How Advanced Tech Can Be Leveraged For Diversifying Your Small Business
“Once a new technology rolls over you, if you’re not part of the steamroller, you’re part of the road.”
– Stewart Brand (American Writer & Founder Of The WELL, Global Business Network, & Long Now Foundation)
Tech revolution has taken over the business landscape and helped entrepreneurs in optimizing their complex processes as well as streamlining their workflow in order to drive maximum revenue.
Integrating advanced tech tools can be a bit expensive but there are multiple ways with which small scale ventures can leverage the power of tech-driven platforms. Tech systems are helping small businesses in optimizing their marketing campaigns and utilizing resources.
Irrespective of the field in which you are operating advanced technologies can help your sales teams to develop a solid relationship with your customers and prospects. Cloud computing, voice search enabled SEO, Artificial Intelligence (AI) bots, automation platforms, etc. can empower you with the capacity to grab quality leads which can be nurtured to boost sales conversions for your small venture.
But Smallbiztrends revealed that growth is still the biggest challenge for small businesses in 2019. The small venture owners are finding it hard to boost their products as well as connect with a global customer base.
So, what can be the reason for this stumbling block which is jamming the path to success for SMBs? Well, it can be unawareness of how to leverage advanced tech tools or sheer ignorance from the entrepreneurs’ end.
Moreover, it could be the result of a lack of information on integrating tech-driven platforms with the workflow and business operations. Let’s fix this issue and take a look at a few major ways small ventures can leverage technology to enhance their reach and diversify their portfolios.
1. Asset Management Solutions For Seamless Management Of Resources In Hand To Keep Track Of Asset Accounts & Maintenance Record
Managing available resources efficiently is an extremely tricky task for entrepreneurs. But seamless asset management has its own rewards such as freedom from sudden downtime and smooth execution of complex business processes.
SMBs can leverage software systems which can help them in managing their resources and keep precise track of their accounts as well as maintenance history. Also, with the help of these tech tools, you can generate automatic preventive safeguarding timetable to keep you updated on the upcoming repairing sessions and requirements.
2. CRM Tools To Develop & Maintain A Healthy Relationship With Your Customers
Customers have taken charge of the driving seat and contemporary business is all about fulfilling their specific needs. This is why customer relationship management has become a mandatory arena where every entrepreneur has to focus.
Advanced technologies have given birth to intuitive CRMs for startups with which it’s easier to be in touch with your customers. With the help of these tools, you can easily check the purchase history of your customers and provide them with personalized product recommendations for increasing sales.
According to an article published on Marketing Charts, the majority of small ventures are leveraging CRM platforms to optimize their sales cycle and maintaining a personal touch with customers. Let’s understand it in detail with the help of the illustration:
Moreover, as per Retailtouchpoints, approximately 41% of retail revenue in the U.S. comes from repeat customers and this is the reason why more businesses are turning towards embracing subscription-based business models. Considering the increasing popularity and adoption of subscription-based offering SaaS CRM tools are also coming into the mainstream.
SaaS CRM platforms can help you in keeping a record of all the leads and observing their positions within the sales funnel. Also, it can allow you to create tailored as well as personalized communication strategies which can convert those leads into permanent clients for your business.
3. Business Process Automation (BPA) To Achieve Operational Efficiency
BPA is a boon for SMBs as it can help them in attaining operation efficiency and optimize their workflow. These tech-driven platforms can easily automate tedious and time-consuming tasks for saving the precious time of your employees.
You can leverage automation software for keeping a record of orders for delivery and payment schedules. Also, AI-powered bots can be used for connecting with customers and resolving their queries. Minimum human interruption also helps in the reduction of errors.
4. Custom Mobile Apps To Boost Productivity & Team Collaboration
It’s important for SMBs to keep all their project managers and their teams on the same page. Misunderstandings and improper communication channels can result in failed projects and heavy loss.
But fortunately, small ventures can hire professional app developers like Arkenea who have a wealth of experience in building customized messaging apps in accordance with their specific business requirements. As most of the employees have smartphones they can leverage these apps to be in touch 24*7 and accomplish important tasks remotely. Or, access required data from any location.
Basecamp, Podio, Slack, etc. are some of the most popular messaging platforms which help professionals to stay connected with their teams. In addition, you can also sync these apps with their desktop versions and let your staff enjoy free service.
5. Connection With A Global Customer Base For Expanding The Horizons Of Your Business
Nowadays, it has become much easier for enterprises to showcase their products and services in the international marketplace. All they need to do is to partner with an experienced programming team for building E-commerce stores for their brands. The power of the online world is due to advanced technological innovations and super fast internet services.
With the help of intuitive web portals, SMBs can connect with a global customer base and broaden their reach. There is no need for launching a brick and mortar store and incur heavy expenses on its maintenance.
6. Mobile & Web-Based Payment Solutions For Optimizing The Shopping Experience
Earlier, the payment processes were complex but nowadays mobile and web-based payment platforms have solved this issue. Businesses can receive instant payments from customers living overseas.
There is no need for waiting in long queues in front of banks to send or receive payments. Mobile and web-based payment solutions have helped small ventures in getting into new customer segments which in turn increases the chance of grabbing more quality leads for their brands.
As per Businessinsider the web and mobile have become the two integral channels contemporary sellers leverage to accept payments from the customer.
In addition, PayPal, Stripe, Amazon Payments, Google Checkout, etc. are also a few other popular digital payment platforms businesses can leverage to provide their customers with the seamless buying experience.
7. An Opportunity To Enhance Your Brand Image With Better Marketing Campaigns
Tech tools have the potential to forecast market trends and sense upcoming changes. This helps marketers in formulating future selling strategies in accordance with the dynamic set up.
Software solutions can be leveraged to gauge marketplace and understand customer needs as well as preferences. Based on the evaluation you can come up with unique marketing campaign ideas with the motive to connect with the target audience without burning a hole in your pocket.
Better policies can help you attract more prospects and looking after them to maximize conversions. Ultimately, it will uplift your brand image in the market and customers will start putting their trust in your business.
8. Analytical Tech Tools For Evaluating Business Performance
You can leverage multiple analytical platforms which can help you in determining the potential and weak points of your business. For example, there are several tech-driven solutions with which you can keep an eye of your website performance in terms of speed or measure the number of daily visitors.
Moreover, there are different tools for measuring the important key performance indicators (KPIs) of your company such as growth in revenue, net profit margin, operational cash flow, etc. These systems have the potential to gather and store huge amounts of data and analyzing it efficiently in order to provide you with useful insights. Based on these insights you can take well-informed decisions.
9. Uninterrupted As Well As Quick Communication Platforms
Because of the emergence of advanced technologies businesses can easily optimize their internal as well as external communication strategies. Intelligent chatbots, intuitive apps, and responsive web portals are a few of the best platforms to facilitate a seamless connection between business and its customers.
Social media platforms also have become an integral source of interaction which helps SMBs to communicate with prospects and keep them updated with all their latest products and services.
This is just the beginning advanced tech platforms still have a long way to go. Tech tools are the biggest weapon in the arsenal of contemporary entrepreneurs which can be leveraged to enhance the reach and maximize profit margins for their ventures.