In the past couple of centuries, the technology has transformed the face of the Earth at an exponential rate. Mankind had been slogging forward for millennia; discovering, inventing, improving at a steadily accelerating rate until it recently grew wings and flew at a pace that has left many of us reeling from the sudden thrust.
Technology has eased our lives tremendously; we are able to travel thousands of miles, sometimes even circle the globe in less than a twenty-four hour period. Alexander the Great would be squirming in his grave if he knew the potential this world had to offer. We have landed on the Moon, sent unmanned space flights to Mars and discovered hidden secrets of the humongous universe.
Our impatience has grown accordingly. We are able to text and make phone calls right to the other side of the planet in a mere second, yet an unexpected delay of a couple of minutes is bound to aggravate us to no end. Imagine living in medieval times and having to write a letter than would travel thousands of miles, exchanging hands, and archaic means of transport, over a period of months and maybe years while you wait in your candlelit room, near a stingy fireplace, hoping against hope that it gets to the relevant person in one piece. Then imagine waiting an even longer time to hear back.
Technological advances have also offered us countless opportunities in the world of business. Where previously, traditional businesses would own the bulk of the market space, the virtual sphere has allowed younger entrepreneurs to have an equal chance at competing for the same audience.
The time is long gone when a few giants would dominate the business landscape for generations, squashing every other aspiring businessman under their feet.
The internet is perhaps the greatest technological achievement of the last decades. It has turned the world into a global village, establishing lines of communication between individuals from all walks of life.
This allows entrepreneurs to take advantage of the amplified reach of the web and to market their product in regions and to communities that are otherwise inaccessible.
The internet is a sprawl. Every shadowy corner of the world is caught up in the spider’s web; no matter how rich or poor the region is. Unless you live in a secluded hut in the Himalayas with zero electronics and rely on pigeons to deliver news.
This has created a massive ocean of people that a smart businessman sees as potential customers for their business endeavor. If they can effectively tap into this resource, they can maximize their profitability, their revenue while constantly expanding their customer base.
Social Media is another platform that has an addictive quality. The amount of traffic that is usually present at Social Media sites makes it an attractive place for businesses to advertise their own websites and products thus effectively diverting that traffic to wherever they wish.
Technology helps us establish long-lasting relationships with customers and clients. So those one time customers may turn into repeat customers. Online businesses can legally obtain their buyers’ or clients’ email addresses which can be used to set up a dialogue.
By dialogue, we don’t mean regular chitchats. What we are referring to is a regular stream of offers that continues to pique their interest in your company’s workings.
Digital businesses will also allow you to set up an online review and feedback system for customers and clients where they can express their satisfaction or dissatisfaction with your firm’s performance or products. No matter the response, it will be ultimately beneficial to you if you know how to use it.
Customer feedback will allow you to tailor products specific to their needs and interests. If any part of your business is lacking in a certain aspect, customers will be quick to point that out and you will be able to fix it accordingly.
You will be able to effectively target the demographic where your product is most popular by analyzing online data regarding customer purchases. What kind of product is most popular among which age group, from which ethnicity or geographical location? This will help your firm focus its efforts.