5 Ways Technology Has Changed Business Forever

The convergence of telecommunication, media and computing has changed the way we work and live. Change, as we move forward in time, will continue to be very rapid.

One after the other, everything is being connected. Information is flowing through networks with greater intensity and changing everything. Markets are disappearing and are being substituted by networks of information with the customer at the heart. Power has subtly yet actively shifted to the consumer who behaves as an active element of a network and not as a passive target of a market.
Consequently, traditional business models are being turned on their heads. Everything is moving faster — trends, novelties, new products, markets, etc. Companies today need to have a firm grasp on how to utilize the digital universe to maximize their brand awareness and impact.

Here’s how technology has changed the ways businesses and brands operate:

1. Instant communication

Social media allows companies to interact with people in a public venue, and provides a channel to promote products and services. One–on-one messaging and private chat groups are all the rage right now. Facebook messenger has 900 million global users, and studies have shown that teenagers now spend more time on messaging apps than they do on actual social networks. To tap into this burgeoning market, savvy companies are increasingly introducing methods of connecting with, and marketing to, potential clients through these kinds of applications.

2. Droves of Data

Modern technology allows marketers to gain a tremendous amount of knowledge about their customers. However, companies need to know how, where and when to use that data. Some of the best ways to achieve this are knowing which metrics are most important to company success, knowing which customer channels are going to pay off, and creating content that is personalized and customer focused.

3. Transparency

In today’s digital world, customers want to know about the companies they interact with and purchase from. In order to build loyalty brands need to be transparent and demonstrate their personality online. For those businesses that are transparent and communicate openly with customers, their reward is loyalty with 94% of consumers who claim to stick with a company that offers transparency.

4. Intimacy

Businesses can now also learn more about their potential customers based on data they can gather. The smart companies are using such relevant data in order to create extremely personal marketing messages, and has the younger generation hooked.

5. Innovation

This new and ever evolving landscape has forced all kinds of brands to be continuously innovative using new ways to reach out and engage with their customers. In the face of disrupters, many sectors have had to be creative and take initiatives that enable them to compete.