Technology is an increasingly important part of life for virtually everyone, everywhere. It’s changed the way we live and work, the way we shop and of course the way we conduct business. For entrepreneurs and intrapreneurs alike, it’s not enough to think about technology. You also need to envision the ways all this new and emergent tech can make your business money.
That is, after all, the objective for each and every business. Examining and considering technology doesn’t apply to just the tools needed to conduct business today — the internet, project management apps, video conferencing, and the like — but the ways tech can drive your strategy and growth. Here at VAULT we’ve already outlined five ways that technology can help you save money. Now, we’ll address the other side of the equation.
At VAULT, we help businesses expand tech with confidence. Today we’ll give you insight into five ways tech can make your business money, from landing new customers to creating better experiences and extending their lifetime value. Let’s get started.
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Your product works and serves current customers well. But by continuing to add to your existing product you can make it a more indispensable part of their lives. Additional features or improvements provide more value, and in turn allow you to either raise prices to reflect the current upgrades or include a premium offer that covers everything.
Technology can add additional features to your existing product in a variety of ways, which can be tailored as a new module, cover more of your customer’s journey, or extend the lifetime value of your product by keeping them longer.
In retail, customer experience is king. Digital products are well served by following the same line of thought. Tech can make your business money by simply finding solutions to improve the interactions your customers have with your product.
Prioritizing the customer experience encompasses many factors. Layout and design can simplify the appearance and make it easier and less stressful to navigate. Implementing analytics and event tracking allows you to understand what (and when, where and how) your customers are actually using, and then customize their experience accordingly. By designing easily accessible self-help tools and other resources, you can circumvent any potential frustrating deadends for your users. Ensuring a proper communication flow, for both product timelines and feedback, helps your customers stay involved.
To increase your revenue, you need to either get more lifetime value from each customer…or generate more customers to begin with. Technology can help these efforts as well. For example, let’s say you’re trying to attract larger companies that come with more budget and exposure. Using technology, you can improve your security, showing you’re deserving of their trust, improve the reliability and speed of your product to meet their standards, develop better stakeholder reporting and analytics tools, or improve your product’s integration with commonly used applications. All of these tech improvements could allow you to attract customers from the desired demographic.
Other ways tech can make your business money by getting more customers include things like:
Tech-enabled businesses have the ability to also carve out new revenue streams centered on entirely new products. Exploring this avenue can be more difficult, and imparts more risk, depending on the stage of the company. With limited resources, you may not want to spread them — or your company’s focus — too thin.
But developing entirely new lines of product does come with advantages and is one of the most easily identifiable ways that tech can make your company money. The new product can be designed to target an entirely different customer base, or a similar buyer persona that is in a different stage of buying. The options are wide open here. Businesses have complex workflows and your current product may only serve some elements of them. You can expand to new features for other, related, needs, or you can take your current tool and evolve it to serve a different vertical entirely.
To this point we’ve discussed how tech can make your business money through its application on products or core offerings. However, it’s important to remember increasing the quality of service to your customers can also lead to more revenue through enhanced experiences and support.
While not strictly tech-reliant, adding white glove services can eliminate barriers preventing users from getting the full-value of your product. Technology can add the ability to import custom data, or edit certain aspects, of an application, and enhanced service (say for content moderation on a social media platform) can improve the customer experience significantly.
Those seeking the best experience possible with your product will be willing to pay more to unlock that service. In addition, continuing to apply strong service elements allows businesses to continue to grow and foster closer relationships with customers. This will help them understand customer pain points and should inform future product roadmaps.
5 Ways to SAVE with Technology: From automation and analytics to integrations and alleviating customer requests, VAULT develops tech solutions that help businesses save resources. Read more here.
At Vault Innovation, we’re more than just another custom software development company — we’re a partner in your success. We specialize in helping companies ideate, build, and develop technology solutions across multiple industries. For a decade we’ve solved design challenges, shipped purpose-driven products and software, and have successfully helped launch more than 60 tech companies. With a proven track record of results, VAULT uses technology to grow your business according to your specific goals.