The primary benefit of advanced technology is to improve how companies do business. But to sustain a healthy business, technology should also improve sales. If technology does not help increase your business’s sales volume, you might question its inherent business value. For this reason, before adopting new tech, savvy business owners should ask, “How does bringing this technology on-board improve sales and my business’s bottom line?”
With this question in mind, let’s look at types of modern tech that do tend to improve sales.
Social media offers a modern approach to reaching consumers and their friends. From social networking sites to social bookmarking pages, every outlet creates an opportunity to connect people online in a socially collective capacity. By adopting marketing methods that utilize these social avenues, businesses can reach not only their current customers but also their customers’ connections.
Used effectively, social media provides quick and direct access to a vast collection of social connections, which can potentially help a company’s products to “go viral.” Viral spikes are far less costly and more efficient than traditional marketing tactics and can be a major win for any company. As noted by Jeff Bullas, well-known brands such as Cadbury and Heinz have been particularly successful in leveraging social media to get more out of their sales and marketing efforts.
In the past, companies distributed their latest software on physical media. Even with the advent of CD-ROMs and flash drive technologies, both of which were considered revolutionary, the sheer expense and slow speed of data deployment proved to be a barrier to sales.
Fast-forward to the age of the cloud, and both these problems have been solved. Companies can cut costs dramatically by eliminating physical media, and the sheer speed of cloud-based app deployment on demand is unparalleled. This makes data products cheaper and easier for consumers to obtain, which in turn will improve sales volume for any industry or niche market that adopts the cloud.
Modern POS systems
Modern point-of-sale (POS) systems are integral to improving retail sales. The technology’s advanced functionality allows retailers to offer different payment processing options, from NFC to crypto-currency. POS systems also offer users the ability to manage, track, and automate inventory orders, eliminating the age-old problem of depleted stock supplies when sales are booming. When inventory dips below a specified volume setting, for example, the POS system automatically orders more to ensure that the retailer can continue to meet consumer demand. This reduces the risk of lost sales opportunities due to inventory reduction problems. Today’s POS systems also gives consumers direct mobile access to product selections. This feature is especially advantageous in the food services industry, where customers can make purchasing choices while waiting to be served.
Today’s businesses have access to more technology than ever before. While most companies focus their tech investments on increasing sales volume, it can be difficult to discern which tools will do this most effectively. Sometimes determining this is a matter of trial and error, but companies can learn many lessons on how to increase sales with technology by looking at the examples and successes achieved by other businesses.
For more strategies that boost the bottom line, see 3 Surprising Reasons Why Social Collaboration Should Be Part Of Your 2016 Sales Strategy.