We live in a technological era that is rapidly changing. Look at any market, from ATM machines to mobile phones, everything has changed in the last few years. Concepts such as Amazon Go are changing how we do business. And entrepreneurs everywhere need to understand the importance of this change. Businesses need to evolve with strategic planning. It is not a game of chance anymore.
Businesses need to adopt new technology to be able to move ahead. However, it isn’t exactly as easy as it may sound on paper. It requires investment and efforts, and hence not every new technology would be worth it. And also, let’s not forget that it takes time to get used to something new, so you have to be very careful when it comes to choosing and implementing a new technology in your business.
To help you make the right decision, given below are two technologies that you need to incorporate into your business to catapult growth.
1. Marketing and Project Automation
Marketing is the lifeblood of any business. No business can grow and find success without good marketing. In today’s dynamic world, marketing requires tonnes of knowledge, and of course money.
When you think about it, marketing is all about telling people what you have to offer. While it may sound very based here, in actuality, it is quite a complex process that involves a lot of research as well as risks. You need to prepare demographic profiles to know who exactly to target, and how. If you keep marketing your product or service to a wrong person, you will not have solid results. Marketing automation increases your chances of gaining qualified leads by up to 451%.
All these aspects of marketing are needed to be kept in mind if you wish to have a nice balance sheet, and this is where marketing automation comes into play. Around 50% companies are using one or other automation tool, and about 77% of these companies agreed that marketing automation helps improve their sales.
There are tonnes of marketing automation tools out there that automate several marketing processes. For example, several tools will help you send timely emails to your subscribers without you having to do it manually. This saves a lot of time as you do not have to compose or send emails thanks to timers and templates.
There are several marketing automation tools out there. Most of the software are paid but come with free trials, so make sure to be careful when you pick your marketing automation software. Some nice choices include Marketo, Pardot, and HubSpot.
If you do not wish to invest in a marketing automation tool, you may look at project automation tools like Insightly. Project automation tools generally offer more features as they are designed to automate not one but several projects. In today’s environment, automation is the key as it results in less mistakes and better results. Plus, you also get to save a lot of time, money and energy.
2. Analytics and Predictive Analysis
As mentioned earlier, it is very important to be aware of your demographic profiles. However, merely knowing who you are targeting is not enough. You need to get information on your buyers and potential buyers to ensure you make sales.
Companies do business based on predictions, and at times predictions can be wrong and may end up costing a lot of money. The more precise you are in your predictions, the better. Analytics help you make these predictions precisely.
You gather information with the help of analytical tools like Google Analytics, and feed this information to a analysis tool like Dataiku. These tools work quite like statistics, they run some tests on the data that you provide and give you results that are reliable.
While you can run a manual analysis as well, the problem is that the numbers would not be very reliable in such a case. When we talk about solid predictive analysis, we mean to have exact figures with little to no margin for error. You can be in a position to say that if we spend $10 on marketing, we will get a profit of $20. This is precise and will help companies know how much exactly to spend on marketing, while keeping in mind different factors such as decreasing slope etc. Traditional predictions generally do not keep all this in mind, and are merely based on guesses or past numbers, and hence cannot be counted on.
So, are there just two technologies that businesses need to adapt? Not really. Businesses need to improve how they make payments, they need to work on how they communicate with clients etc.
This post is part of our contributor series. It is written and published independently of TNW.