When it comes to business growth, many people see technology as a central component of their goals. While this is certainly not an unfounded stance to take, the fact of the matter is that technology is only one part of a greater strategy. In addition, if used improperly, technology could be a hindrance to your growth goals rather than a benefit. Let’s discuss how to implement things into your business the right way.
Fully Supporting Business Growth
First and foremost, technology is one of the four pillars of business growth. The other three are:
- Strategic alignment
Part of the issue is that a lot of well-meaning companies see technology as the “silver bullet” which will handle all their problems. However, in reality, the key to marketing growth is making sure that you are properly responding to what your buyers are asking you to do. Yes, technology is a part of that, but these other 3 components are also essential, especially when it comes to people.
Does your team have the ability to meet a buyer’s need for pieces of content, research, or an answer to a particular question? If not, you need to create a more dynamic way to respond to those needs. Technology is applicable here, meaning that it can help grow your business by proxy. If you use it as a substitute for a dynamic response, you will likely halt your growth.
A lot of companies buy a piece of technology but fail to get the most use out of it because they don’t really understand how it fits into their overall marketing plan or they don’t have a solid marketing plan in the first place.
Then, you have additional concerns, like lifetime value and the overall cost. Cost, in this case, isn’t just about installation or licensing, but the time cost to run it. Do your sales and marketing team have the capability to actually work the technology or are they going to be reliant on it to do any sort of tasks? This could actually hurt your growth because any issues suddenly keep them from doing any of their work, leading to dead man-hours. This is a concept called the maturity curve. Amazon didn’t become Amazon in a day. It slowly developed new capabilities as it grew. Every company has a maturity curve where its growth allows it to take on new capabilities, technology included.
Making Smart Tech Choices
So, with this in mind, what exactly should you do when it comes to picking the best technology tools? After all, there are over 7000 out there and every company will tell you theirs is the best fit for you. Complicating things is that you could have a perfectly effective piece of marketing technology, but it’s not the right time for you to use it or contingent on you using another tool. As a result, the only way to have a proper tech fit for you is to create a roadmap to understand what you can do right now and where you would like to be.
This means that smaller companies can get a lot more out of their existing tech than you think. In some cases, the best approach is simply combining what you have with strong analysis and making incremental improvements through testing. This way, as your company grows and your operations expand, you may have the ability to take advantage of other technology down the line.
This can be a complex topic to fully understand from one discussion, especially if you’re not sure where you sit on the maturity curve. This is why we have a section on our website specifically dedicated to building growth engines. Be sure to follow the Mahdlo blog for more information and news on marketing trends and business growth.