In the past, running a global business was a huge undertaking. It required a massive investment of time and effort, as well as a considerable amount of money, manpower, and materials. Moreover, it took years to recoup costs and get a satisfactory profit. Today, even a high school student can create an eCommerce store on Amazon, source vendors from all over the world, and sell to any developed country on the planet.
If you can afford to buy a computer with an internet connection, you don’t need to buy property, construct a physical store, and hire employees. You can simply buy a hosting account, create an eCommerce website with a website builder template, outsource employees, and send money online to pay for their work. However, here’s something to think about — if it’s possible to build a solopreneur business with such speed, efficiency, and cost-effectiveness, imagine what you can do if you have the resources of a small, mid-sized or large business?
Here are 4 essential technologies you can start leveraging to transform your local business into an international one
1. Leverage the power of mobile technology.
Mobile solutions are consistently heralded in business media as “the next big thing” when it comes to connecting a business with its audience. From a businesses’ point-of-view, mobile devices like smartphones and tablets, can be used to create a fully-functioning responsive website. From a customer’s perspective, mobile devices can be used for shopping, price comparison, and sharing recommendations with friends on social media sites. It’s now easier for a business to reach and influence a wide audience and it’s now easier for consumers to buy exactly what they want by researching product information and selecting their preferred price point.
2. Leverage the power of cloud computing.
It was not too long ago when the difference between a small company and a large company was the size and sophistication of their on-premise computer system. Now, with cloud computing, a third party business takes care of all the big IT issues like quality of software applications, installation, maintenance, and bandwidth flexibility. In addition, crashes, long downtimes, and permanent data loss are the exception rather than the norm. Cloud computing has leveled the technological playing field between smaller and larger companies.
3. Leverage the power of customer relationships.
For centuries, the biggest problems businesses have faced are finding the right customers for their specialized line of products. Fortunes have been spent on surveys, polls, and public relations to build a bridge between what a company sells and the customers who are in the market for that product. Now, due to the large and growing influx of data, it’s easier to identify all the characteristics of an ideal customer and market exclusively to them. Moreover, it’s possible to break up the world of target customers into finer divisions through the use of analytics services to segment lists into more selective niche groupings.
4. Leverage the power of global advertising.
Traditional marketing channels like billboards, television commercials, radio spots, and print advertising are not only expensive, but make it difficult to calculate ROI. For instance, the efficacy of a billboard is usually calculated based on the number of cars estimated to use a particular road. However, it is not possible to measure how many people noticed the billboard, and, out of that number, how many people reacted favorably to it and how many people actually made a buying decision based on it. In comparison, a humble Facebook advertisement is not only budget friendly, but it can use as many as 21 different ways to target your audience. An Inc.com article by Larry Kim, founder of WordStream, explains why Facebook is such a big deal when it comes to advertising reach: “According to the latest figures released by Facebook, 1.55 billion people log onto Facebook every month and 1.39 billion visit via mobile. In August, Mark Zuckerberg announced that his social network had passed a huge milestone–more than 1 billion users logged into Facebook in a single day. You know what else? Half a billion people only access Facebook via a mobile device. Within this massive pool of people are your future customers.”
Ride the Wave
Technology is not just changing fast, it’s changing at an exponential rate, and it’s not just changing the business world, it’s mutating it to something futurists can’t predict. Mass technology is changing the nature of work and building a business. There has never been a better time in the history of the world to dream big about business success.