Technology – can’t live without it? Neither can most of us.
It’s hard to imagine a business without any tech. CEOs, employees and customers all demand it.
Google, Twitter, Facebook, PayPal, eBay, Alibaba, Amazon, Apple, Netflix, Instagram, TikTok – there are countless more big players that you’re no doubt thinking of. So, exactly HOW has technology been so important?
Communication
Technology really improves communication. Long gone are the days when customers and businesses needed to find contact numbers, making sure it was during contact hours. Customer databases have exploded with instant messaging, email and instant transfer of funds. Social media allows both customers and businesses to interact instantly along with viewing, reviewing and discussing products and services. Integrating your business with different social media platforms allows you to reach specific customers who may focus on a niche market. It can be a cheap and effective tool.
Did you know? Australians love internet connection…
- 79% of Aussies are on social media
- 88% of the population are online – that was only 13.5% in 1998!
Around the world, every minute of every single day – 24 – 7 – 365…
- 474,000 Tweets are sent
- 4.3 million YouTube videos are watched
That’s a lot of communication.
Efficiency
Cash flow, general accounting, warehouse inventory and employee hours are all examples of how technology has streamlined business. The ability to store and access data without physical folders and paper files has not only sped up operations but also decluttered workplaces.
Chatbots are another example of business efficiency aided by technology. Can your clients ask and answer general questions without having to consume your valuable work hours? If no, a chatbot may be the answer. Businesses are able to build intelligent ‘virtual assistants’ for messaging apps and websites in order to gain and store customer data. Contact details, price ranges, residential and employment history and more – all gained and added to a CRM database without needing technical skills.
Business Growth
The opportunities for marketing grow with technology. Businesses use tech to break into new markets – think online advertising and the ability to target specific audiences. Reaching out to clients who may only be in the market for specific property in specific locations at a certain time, are hard to find. For example, someone looking for an investment property at their favorite beach town. With the use of technology, you may be able to contact that client via niche online forums or social media groups.
Think of placing a billboard along a highway. If you’re advertising beach houses – how many motorists are in the market for a property? How many even like the beach? Online, ads using content relating to the coastal property or specific searches are far more precise and accurate. A highly skilled digital marketing team is the key to success in 2020.
Here’s an interesting fact: Hotels. Hilton’s combined hotel portfolio is worth around $22 billion AUD. Sounds impressive. Airbnb is valued at around $59 billion AUD – but Airbnb doesn’t own a single hotel room!
A few other ways technology is a ‘must’ in business…
Employee engagement – with workplace specific technology like Xero and Workplace Workplace allows management and employees to communicate instantly via smartphones and devices. Work tasks are much clearer and organised with software like Jira which allows clear and updatable delegation of tasks.
Reviews – Allowing customers to leave reviews can be a bit of a ‘double-edged sword’ but if you’re providing excellent customer service, your clients may wish to share it. Reviews on Google and the like provide excellent insight into how you’ve helped your clients.
Customer journey – A (potential) client reading a blog article about interior decoration clicks on a link to home loans. They’re directed to your website where they answer some questions via the chatbot you’ve set up. Their contact number is scheduled for a call when you start work. This is a perfect example of technology assisting a customer’s journey.
Payment methods – Many people fear using credit, or especially debit cards online. Secure software like PayPal for example has made things secure and simple for those timid with online services. To go a step further, cryptocurrency like Bitcoin and Ethereum allows for secure and anonymous transactions. This digital currency is sent and traded via wallets and exchanges like Binance.
How has technology helped your daily life? You may be able to access a new audience with some of the technology mentioned above. We’re guessing you’re not reading this on a piece of paper…
“I’d be lost without my phone” – common today, not so much 20 years ago.
