Are you wondering how you can take your firm to the next level? In this article, we shall explore how you can use technology to improve your return on investment, and influence the four primary drivers of business growth. To increase profitability, you need to influence the buyer, the supplier, ward off competition and better the substitutes.
Here’s how you can gain the competitive edge through technology.
Influence the Buyer
In a competitive market, consumers are spoilt for choice; you can use technology to attract customers to your products or services. For example, you can use the internet to inform potential clients of your products and award discount coupons to those who buy. The retail sector has gone a notch higher, by incorporating technology that sends alerts to smartphones within a particular radius. Through these alerts, passers-by (potential shoppers) are inform of on-going promotions and offers in a personal way.
Using technology is such ways enables you to influence the buyer towards your products thereby giving you a competitive edge.
Overcome Supplier Power
One of the major restraints to business growth is supplier infringements, especially when the suppliers are few. Suppliers can choke the supply of products to a market to cause a shortage thus increase prices. Developments in technology such as B2B platforms bring together an array of buyers and sellers. Here, suppliers can be listing and products evaluate, turning the odds for the purchaser. You can use platforms such as alibaba.com to expand your list of vendors and narrow down to the ones with the best terms for your business.
Use Technology to Ward off Competition, New Entrants and Substitutes
This is a technique predominantly used by multinational corporate when they place entry barriers to prevent competition in a particular market. It is also applicable for smaller enterprises. A good example is the Google social network Google Plus + which uses Google’s technology to prevent competition from other social networks such as Facebook. The Google Plus + platform takes advantage of the search engine’s searching algorithm to showcase businesses registered under Google plus. Thus it has enticed many businesses to their social network and kept them there.
For your growing business, you can use technology such as through social media to build an ‘exclusive’ club, or issue loyalty cards which rivals cannot penetrate and customers will want to remain in and continue to receive benefits.
The benefits of technology are boundless. Creativity and keeping up to date with market information will enable you to use the above techniques in technology to gain the competitive edge.
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