In these times when we are blessed with advanced technology, the struggles of new businesses can be diminished significantly by leveraging the limited available capital in smarter, more effective ways with the use of advanced software and platforms.
Apart from making the most of the available capital, technology provides greater efficiency and versatility, making it a natural progression for processes you may already have in place in your business.
So, let’s dive in to find out some of the ways that can aid new businesses in their journey.
1) Email Marketing
Research done by McKinsey & Company suggests that Email marketing accelerates the buying process by 3 times! Experts are of the opinion that the success of email marketing campaigns lies in their ability to educate the reader with interesting content. And, how innovative one can get with this versatile marketing strategy. Want to advertise your manuka honey? Get your customer to subscribe? Solicit sales or donations? Email marketing has got your back.
Some of the best practices in this digital marketing strategy are –
- Customize your email to build a human connection with your audience. We are completely over evident sales pitches by now.
- Vivid graphics, witty headlines, highly engaging pieces of information is the only way to grab your customer’s attention.
- Weave in call-to-action in every email
- Limit your email blasts
- Make sure your emails are optimized to be mobile-friendly.
2) Analytics
Standing at the dawn of Web 2.0, data is pricier than gold for every business. But, the catch is, data is of use only when it can be converted into insightful information that aids business owners in making sound decisions. This is where analytics comes to the rescue. Every industry, from e-commerce to insurance, is leveraging it to get information about demographics and industry trends to sweeten their profits.
Analytics also plays a significant role in the realm of sales. Tracking data from canceled orders returned products, and repurchases can help the business get a closer look at customer behavior. And, maneuver their service accordingly.
3) Customer support
Most SMEs in the industry struggle to extend satisfactory customer service due to two main reasons –
- Limited capital reserve
- Incompetent representatives
Application Programming Interface (API) is revolutionizing the traditional approach to customer service. It is smart. It is swift. And, it doesn’t cause a huge dent in your capital. For the uninitiated, API is a software intermediary that allows two applications to talk to each other. Thus, extending a wealth of knowledge to customers and self-service-tips at their fingertips whenever they need it to solve their issues.
4) Review management tool
A healthy repository of good reviews in the name of your brand can help you –
- Gain trust
- Establish credibility
- Use it as a tool to improve customer satisfaction
- To churn better ROI
Whether it’s a jar of honey or a Honda City, customers rely their purchase decision heavily on online reviews. Review management tools help businesses to funnel customers toward whichever review platform tends to hold the most weight in their niche.
5) Track your team
Software is amping up communication among team-mates exponentially. It is, especially, a boon for those businesses that employ teams that are always on the go! With advanced GPS technology, managers and owners can keep an eye on their location, customers can be notified about the arrival of agents/employees, and a lot more.
The job of scheduling also becomes streamlined and automated which saves you from the losses stemming from human error.
6) Payments
In the times of NEFT, EMI, UPI, Walters, Cards, businesses must be armed with ways to accept payments from multiple gateways. Smart platforms are making it possible for businesses to keep up with the digitalization of monetary transactions. The digital approach is not only safe and transparent but also helps in automating invoice generation, updating accounts, and more.
Technology is revolutionizing the mechanism of the entire business cycle. It has, especially, become an instrumental tool to aid the service industry by streamlining and automating regular tasks, team management, marketing, sales, and a lot more. Weave serves as an advanced platform to help SME’s and multinational businesses, alike, to attain robust digital agility.
