To build a business quickly and ensure it can compete in the markets early, you need to be ready to empower it technologically. Because there is so much software available today via the cloud and that can be used through subscription plans, it’s not unthinkable to have it put on the same playing field that many big businesses and well-known brands occupy. But you still need to know what kind of tools you should use and how they can improve your overall revenue stream. Here are four secrets every business should know about important technology.
1. Video Marketing Can Be Done Without Overspending
Video for marketing your business and increasing customer interest in your products is becoming more and more important today. Not to mention it’s a way for them to get to know you even better. In the past, putting together high quality professional videos for ad campaigns or newsletter kinds of purposes has been extremely costly and required huge budgets for the marketing department. Video cameras and even good webcams are improving and making it possible to put together good video stories without the need to hire professional videographers. And video production software is much more affordable now and doesn’t necessarily take a highly experienced editor to use it.
2. Self-training Software Can Make For Even More Productive Employees
One thing about much of today’s younger workforce is how much they value certain independence while also making valuable contributions to a company. And along with that, self-directed training programs have gained traction because they allow employees to become even more skilled and adept at their work. Self-directed training software tends to offer a little more intrigue to its users, and it can help them move not only vertically but horizontally in your company.
3. Dynamic Pricing Software Is Key
The popular daytime TV game show “The Price Is Right” takes on a whole new meaning when it comes to adjusting prices for your business. Quality of product and having a lot of options for customers are major factors in setting prices, but if you can add the power of business intelligence technology to the equation, that could also make a huge difference. It’s important to get the right dynamic pricing guide for starters, but you also need to have an analytical approach where you can use market data to fine tune your pricing strategy. Other things that can affect your pricing strategy are benefits customers may be seeking such as paying less for buying early, or paying more for faster service. At the end of the day, it always pays to have structure when it comes to dynamic pricing.
4. Financing Doesn’t Have To Come Through Traditional Lenders
Despite the establishment of new financing means for businesses, many of them still try to go through the old channels to get it. It is true that SBA loans or funding from investors with deep pockets still have their place, but they are far from the only lenders in town. If you’re looking for quicker loans that don’t have as much red tape and can give you access to capital much quicker than the banks, you might want to look at online micro lenders or peer-to-peer loans to get a jumpstart. There are also merchant cash advances that can be used if you make credit card sales and don’t want to have to deal with credit inquiries.
Basically, the way you built a business 20 years ago has changed a lot from the way you could do it today. Even if your startup budget is relatively small, today’s tools are not too hard to acquire.