The #1 Reason Why Your Competitors are Growing
The world of business is highly competitive. Companies are consistently jockeying for superior positioning. Some companies flourish, and others never quite gain their footing. Half of the businesses that are started fail in less than five years.
There are fundamental practices businesses need to succeed. However, the number one reason businesses are growing in this technologically advancing world is that they embrace the changes and advancements of this new era. We will highlight some of the changes and trends that have the most impact today and in the near future.
Social Media
Social media platforms are nothing new for businesses. For about a decade, companies have been trying to figure out how to engage with prospects on these platforms. Social media websites are the most visited websites on the internet. This means that these sites are the most likely places to have direct contact with those that we wish to serve.
There are many businesses that are resistant to the dawn of social media, and these companies suffer from their rebellion. Early in the rise of social media, it was thought that the only way to generate leads was to be “social” on these platforms. While having a social presence on social media is favorable, the use of well-structured advertising campaigns has become extremely powerful in recent years.
CRM
Customer relationship management (CRM) software is used to build relationships and engage with prospects and prior customers. The platform generates a database of contacts, and also creates campaigns and transmissions with a personalized touch to increase conversions.
CRM platforms allow businesses to create email campaigns that present informative content, special offers, and promotions. These all-in-one software applications are known for their ability to maintain and build strong customer relations for businesses and their target audiences.
Automation
Business process automation (BPA), also referred to as business automation, refers to software designed to automate complex business activities. Automation allows businesses to save time and money. Tasks that once required staff to manually perform are automated by software and systems.
Some examples of services that businesses automate include onboarding new employees, customer service, spreadsheet creation, batch processing, automated file transfers, IT processes, and accounts payable automation.
Artificial Intelligence
Artificial intelligence (AI) was once just the plot of sci-fi movies. Today, AI is a technology that is utilized by businesses all over the world. AI technology is able to perform tasks that normally require the intelligence of humans. Speech recognition, visual perception, decision making, and machine learning are the predominant facets of AI.
The various elements of AI are used to design systems, machines, and software that are used to perform a variety of tasks that help businesses operate proficiently. Similar to automation, AI also allows companies to save time and money.
BOPIS
For brick-and-mortar stores, buy online, and pickup in-store (BOPIS) is a business model that allows real-world stores to use the internet to bring customers into their stores. Companies that use BOPIS have online stores where visitors can pay for and secure their orders. The online shopper then has the opportunity to pick up their orders from the local retail location.
The convenience of shopping from the comfort of home, while also being able to retrieve orders without waiting for the postal service to deliver packages gives shoppers the best of both worlds.
Big Data
Big data is a term given for massive data sets, used by businesses to better understand their customers and prospects. This data is also used to build customer relations and drive sales. Big data consists of demographic, interest, and sales information gathered, categorized, and analyzed by companies to gain a profound understanding of targeted groups.
The information maintained in a database and is used to create better customer relations and promotional efforts. The growth of the use of big data is allowing small businesses to benefit from information that was once only available to larger companies.
Conclusion
In a business climate that is ever-changing due to advancements, those that refuse to adapt to the changes in their industries are likely to get left behind. The main problem that companies suffering to gain ground face is the fact that they are not able to make the necessary adjustments.
