Every business needs a competitive edge to stand out from the crowd in their market or niche, and while big trades can rely on funding and renowned brand reputation, however it is a tougher fight for the smaller commerce to emerge. That is where technology can be of crucial assistance.
We are living the digital era, where even conglomerates gradually switched to digital and are utilising it transversely across all its segments to keep innovating. As per a recent study by Gartner, 56% of CEOs concluded that implementing tech within their business has augmented their returns.
When one evaluates the formula that 50% of smaller companies don`t last 5 years, it is admittedly intimidating for any startup. Therefore, the inclusion and adaptation of technology embedded in the business becomes vital to enhance the chances of survival in the trade.
Let`s go in detail and see which benefits does digital innovation bring to the table, and how it can support small businesses to compete with larger companies.
Methodologies & Benefits
Different businesses adopt different approaches, also via diverse digital assistance to reach their goals. As we are sure you will notice and appreciate, all techniques we`ll mention hereunder are positively affecting an array of dissimilar facets in the corporate world, yielding benefits.
1. Facilitating Partnership
An excellent plan to thrive is for businesses to collaborate with one another, especially if they hold a mutual trade or practice in the same market.
It isn`t always easy, and as we saw during the last global pandemic, challenges exist and emerge when you least expect them, with chances of disrupting a corporate`s road map. However, technology supported remote working and communication enabled continuity, so most of the businesses could proceed.
Companies can liaise with each other through digital platforms, where they can also share files, projects, updates, and results, working together towards a common goal.
2. Refining Effectiveness
Within any business efficiency is paramount, let alone in a small trade with limited number of staff. The utilisation of technology tools will assist and avoid that employees are overwhelmed, while lessening manual work.
Digital support will streamline key processes and automating jobs while freeing more time for the corporate to dedicate on other internal tasks.
3. Providing Positive Customer Experiences
Businesses can establish and keep an excellent relationship with their clients through digital platforms, like a simple website. The fact that clients can check out your products or services, while contact you with ease via a chat bot or email makes all the difference.
All trades should focus on providing excellent customer experience, as it is key for clients to return, stay loyal and also spread the word which comes for free. The latter is not to be underestimated as it is a powerful advertisement which could entice potential new clients to your business.
Moreover, a company can gather data from clients utilising their portal, which if utilised well can leverage/boost the right marketing and sales, generating revenue.
4. Enhance the Reach
Back in the days, companies needed to stick billboards, advertise on magazines or newspapers, even make cold calls or mail letters to try and make themselves known, to penetrate in the market and stand to be counted.
Nowadays, technology has made all this redundant, as websites with dynamic photos or short videos showcasing your products/services, and the presence on various social media platforms, plus influencers have incredibly boosted the reach. The expenses are even lower than old-style advertising, while producing superior outcomes.
Companies need to regularly monitor and refresh their social media pages, updating their clients with new products/services, news, discounts and so forth. In this era, your customers are surfing and checking out businesses with a couple of clicks from the palm of their hands via their smartphones, so don`t miss out and structure your digital presence online to take part with competitors on a level playing field.
5. Tracking with Ease
Monitoring finances is obviously essential for any business, let alone a small company, were all funds need to be spent wisely.
Before the dawn of technology, trades had to hire accountants and auditors to hold a peace of mind around their finances.
Digital innovation today is also supporting this, enabling businesses to stay atop of their expenditures. Appropriate software gathers, filters, and produces information arranged in charts which are easily understood.
This way businesses can manage their assets better making sure that any costs are purposeful.
As we are all aware, technology is continuously growing and transforming. What was considered as avant-garde last week becomes outdated quickly. Thus, trades and their management must not rest on their laurels by just switching to digital but invest in their experts on the field to keep abreast of any updates or upgrades, and encourage them also with incentives, if need be, to continue learning, for themselves, their careers but also for the business.
Ultimately, your digitally-leveraged trade will surely benefit by remaining well-versed, sharp and regularly polished. Your clients will notice this, and spread word, which is a strong free publicity in itself, while potential new customers will be enticed by your tech-assisted, robust, and structured corporate radiating confidence in the market. This in turn will have a snowball positive effect on sales and revenue.
Competition is rife out there, the everyday struggle is real, but it shouldn`t be unbearable. That is why your company must utilise technology to obtain the leverage it needs not only to stay valid, but to enhance its chances to grow and prosper, obtaining a name for itself which is recognised, trusted, and respected.
Finally, it all bores down on implementing the right tech-driven strategy for your business, which will impact the growth and scale. True, conquering the various types of technologies takes time sometimes, but take it as an investment, since in the long run digital innovation will certainly yield results, facilitate work, release time while generating revenue.