Every entrepreneur aims to grow their business to earn more profits. However, the task may become challenging due to the high competition in most industries. Companies may experiment with different business growth strategies to expand in such cases.
Today, technology can be a key contributor to business growth. It can help companies save costs, reduce effort, and get more customers. For example, you can use technology to eliminate repetitive tasks or streamline essential processes such as handling time off requests. In short, entrepreneurs may use technology growth strategies in business to outsmart competitors and boost revenues.
Below are a few proven strategies you can try to grow your business.
Stop Investing in On-Premise Solutions
The global investment in public cloud services is expected to grow by 20.4% in 2022. It will increase to $600 billion by 2023 from $410.9 billion in 2021, as per Gartner.
Data shows businesses are adopting cloud computing at a high rate. It offers several advantages over on-premise solutions, such as:
- Centralization of data
- On-demand access to apps and resources
- Better collaboration between teams
- Supports remote and hybrid work models
Additionally, cloud computing eliminates the need to purchase hardware and networking equipment. Businesses also don’t need to pay to an IT team to maintain systems and hardware.
They can access software, storage, data solutions, and more from the cloud. Moreover, disaster recovery and backup can become more reliable and less time-consuming. You can conserve resources and focus on generating more leads or nurturing new relationships.
Make the Most of Digital Marketing
One of the vital growth strategies in business is to attract new customers. Traditionally, businesses relied on newspaper ads or mediums like television for the purpose. However, they are too expensive and may not always bring desired results.
Modern companies leverage digital marketing to grow leads and attract customers. Digital marketing also helps businesses target new markets to earn more profits. The process involves several steps that start with optimizing your official website. It should be easily crawlable by the search engines and offer users a good experience.
You can also invest in search engine ads that let you target your audience precisely based on multiple factors. The technique boosts conversions and helps you generate maximum returns from your investment.
Moreover, you can try other digital marketing strategies like blogging and email marketing.
Focus on Social Media to Boost Leads
An essential part of digital marketing is building your presence on social media. It attracts over 4.7 billion people worldwide, who spend around 2.30 hours daily on average on apps like TikTok or Facebook.
Social media is the right platform to grow your leads and gain more exposure. You can also generate more brand awareness and tell your story to stand apart.
How can you use social media to ensure business growth?
- Find out where your target audience exists with quick research. Sign up for those social media platforms and create your company page. You may also send invites to your email list to follow you on social media.
- Post regular updates and share blogs, videos, and posts on your page. You can use a video screen capture tool to create slideshows or videos easily and share them with your followers. Maintain a fixed publishing schedule for the best results.
- Engage with your followers and reply to comments left on your threads. You may also like and comment on your followers’ posts to encourage more engagement.
Best of all, you can post promotional content on social media to boost your leads or sales. It is also possible to invest in ads that are more affordable than TV or radio.
Automate Repetitive and Time-Consuming Processes
Automation is one of the most important benefits of modern technology. It allows businesses to eliminate laborious tasks that consume too much time and resources.
For example, a company may use software to automate its accounts payable process. Employees will no longer need to process each invoice or enter data manually into accounts. Instead, they can use a digital tool to automate the process and have books matched without effort.
Automation not only frees up your resources but also boosts employee productivity. They don’t need to perform repetitive tasks that a machine can handle. Rather, they can focus their energy on vital areas, such as optimizing costs or finding areas to improve profits.
Today, businesses may rely on different digital tools to automate different processes, from data entry to managing supply chains.
Integrate Your Technology Stack
A growing business uses hundreds of digital applications to operate. The list may include CRMs, ERPs, accounting tools, payment management software, and more. Additionally, each department may use different technologies based on its roles.
Over time, the technology stack of a business can grow complex and difficult to manage. You may experience several issues, like a lack of visibility and bottlenecks in business processes. Naturally, that is going to hamper your profitability and growth opportunities.
Integrating your systems and apps is a simple way to resolve this challenge. It allows data to flow seamlessly between tools and departments. You can develop end-to-end visibility and gain control of your business processes.
Moreover, integration improves data accuracy and reduces inefficiencies. It also lets you leverage real-time reporting to understand where your business stands. You can develop a holistic picture of every aspect and make more data-driven decisions.
Go Mobile to Boost Profits
We use smartphones to work and entertain ourselves every day. Businesses have also shifted to mobiles, whether for serving customers or conducting meetings with clients. You should, too, optimize your business for mobile to allow more growth and productivity.
The first step is to optimize your website to target mobile users. You may also develop a mobile app to boost your customer base and sales. It is possible to develop a cross-platform mobile app that works on different platforms like Android and iOS to save costs.
You should also allow your customers to shop using mobiles if your business has an online store. It will add to the sales you make via your desktop website to allow more growth.
Next, focus on your business processes and optimize them for mobile. Your employees may be able to work using smartphones to save time and commute. You may also save on overheads as employees can work away from the office.
Implement a Chatbot to Engage Visitors
Many websites use a chatbot to engage visitors. They mimic human conversation and chat with website visitors to recommend products or help them find their way around.
Chatbots use different technologies like artificial intelligence (AI) to improve over time. You can also program them to achieve specific purposes, like serving a knowledge base.
However, the best use of chatbots is to engage and nurture visitors. They can also go a long way to offer personalized service and information. For example, a chatbot may recommend the right loan offer based on the personal profile of a candidate.
Personalized recommendations work better as they align with customer needs. You can also expect a boost in sales, conversions, and revenues.
Most importantly, businesses can implement chatbots at affordable costs.
Prioritize Excellent User Experiences
Customers are not ready to put up with any bad experience in today’s digital age. They will quickly switch to your competitor as soon as they face dissatisfaction.
Therefore, your aim should be to deliver amazing user experiences, whether for your website or mobile app. The user experience should remain consistent across all touchpoints a customer uses to interact with your business.
What are the benefits of focusing on user experience?
Customers are more likely to turn into loyal customers when you offer a solid user experience. They become advocates of your brand and tell others about your service. It allows you to leverage word-of-mouth marketing, one of the most effective ways to grow your business.
Additionally, your buyers choose you for repeat orders and are ready to spend more. You can grow your business without spending money on marketing, which is a rare event.
Secure Your Digital Investments
You can think of growing your business only if you are able to secure your digital infrastructure. So, invest in securing your systems, network, and hardware. Moreover, stay proactive and use the right tools to detect threats as they appear.
You should also choose reliable partners who consider security a priority. For example, your website hosting provider should have secure servers to ensure your business keeps cyber-criminals away.
Businesses faced a high number of attacks in the years of lockdown. So, securing your investments has become more important post-COVID-19.
Technology-driven business growth strategies can help you expand your market and increase profits. We hope our tips will let you take your business to the next level, acquire more clients, and boost productivity. However, you should choose the right solutions for your needs to ensure the best returns and ROI.