Technology trends move fast these days and it can be difficult to keep up. From updates to upgrades, we need to be adaptable, particularly if you’re a business owner. Unfortunately, if you can’t keep up, you’ll feel the brunt of how technological trends impact businesses.
While it’s great to have a firm vision for your business, it’s not good to be stuck in your old ways when it comes to embracing new technology.
It’s a hard fact, but if you’re not prepared to keep up to date with technological changes, you run the risk of being outdone by your competitors.
There’s a common misconception that keeping up with technological trends is all about having the newest and shiniest gadgets and gizmos. Upgrades in devices is certainly a factor, but the real reason, is to ensure your business is running at optimum efficiency and you’re always working to enhance your level of customer service.
As always, your customers come first
Our approach to customer service is one of the many areas that technological trends impact businesses. At the end of the day, the role of your business is to serve the needs of your customers.
Are your customer service techniques still relevant?
As technology plays a huge role in customer service, your approach to serving customer needs may quickly become a thing of the past.
Let’s look at the ways technology has changed customer service for the better.
We know more about our customers
Through smart analytics systems, we are now able to define our customers through their patterns. Purchasing patterns, social media activity and online searches are among some of the many pieces of information that can be collected to define your market. Analytical technology has opened up huge opportunities for effective target marketing.
We have increased customer interaction and engagement
Technology has also enabled us to communicate instantly. Many of us take this for granted but if we were to look at what this means for business, we’d see that instant communication is something we could no longer do without.
These days, we have multiple avenues for interacting with customers.
Whether it’s a quick email, a social media post or a chatbot, we can respond to questions and follow up on purchases in mere moments. With instant communication, we increase our level of customer engagement which is a key factor in building customer relationships.
Payment is easier and more efficient
If there’s one way that technology has improved the customer experience, it’s the efficiency in payment. Customers like a quick and easy transaction. If you’re yet to offer a broad range of payment methods, you could unwittingly be sending your customers to your competitors who do!
Technological trends impact businesses of all sizes
It’s not just small businesses that sometimes fall behind with technological changes. Here’s a good example of business failure from one of the biggest companies in the world who didn’t keep up with ever-changing technology.
Nokia – once a technology giant in the mobile phone industry, Nokia was hit hard by the rise of Apple and Samsung.
In the final stage of what has become a painful story for Finland’s Nokia, Microsoft will wrap up its 5.4 billion euro takeover of the handset business this coming Friday – April 2014.
This move ended a long-running saga for the giant company Nokia, which over the past few years had seen its share of the mobile phone market being eroded by its competitors.
During the press conference to announce the acquisition the CEO Steve Baller ended his speech tearfully by saying … “we didn’t do anything wrong, but somehow, we lost”.
Nokia had been a serious and respectable company and they didn’t do anything wrong!
In the early 2,000s, Nokia was one of the most-recognised mobile phone brands in the industry. Their fun designs and the easy-to-use mobile system saw business boom from the get-go. It wasn’t long before we saw technological trends change at a rapid pace as mobile phone giants competed for the top place in the market.
Cue the smartphone, an industry that has seen some of the highest levels of global consumerism.
What can we learn from Nokia’s mistakes?
Nokia’s biggest mistake was that they simply missed out on too much. They missed out on learning, they missed out on changing.
Through all of this, they missed out on the opportunity to survive.
As Apple and Samsung rose to stardom, technological changes became too fast and too furious.
In the end, Nokia’s competition was too powerful.
We come across business owners who have put technology into the too-hard basket. They often believe there’s too much to learn and many are simply not willing to try. If we take a leaf out of Nokia’s book, we can see that lacking the drive to keep up with business advances could quickly result in failure.
Don’t wait until your competitors force you to change your mindset, by then it might simply be too late.
The competitive advantage you had yesterday will soon be replaced by the trends of tomorrow.
When it comes to fast-paced trends and changes, nothing compares to the world of online marketing. We are constantly learning as a business to stay ahead of the game in our field.
We have seen it happen many times before – therefore we know that refusing to learn and improve your business skills can result in a painful and expensive experience.
We encourage our clients to embrace change and enjoy the new opportunities it brings.
A digital marketing strategy is a good place to start and you’ll quickly see how this opens the doors to a whole new level of business growth.
We understand that not everyone is technologically-savvy so there’s no need to fear getting in touch with us about creating a digital marketing strategy.
You’ll be surprised at how easy we make it for you when you work with us.
Call us to have a chat about how we can help you achieve your goals.
With a degree in Marketing and a love for writing, Emily puts her skills to good use at High Profile Enterprises. Creating content for our clients is what Emily loves to do most in her role. Having grown up in sunny Papamoa when it was just a little undiscovered beach town, Emily is always happiest near the coast.