4 Ways Technology Can Increase Revenue

Many businesses utilize the Internet primarily as a method of communicating with their target audience. While communication is certainly a valid reason to utilize the Internet, technology can also be used to increase annual revenue. This includes the ability to offer online-only products and services, and according to Forbes contributor Cheryl Conner, digital space can be also used to increase revenue of current services and product lines. Below are 4 methods of increasing revenue that all businesses should consider.

Free Method of Marketing

Marketing is not a new method of increasing revenue, but the Internet allows for a whole new method of marketing one”s business. While there are many methods of paid online marketing, many businesses drive more traffic to their brick and mortar location or online storefront with entirely free methods of online marketing—such as social media, or content marketing on a website or blog.

Expanding Locally, Nationally or Globally

Many small businesses utilize technology as a method of expanding their business far outside of their local target audience. According to Imperial Advance, a provider of small business loans, the Internet allows business owners of all size to expand either nationally or globally, with much less capital or overhead than opening a secondary brick-and-mortar location. Allowing clients to purchase products and services electronically through an e-commerce website, or via a mobile app hold the potential to increase sales to customers both near and far. Mobile apps and online payment options can also be used locally to pre-order products or services, and eliminate waiting in line. For example, many restaurants allow online ordering and online payments so that all customers are required to do once they arrived to the restaurant is grab their order and go. This same concept can be applied to many other industries well beyond the restaurant industry.

Providing Tools Clients Want and Need

The term “there”s an app for that” still applies, and is something that may be an effective method of expanding sales. While competition is fierce with in the world of mobile apps, new apps can prove to be quite successful. When determining what type of app, or apps, to launch, consider what clients want and need. Provide a solution to a common question or problem, or explore the ways an app can enhance or improve the current product and service line. According to Melanie Haselmayr, a Forbes contributor, businesses can monetize their apps by charging for download, or creating a mobile app geared specifically towards creating sales. However, free apps can increase repeat sales by keeping a company top of mind.

Remaining Relevant In The Online World

Even small businesses must utilize technology to remain relevant in today”s online world. One of the many benefits of technology, is that even a clean and simple website allows prospects access to vital information about the company they find on line. Since the Internet is available 24 hours a day, businesses that sell their products and services online are able to generate revenue seven days a week. If a business is not online, or does not have a method of purchasing their products or services electronically—prospects may move on to a competitor who does.

If products and services are not ones that are easily ordered online, having a website that allows for quick and easy email access allows clients to communicate with the company when it is top of mind. Adding a FAQ area to a website, and sharing more about a brand or business on social media is also an excellent way of turning an online lead into conversion.