Whatever the size of the business, the undeniable focus is always on business growth. While many business growth strategies can help brands achieve growth, and the primary challenge is to attain this most feasibly and inexpensively.
SMEs (small and medium enterprises) are majorly investing in new technologies and tools to automate, integrate, and re-engineer multiple operational processes. It has eventually led to increased scale, streamlined processes, reduced operation costs, and increased production times. But the question is, ‘how do you leverage technologies in business growth strategies?’. Well, it’s just a matter of what technologies you use and how you integrate them into your processes. Here, we will look into how you can capitalize on technology to ensure business growth and achieve profitability.
Ways Technology Can Fuel Your Business Growth
#1: Usage of Mobile
As smartphone usage is on the rise among youths, this step is something you can’t ignore in today’s hyper-competitive marketplace, especially while developing business growth strategies.
Brands having beautiful websites can consider making it mobile-friendly to improve user experience. Companies in the e-commerce industry can also consider getting a responsive theme, using high-resolution images, improving site speed, and using simple navigation to make the website mobile-friendly.
Additionally, if you don’t have a mobile app for your business, it’s the right time to develop one. Don’t invest too much money on landing your app with features, and instead make it simple that allows customers to access your products and services with ease.
Besides all this, there are more ways to go mobile. Organizations can make optimum usage of text messaging marketing and enable mobile payments to ensure a feasible payment experience.
#2: Social Media: A Gold Mine for Brands
Since the beginning of social media channels, such as Facebook and Instagram, many transformations have happened in the social media sphere. Undoubtedly, social media has reformed how businesses develop and implement their business strategies. So, all a person needs to know is how to use the power of social media channels.
Initially, you will need to develop a compelling social media presence of your brand. Secondly, start promoting your products and services, connect with influencers, engage with customers, and share actionable content through social media platforms.
#3: Cloud Technology for Ultimate Growth
For devising powerful business growth strategies, cloud computing could be a top consideration. Do you feel cloud computing is something new to you? Well, certainly not. You may have attempted updating your Facebook status, checking account balance, and sharing documents via Google Drive; these are all instances of cloud computing.
The significant advantage of cloud computing technology is that leaders can manage their business anywhere. Besides, these days when brands are dealing with security issues, cloud computing technology helps a business grow and acts as the best security tool.
#4: Big data is the key to business growth and success
Big data offers significant benefits to businesses of all sizes. Using big data, companies can boost performance, understand the market, reduce risks through actionable insights, and improve online reputation.
When you get the best tools for handling and interpreting data, the advantages are more than you can imagine. An excellent example of a big data application is Amazon’s recommendation system, which utilizes the customers’ buying history and reviews to ensure a personalized experience.
#5: Productivity Tools Are Amazing
Maximizing your team’s productivity through productivity tools is one of the most reliable business growth strategies you need to leverage. Being able to get more executed in less time implies a lot to your business.
Productivity tools can also help manage your performance and track your progress. For instance, a calendar system tool is a must-have. These tools will help you stay prepared, set, and achieve your goals, and work within the given time frame. You can deploy other productivity tools for daily use, including mass bulk mailing, digital marketing, video conference, IP tracker, and email marketing.
#6: Track business progress with tools
Running a firm is a long-term strategy that necessitates you to recognize the direction your business is taking. You must do a regular practice to review your organization’s performance and figure out what’s working and what’s not. There are many tools that you can use to analyze your company’s growth metrics in real-time. By tracking the progress of every task, make changes wherever necessary.
Generate constant reports and leverage them to refine your business growth strategies. It is a significant way that you can utilize to steer your business forward. Primary metrics to track include customer acquisition cost, gross margin size, overhead costs, and inventory size.
As you advance, proceed to learn and keep informed of new technology tools and trends that can help you develop effective business growth strategies. At ONPASSIVE, we offer breakthrough tools and technologies to help businesses succeed in the long run.