So you’re a tech junky and a new business owner. Are you wondering how to merge the two? The place to start is with your business strategy. Here’s how to use technology to define and streamline your products, price points, and target audience.
Business Strategy 101
There are several types of business strategies that can help your company grow. For example, one strategy is cost leadership: the goal of this method is to offer the lowest price possible for products or services in your industry. Examples of corporations using this strategy include Walmart, McDonald’s and Southwest Airlines. But remember this: while most people love a good bargain, it may be challenging to find materials that are high quality and rock bottom in price.
A second strategy is a differentiation, which means you offer products or service that provide outstanding value while setting you apart from the competition. Your prices may be higher, but your focus is on helping your customers recognize the value of what they are getting—and in this case, that’s a good thing.
Another strategy is called focus. With this method, you target a very specific demographic—ideally in an area that your competitors are lacking. While this can mean monopolizing a market (that’s a good thing!) it can also mean a small demographic = small client pool and small sales. Choose wisely.
Another classic business strategy is direct sales, which often involves eliminating regional distribution centers by having representatives sell your products directly to other people. For example, consider Amway. The global home and health product company have been using a direct sales business strategy for decades because it works for them, as well as for the thousands of people who want to make money with Amway. These Independent Business Owners can rely on technology, personality or connections to help them succeed with this strategy.
Once you decide what type of business strategy you want to implement, it’s time to channel your love of all things tech to turn your goals into fruition. A great place to start is with your website. Make it as mobile friendly as you can, and while you’re at it, consider designing a mobile app. No matter which strategy you have chosen, you want to make the selling process as simple as possible, and an app will allow them to learn about you, your products and prices.
In addition, social media is an ideal way to help reach potential customers and stay in touch with current ones. Create robust-looking pages on these sites and update them often. With the help of widgets, let your customer base know you are on Facebook, Twitter and Instagram, or whatever other social media accounts you lead. Be sure to answer questions as quickly as possible, reply with thanks to positive reviews, and offer a sincere apology and offer to fix anything if a grumpy post shows up now and then.
Strategy + Technology = Success
Technology and strategy definitely go hand in hand. First figure out what business strategy will make the best fit for your company, and then get started implementing all the tech you know and love.