Technology has become an essential part of our lives; it is everywhere, from how we manage our time and enjoy entertainment to how we run businesses. With businesses needing to keep up by adopting changes, solving problems and working faster, technology has become a non-negotiable. To this end, we unpack some digital trends that today’s businesses must keep up with.
Responding to Gen Z
While marketing to other demographics remains crucial, businesses must recognise that Gen Z is becoming an important part of consumer demographics. Responding to them should be a core part of all businesses, whether direct-to-consumer or B2B. Gen Z and millennials grew up with technology and businesses that do not respond and appeal to them in the ways they are used to and expect risk losing out.
Technology should be part of your business’s core value proposition, with companies expected to create technological solutions that are responsive, easy to use, provide value, solve problems, meet expectations and fulfil the needs of their customers, of which Gen Z has become a significant part.
Marketing Automation
Marketing automation utilises various technologies to enhance marketing efforts, making them more efficient and streamlined. In a world where customers are always connected, businesses have many options for which to reach and market to them. Doing this starts with having a 360-degree understanding of customers across all marketing channels, especially where a business has set up and is actively using omnichannel marketing strategies.
Marketing automation makes it easy to do this, with options like email marketing and demand generation leading the way. Analytics, big data and cloud computing technologies are also at the forefront of giving businesses a complete view of their customers for better marketing outcomes.
Marketing automation is a critical part of digital transformation, where businesses use available technologies to drive better customer experiences, improve engagement, and raise revenues. To better understand the role of digital transformation in all three, check out this guide to digital transformation, which also explains the key areas businesses should focus on.
Balancing Onboarding with Compliance
Customers now expect to complete their business online. They want to complete processes such as opening accounts, shopping, filing insurance claims, signing up for medical care and more online. The onboarding process is one of the challenges standing between businesses and doing this efficiently.
Customers expect easy-to-understand, streamlined processes which businesses should provide. However, companies have to protect themselves from fraud during the onboarding process.
Compliance with set laws and regulations ensures businesses protect themselves and people who may be victims of fraud. Putting proper checks in place during onboarding is an excellent step. These checks should ensure everyone who interacts with the business is who they say they are and are using credentials that belong to them. In addition to protecting the business, doing this also assures customers and the public that the business ensures they are not victims of fraud, typically identity theft.
Having Proper Data Sharing Protocols
There is a growing trend of businesses wanting and being able to access customer information with the consent given immediately or when customers provide this data. We have all become used to the idea of our data being stored virtually in one or several servers around the world. However, we are not used to businesses sharing our data with third parties without consent.
For this reason, businesses should ensure they process and store data correctly and understand how different parties can access it. This way, they can protect it while meeting their customer’s needs efficiently and seamlessly.
Everything as a Service
As more people become open to subscriptions for everything, businesses should also keep an eye on and leverage everything as a service. This relatively new business model involves using cloud-based products and services or providing the same to customers.
Software as a Service (SaaS) is the best-known model in this realm. This is where businesses provide access to their software online. The number and types of services that businesses can use or sell are unlimited, but businesses should pick them according to their needs.
For example, one business might need processing power for its AI models, while another might need adequate storage for its customer’s needs. Either business can find a provider for precisely what they need.
Businesses that can take advantage of business trends typically come out on top. Right now, the trend is digital businesses and digital transformation, where businesses leverage technology to their advantage. Doing so benefits the business and its customers by ensuring better customer services and experiences and growing bottom lines for businesses.
