Tech is Transforming Your Business— It Has Already Changed your Customers
Your business has changed. Not just because technology is disrupting the way just about every aspect of how business is run. Technology has actually changed your customers even more, especially Millennials, now the most populous generation in America, beating out Baby Boomers. The power of technology is all-encompassing and rapidly evolving our entire world. Access to communications and information has simultaneously spawned revolutions and brought us to the least violent time in human history.
Technology has given us opportunities to build our business smarter and faster, but here’s the caveat: if you’re not transparent and accountable, good luck. Today’s consumer demands transparency and they want to know what you and your brand stands for. The good news is, if you get consumers to your side, they’ll stand with you.
The combination of mobile and big data technologies represents an incredible opportunity to get to know your customers in ways you could only imagine a few years ago — especially in sales. Understanding who your sales people are talking to and how they are communicating will help you identify inefficiencies in your sales process, learn more about potential customers—who they are, what they value, what is resonating with them, and what they need from you to be ready to buy. Once they do buy, the relationship continues, driven by analytics and user experience. The analytics show what they’re doing, what they want from you, how they behave with your products, who their friends are and a so many other valuable insights. A good data science team can take all the data and deliver surprising insights about customers, such as when and why customers might churn, giving you a shot to make it right before you lose them.
On the user experience side, companies like Equinox fitness clubs are using mobile and data technologies to help their members track their workouts, showing them how many calories they burned in that yoga class or private training session. That’s great on the front end, but on the back end these technologies are incredible as well. Now clubs know what classes members go to, how hard they work out, and more—data that can be used to streamline operations, and deepen connections to customers to serve their needs better.
We’ve only begun to touch on what’s coming at us as the information economy enters toddlerhood, but you better jump on this train, and fast. The pace of technological progress continues to accelerate and companies with a “we’ll get to that” approach to technology will quickly be left behind.
Don’t become irrelevant. Use the best new technologies to stand out to your team and your customers and watch it pay you massive dividends.