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3 ways tech could accelerate business growth

Tech plays an integral role in almost every aspect of our lives. From transport and banking to healthcare and shopping, it’s hard to think of a single area where the impact of tech cannot be felt.

And the same is true when we consider how businesses function, with technology cementing itself as the foundation of the global economy over the past decade.

Although the long-term impact of the pandemic still poses a threat to economic recovery, unprecedented levels of growth are being fuelled by increased and sustained tech-driven innovation.

Digital transformation in the business world is being propelled by the widespread adoption of tools and technologies that not only help to streamline business processes, but also create better plans for business development.

Those business owners who have their fingers on the pulse won’t only use tech to get things done quickly and more efficiently, but they’ll leverage the power of tech to find a new way of doing business and reach new audiences.

Here’s our rundown of the top three most popular ways tech is accelerating growth across a variety of markets right now.

1. Upskill and empower your people

The speed, scope and impact of technological advances are fundamentally changing the world we live in and the way we do business.

But to be competitive in this new landscape, new skills are required.

You need to give your employees the opportunity to gain the knowledge, tools and ability they need to use advanced and ever-changing technologies inside and outside of the workplace.

Your business and the growth you hope to achieve quite literally depend on it.

Inside every business that wishes to succeed today and grow tomorrow, there needs to be an emphasis on continuous learning. This isn’t about teaching everyone in your team to code, but rather instilling an open mindset to tech like artificial intelligence – something that can help them do their jobs more effectively.

The price of inaction isn’t worth considering.

Keeping up with the pace of tech advancement is a challenge for businesses of all sizes; while technology creates powerful business opportunities, it can also lead to a skill shortage, especially in industries where the demand for skilled workers is high.

Upskilling goes far beyond introducing staff to a new device; that specific device may be obsolete within a year. It’s about learning how to think, act and thrive in a digital world that is sustainable over time.

The process of upskilling is a smaller investment than hiring or training new staff. Your business will gain a more well-rounded and skilled candidate than the one you hired at the interview stage. And when this principle is applied to a whole team, the possibilities for growth begin to multiply.

Not only will you notice your bottom line increase as productivity and creativity is heightened, but you’ll also benefit from a more engaged workforce, which will ultimately improve retention, help attract new talent, and enhance customer satisfaction.

The pandemic has seen a shift in the way businesses operate, with remote working becoming a key expectation for employees. Cloud-based solutions are being utilised by businesses across the globe in response to this shift.

By giving your employees access to the real-time information and resources they need, you can facilitate productive work measures from anywhere in the world, reducing downtime and maximising output.

2. Modernise your marketing approach

As a business owner, you’re always on the lookout for new ways to engage your target audience and stay ahead of the competition.

One way to do this is to utilise the technology at your disposal, which allows you to target the right prospect at the right time.

Historically, business owners have used a variety of traditional marketing techniques to communicate with their target audience, from direct mail and TV ads to billboards and print. But as new technologies emerge, the traction these once effective methods enjoyed with consumers is waning.

In the housing sector, augmented and virtual reality technology are being used to provide prospective tenants and homeowners with a more on-demand service. It’s no longer necessary to contact an estate agent and arrange a viewing at a specific time, when virtual viewings can be carried out with the click of a button.

This technology provides customers with all the information they would get from a traditional viewing – property layout, décor, fixtures and furnishings – but with the added convenience of being able to do it independently and on their own terms.

Other technologies like influencer marketing and chatbots are being used to engage and deliver more value to customers. In the case of chatbots, customers can receive instant answers to their queries, and influencer marketing uses public figures they are already invested in and familiar with to build trust with brands.

The use of social media also provides a more intimate touchpoint for customers, and it can help save your business a lot of time too.

Social media scheduling platforms like Hootsuite or Later are an invaluable tool for your business to utilise. They enable you to plan content ahead of time, in effect allowing your marketing activities to take care of themselves, ensuring you share regular and valuable content with your desired target audience.

Marketing automation is another fruitful avenue that businesses should also be looking to exploit. By using website stats, search intent optimisation and heatmaps to determine how users interact with a web page, businesses can better understand their customers and deliver the right content at the right time.

With the help of marketing automation software, businesses are able to create personalised marketing en masse. This drives qualified prospects to the content they want and enables businesses to continue to engage with personalised workflows, nurturing a sense of loyalty and making them more likely to refer family and friends.

3. Data is your new best friend

In a business environment dominated by emerging technology and digital innovation, data has become the central pillar to any business’ efforts to achieve meaningful growth.

Business growth is all about understanding your target market – what makes them tick and what motivates their purchasing habits. Data analytics allows your business to do exactly this by providing invaluable insights that would have otherwise gone under the radar.

With the business landscape growing ever more competitive, any advantage you can gain is worth pursuing. By tracking and analysing data such as where your traffic comes from, where customers visit after they leave your site, and conversion rate, you can begin to build a detailed picture of the type of consumers interacting with your brand.

This analysis, combined with customer feedback and survey tools, can help your business identify competitors and better understand what services or products you need to provide to compete.

Another benefit of employing a data-driven approach that will help preserve the longevity of your business is evaluating efficiency and cost-effectiveness. Using these tools will give you guidance on which processes you should abandon, helping to streamline operations and adopt strategies that are tailored to the unique needs of your customers.

But data analytics has its uses beyond assessing your past and current performance as a company. It also forms the central component of what direction you should be taking your business, predicting future consumer trends that can help you move ahead in your market.

In an era of digital overexposure, the need to be proactive rather than reactive has never been more important. With a treasure trove of data available to businesses in your market, predictive analytics can be the difference between striking gold and quickly becoming irrelevant.

From splitting your audience into subgroups to help you cater to them individually, to accurate forecasting for a marketing budget, embedding predictive analytics into your strategy can help predict customer behaviour and maximise your business’ ROI.

Could tech be the catalyst for growth in your business?

 

6B help businesses just like yours make sense of complex technology solutions. Whether you want to automate non-value added tasks or rethink the way you communicate with customers, we’ll assist you in finding the right solution for your business.

 

If you’d like to know more about how tech can help you transform the way you do business and reach new audiences, get in touch with us!

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