Today WhatsApp has transformed the way information is reaching out to masses. So everyone today knows about Uber and many of us would have availed the services as well. We might also know that this company while offering taxi services across the world does not own a single car. Another company that offers accommodation across world doesn’t own a single property. These are all businesses driven by technology. I am sure many of us would have bought mangoes delivered at home in the season by reading posts on Whats app isn’t it?
Let’s look at what is doing business in non-conventional manner means;
1. Identifying new innovative products & services
We all have read about Electric cars, testing of driverless & even flying cars. We also have read about how in each and every sector sensors will be integrated to increase communication, decision making & servicing. Telecom companies are heavily investing to enter home & factory automation in a big way. All of this is creating threat as well as immense opportunities to companies in auto component manufacturing & in electronics. What is essential for the existing businesses to sense and identify right opportunities and right partners to work with to create new products and services using latest technologies.
2. Identifying different sales channels
If you are selling through distribution channels then can you directly sale to end customer? Elimination of middle men will simultaneously increase your margins as well as reduce the costs to end buyers. Isn’t this is already happening with grocery and vegetables? It will also penetrate slowly but surely across banking & insurance products within next couple of years. And all businesses are going to happen online in next few years.
If you just surf Facebook and visit various business groups you will realize so many people today selling apparels & clothing online. No wonder, not just Laxmi Road, the busiest business street of Pune, getting deserted but even malls are facing reduced footfall.
3. Creating brand through social channels
Unless a business creates a distinct identify and strong brand, it cannot command higher margins and generate consistent sales. If you cannot establish a strong differentiator, the sales will focus on pricing and there will always be someone who will offer it cheaper than you.
Technology again can help here. Moving to social platforms and digital marketing is the new better, faster and cheaper way to reach out to potential buyers. Creating digital images, videos and content providing details of your products can
4. Improving agility & reducing costs through technology
Technology can increase the speed of communication saving crucial time. Information, data, designs; drawings can be easily exchanged using technology like Google docs and online drives. There are many business systems and applications that are available to help track the entire sales process right from tracking the field staff to prospects reading your mails or visiting your site and making them real time customized offers. Online CRM and similar solutions can help you increase your conversion ratio at reduced costs.
Secondly, in most of the business we observe the owner doesn’t have proper control over costs. Significant money is locked in inventory; higher costs are incurred due to improper planning & changing priorities. All of these can be better managed by implementing systems that offer pay per usage models.
These are just few representative examples of how businesses need to move out of conventional ways of doing business using technology advancements. It is applicable to every business; just that depending upon industry and sector & nature of business the approach will be different.
In-Unison can help businesses identify new opportunities and move their business from conventional to non-conventional approach for exponential growth and survival in today’s tough market conditions.