business growth over the next six months, while just 39% of businesses who feel that their technology is behind the times and holding them back expect to see similar levels of growth. As technology continues to grow, it has become increasingly important for all businesses, especially those that hope to see their businesses continue to thrive in this technologically advanced era.
Technology Provides Your Business with Vitally-Needed Insights
Utilizing effective technology can make a huge difference in your ability to connect with potential customers and provide them with the high level of service they expect. Around 63% of customers now expect a certain level of customization from the businesses they deal with on a regular basis–and even more, are willing to spend more and have a higher level of trust in businesses that provide products, services, and marketing materials tailored to their specific needs.
Technology offers your business the vital insights you need to learn more about your customers and their needs. Through data collection and analysis, you can take a better look at your target audience, getting to know what demographic they belong to, where they’re located, and the specific problems they want to solve with your products. You can learn about consumer behaviors: what steps do consumers take before they’re ready to make a purchase? How many contacts with your brand do they need? You can also learn more about what customers do after they make a purchase with your brand. What brings them back for future purchases? How do they choose to interact with your brand after the purchase? What questions do they have about the products they’ve chosen?
With those greater insights, you can provide a better level of overall service for your customers as you move them through the sales cycle, whether they’re connecting with your brand for the first time or coming back for their tenth purchase from you.
Technology Offers Higher Level of Customer Convenience
Today’s customers are all about convenience. They want to know that your brand is making life easier for them, from providing them with highly effective tools that will allow them to streamline their purchases to offering them greater overall insights into the problems that you can solve.
Many businesses now offer brand-specific apps that can provide discounts, let customers know about promotions, and make ordering simpler than ever. The apps may provide delivery or curbside options, helping customers to fit those purchases more easily into their busy schedules. They might offer notifications that will help customers better understand exactly what the business can offer. If your app starts falling behind the times, you may find that customers are less willing to connect with both it and your brand.
Technology Aids Your Employees
In many cases, utilizing the right technology can free your employees from repetitive, frustrating processes and allow them to focus more on the aspects of their job that require that vital human element. Often, utilizing technology for those tasks can allow employees to provide better service to your customers, or provide more room for employees to embrace innovation and creativity in a way that can aid your business as a whole.
Utilizing the right technology is also critical in attracting the top talent in your field to your business. 91% of workers note that they desperately want and need modern technology solutions in the workplace, while 88% note that technology is an important part of the employee experience. If you’re still using outdated technology in your business, your employees will be less satisfied with their jobs and what you have to offer. They’ll be more likely to look for work elsewhere, especially if they feel as though that technology is holding them back and preventing them from achieving their personal learning goals.
Without that top talent, you may find your business lagging behind your competitors. Offering the right tools, on the other hand, can help attract the top talent in your field to your business and provide that talent with some of the incentive they need to stick with you. Furthermore, it can help increase productivity, create better work/life balance, and raise engagement so that employees are ready to tackle the tasks in front of them every day.
Using the Right Technology Protects Your Business
Cybersecurity threats are on the rise. As many as 76% of US businesses suffered some type of cyberattack last year. If your business is using outdated technology, it could quickly place you at risk. Many businesses are still using legacy systems that no longer receive support from their vendors. They haven’t been updated in years. There are no patches to close the latest security threats–many of which are readily accessible to hackers who want to break into your system. Outdated technology can also mean that your entire business grinds to a close in the event of a cyberattack, which can lead to lost revenue, dissatisfied customers, and high restoration costs.
Updating your technology and taking advantage of the latest security options, on the other hand, can help prepare your business to weather potential cybersecurity storms and help protect against attackers. While there are no guarantees when it comes to cybersecurity, it’s critical to have an infrastructure in place that will help provide a higher level of protection to your business. An effective disaster response plan–and the technology to implement it quickly–can also help mitigate damage and keep your business operating as smoothly as possible even in the aftermath of an attack.
Are you prepared to implement a tech-savvy business growth strategy that will embrace the ways technology can assist your business and keep you competitive within your industry? Menark Technologies can help. Contact us today to learn more about how we can help you develop a technology-driven growth strategy, then maintain and assist with that technology to help improve overall business functionality.