Keeping Up With Tech Trends to Power Your Business Strategy

 

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Eion Morgan Hacker Noon profile picture

Eion Morgan

In a nutshell, I am a Tech-Savvy Traveler.

Bringing your business to the next level needs to be a long-term goal for every entrepreneur. It also should be a good reason to make a dedicated effort to achieve business growth constantly. Everyone wants to watch their business grow and achieve its objectives. But it’s not uncommon for entrepreneurs to feel stuck from time to time.

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Photo: Unsplash

Nevertheless, constant business growth must be the motive power of your daily activities as a business owner. You should consider investing in IT and business services constantly. As a general rule of thumb, every business should be spending between 4-6% of its revenue on IT and other business services in order to maintain growth and surpass its obstacles.

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So, here are some of the activities small and medium business owners regularly utilize to bring their businesses to the next level.

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Keeping Up With Technology

Keeping up with technological changes is principal for flourishing in the sector. Maintaining a regular track of the necessary technologies is crucial. However, staying up-to-date with other technologies developing in the market will open the doors for many developments and improvements.

Everyone knows the importance of data for today’s businesses, and the importance of keeping that data protected. So, in order to be data compliant, you must keep up with the latest security solutions on the market, and get proper compliance automation software. That way you will be able to build trust with your customers and partners.

Choosing a proper SaaS solution for your business will help you focus more on growth and innovation, without having to worry about your data and security. For example, in 2018 (according to global statistics) SaaS expenditure and adoption continued to grow fast among all company sizes. That year, the average business spent around $340,000 on SaaS, which was a 75% increase from the year before.

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Photo: Pixabay

Change Your Marketing Strategy

A lot of small business owners understand the importance of online marketing in promoting their products and services. According to Gartner, businesses spend on average 21% of their marketing budgets on advertising, two-thirds of which is now spent online.

The most successful businesses are always exploring new channels of online marketing combined with their offline marketing processes. That way they understand what generates the most interest among the audience.

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Constantly transforming and mixing your marketing activities is an effective way to see what really works, what doesn’t work, and what result it creates. However, you don’t have to do all those activities at once, you should find a way to implement them in time.

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Build Customer Loyalty

Building customer loyalty starts with excellent customer service. Excellent customer service begins with a positive CX and first impressions are essential in this regard. When a customer has a good experience while using your products or services, it’s highly likely to return and use your goods and services on a permanent basis.

McKinsey showed that 10% of businesses began utilizing chatbots and web-based customer communications as a result of the COVID-19 economic crisis.

Therefore, by making sure your business possesses a user-friendly website and instructive brand image, new business prospects will rise. Plus, those who already experienced quality customer service from you will probably refer your brand to friends and associates.

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Photo: Pixabay

Analyze Your Competition

First of all, ask yourself a couple of questions. Are you able to list all your competitors? Are you able to rank them in order of significance? What are your advantages or disadvantages in contrast to them? Are they doing something better than you and what is it?

Many times we might know the names of our competitors, however, we don’t break down the analysis any further. You must be able to distinguish their strengths and also what the audience thinks about them. That way you will be more capable to compete, upgrade and offer something better. When you want to grow your business and take it to the next level, you must cautiously watch your competition, learn from them, and plan how to surpass them.

Form A Transformation Team

There is no such person who can bring change alone. Addressing customers in today’s complex digital world is a great challenge. A challenge that includes employees across the organization with various skillsets cooperating.

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You will need to form a transformation team that will develop a great strategy, and implement it accordingly. A team with experience in creative thinking and skilled in digital technology. Your transformation team will build a new culture. It will change the way your company interacts with customers.

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Final Words

Ultimately, to secure your success, you must give yourself the time and space to reflect and decide what your following steps are going to be. Give yourself time to think carefully about how you will bring your business to a higher level.

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