Using Technology to Support Your Business Growth Strategy
A Guest Post by Lilly Miller
It’s no secret that technology helps businesses grow and develop further. However, when it comes to supporting your business growth strategy, it’s vital that you opt for the right technology. That said, not every solution or system will help your business.
If you don’t use it or need it, then it’s of no value to you whatsoever. That said, it’s not just about adopting new technologies but in determining which technology will actually benefit your business. Moreover, you must take into account yet another factor, and that factor is your employees.
They are the ones that drive your business forward, and they are the ones that will use the technology you adopt. That’s why it’s important to determine what type of technology will help your employees, as well as your business. With that in mind, here are a few examples of using technology to support your business growth strategy.
Gain visibility with social media
Social media platforms are the key to business success these days. The majority of modern digital marketing efforts are, in one way or another, focused on social media. But why is that? The main reason is that social media puts your business in front of millions and millions of consumers.
Through social media, you can not only interact with your target audience but also establish a relationship with them that will encourage them to convert into customers.
That said, when it comes to creating a business growth strategy, social media should be at the top of your priorities. Effective social media marketing can help your business grow in more ways than one.
You’ll be able to gain visibility, awareness, exposure, and recognition, among other things. Combined with other digital marketing efforts, social media can drive a lot of qualified leads your way. You just have to find the ideal way to convince those leads to buy from you.
Financial support
Every growth strategy requires capital. Oftentimes, a lot of small businesses lack the funds to support their growth, which leaves them stuck in place. Some entrepreneurs consider developing various income streams that will help them gain the necessary financial support, but that process is slow enough on its own.
Fortunately, technology provides an answer to such issues, and that answer is cryptocurrency. Cryptos have gained a lot of popularity over the years. Many businesses have recognized this trend, and they are investing in Bitcoin mining to diversify their income stream and there has been some controversy over the energy required to mine Bitcoin. This seems largely based on not taking into account the full energy cost of transactions.
Of course, Bitcoin is just one of the many cryptos on the market, but it is the most valuable one. Therefore, by mining cryptos, you gain a digital asset that can financially support your growth strategy. These assets can be sold or traded at any moment, as well as kept for future investments.
Cloud computing
When it comes to using technology to support your business growth, there’s no better solution than cloud computing. Cloud isn’t new, but a lot of businesses haven’t started using this technology even now. Cloud offers various solutions to business that will aid them in growing and developing further. The most notable cloud services are SaaS (Software as a Service), PaaS (Platform as a Service), and IaaS (Infrastructure as a Service).
These services allow you to utilize a plethora of resources whenever you need to. In other words, the cloud offers a whole new level of scalability to businesses with the perk of saving on costs.
For example, you can opt for any software or infrastructure you currently need and only pay for what you use. Since it’s a subscription model, you can stop paying once you no longer need those services. This allows businesses to scale seamlessly and grow based on their current needs.
In addition, cloud computing can help you undergo a full digital transformation if you haven’t done so by now. Then you’ll be able to enjoy benefits such as paperless offices, cloud storage, seamless data sharing, and many more. All of these benefits help you save time and resources that you can allocate to business growth.
Boost communications with VoIP
Many business growth strategies were put on hold due to the global pandemic that hit businesses the most. A lot of companies simply weren’t prepared for such a scenario. With the pandemic still raging on, businesses must move forward or fail.
This is where technology can help once again. Opting for a VoIP (Voice over Internet Protocol) system can help businesses stay in business even under extreme circumstances. This unified solution can boost your communications and allow you to manage employees who are forced to work remotely.
That said, you can continue to provide exceptional customer experience, service, and support with VoIP because it provides a centralized solution that can be integrated with other existing systems, such as CRM (Customer Relationship Management), for instance. The majority of your operations will be remote, but a VoIP can bridge the gap and allow you to grow as if everything was back to normal.
Technology plays a vital role in helping businesses develop further and gain an advantage in the market. Using technology to support your growth strategy is, therefore, a very good idea. However, the key to successfully doing this successfully is choosing the right technology that will help your business grow.
Originally published at The Daily MBA.
