Technology has changed the way we do business. We often talk about how it is helping businesses save time and money, but seldom do we talk about how it is helping the sales industry as well.
DG Value’s Debt Bets Help Fund Profit In Q2
Dov Gertzulin's DG Value Funds returned approximately 12.8% in the quarter ending June 30, 2020. Q2 2020 hedge fund letters, conferences and more Following this performance, the funds are down -7.2% for the year to the end of June. That is compared to the S&P 500's return of -3.1%, and the HFRI ED (Distressed/Restructuring) Index Read More
Today there are tools and software that allow businesses to make more sales. Let’s talk about the contribution of technology in this department in more detail now:
- Improved Analytics
Technology allows businesses to have better analytics. Let’s talk about online marketing here. You can get a lot of information about customers including how much time they spend on your site, where they come from, where they go to and what they purchase.
All this can allow you to target and retarget customers in a better manner. While Google Analytics, which is a free service, appears to be the most famous analytical software out there, there are some other paid services as well that offer more insights.
- Better Recommendations
With technology, you can keep buyers interested by providing them with relevant recommendations based on what they are interested in.
Look at online stores like Amazon and eBay. If you go on these sites to buy a product, say a pair of shoes, you will be recommended similar shoes since the company knows you’re interested in buying shoes. You might also be recommended related products, such as socks, since shoes and shocks go hand in hand.
This is a way to make customers purchase a product and has been quite effective so far. However, ecommerce stores are not the only businesses that seem to be using this technology. Streaming platforms like Netflix and Hulu also use algorithms to give you program recommendations based on what you typically watch or search for.
This is a way to prevent customers from going to other sites by showing them what you have to offer.
- Effective Communication
Technology allows businesses to communicate better with clients. Let’s talk about email marketing which has an ROI of 4400%. With technology, you can send emails and follow-up emails without any worries. This increases the chances of making more sales as clients continue to get emails regarding your products without you having to manually send any.
Other than this, you can also reach customers via live chat, which is cheaper and quicker than other means of communication such as emails and phone calls.
Today, we even have bots answering calls and emails effectively, allowing businesses to save on expenses.
- Higher Success Ratio
The chances of making a sale increase with technology as it allows you to differentiate between good leads and bad leads. There are software that can suggest you good clients based on client data. This way you know where to spend most of your time, which result in a higher success rate.
Thanks to technology, you can also come up with sales kickoff themes that offer good chances of hitting the bull’s eye.
Technology is everywhere. When we think about ecommerce, the success is all due to tech. However, now technology is making its way to physical stores as well with Amazon having introduced Amazon Go and other companies are also jumping the bandwagon.