As tech is acting as the fuel for many renowned brands in the industry, it also levels the ground for small businesses and entrepreneurs to hop on the success track. However, as many established brands use technology to enhance their growth and reach, many small businesses are still struggling to thrive in the digital market.
There is a wide range of digital tools at our disposal, but people are still unaware of them or don’t know how to use them. Thus, many businesses are losing money. People must get their businesses online and double down on their consumers if they want to boom. Also, the emergence of cloud computing and application Programming Interfaces (APIs) has altered the game for small businesses, allowing them to use data in whole new ways.
Today, more than 80% of small businesses fail due to their digital incompetency, preventing them from reaching the tech-savvy audience. Moreover, being digitally incompetent in this era makes you less productive. Thus, here are a few things that will help you and more small businesses cope digitally. Let’s begin!
Digitizing Your Operations
First and foremost, you need to increase your capabilities and shift all your operations online. First off in this list is your marketing and sales. Did you know more than 2.14 billion people around the globe prefer to shop online? If not, then it is high time to dig in the statistics. For example, businesses offering online delivery have shown an increased revenue – reportedly as much as 30%!
Moreover, in-house operations like managing funds, employee salaries, employee management, data retention all gathered in old dusty registers need to change. Ever wondered what if your tea fell on the register by mistake? If not, then you must!
Adding more to the list, do you know the number of customers who walked into your shop today? The number of people who bought from you? Or the number of people who came to return your products with disappointment? If not, then it is high time you start tracking your sales, walk-ins, and returns to know and understand your business’s growth each passing day. Of course, the best thing to do about it is to use a POS (Point Of Sales) system to gather the data and run the analytics better.
Another great thing you need to bring to use is an inventory manager; log in all the products that came in your shop and directly manage the digital inventory. Again, this saves you time and workforce by optimizing the staffing.
Use A Digital Loyalty Scheme To Gain Online Traction
Digital Loyalty schemes significantly double down your sales and customer retention. People enrolled in your loyalty program are likely to purchase 20% more often than others. Professional digital marketers are going even farther, combining CRM with loyalty systems to detect when a client hasn’t returned in the past 90 days. Automating the process, the CRM automatically and immediately places an offer in their mobile wallets. Even though mobile wallets are new for the people, more than 33% of US residents were expected to use them by 2020. However, the change has proved to be a mass adoption as Apple reported a 450% increase in Apple Pay trades.
This means going digital not only improves your productivity but also automates the process!
Include Social Media In Your Marketing Strategy
Using social media as your major marketing tool is the biggest favor you can do to yourself. Knowing that social media platforms are accessible to all, you can quickly see the category of the audience interacting with your business. This helps businesses and marketers become more informed about the potential audience.
Write a few blogs using the right content marketing strategies or design content that engages people and informs them about your products simultaneously. Allowing people to interact with will help you understand the needs and demands of your potential audience. All of this will help you access a plethora of demographics while enabling you to improvise your business and products as well as your marketing strategies.
Thus, actively investing in social media marketing will help you reach out to the 4.48 billion social media users worldwide. That means more than nine out of 10 internet users globally will be able to interact with your brand and purchase from you. These statistics suggest that social media marketing is the greatest tool to let your business boom. Among all digitization, social media marketing aces the list.
While technology is helping the industry giants get prominence in this world, many small businesses still struggle to thrive in this digital space. However, these tips and tricks will help you embrace the technology and make your mark in the digital area. On the other hand, people need to see digitization as a necessity in the digital era to gain maximum online traction for their business.