Take advantage of technology to expand your business

September 14, 2018
Take advantage of technology to expand your business

In the competitive world of business, technology is a basic tool for any company, regardless of its size or level of sophistication. There is a universe of possibilities to explore. Understanding how using it well can give your business a boost is crucial.

Managing your business

“In terms of administration, technology helps make managing your business more efficient, makes it easier to pay your employees, helps manage your inventory more precisely and contributes toward better organization”, explained Camille Burckhart, Chief Digital Strategy and Information Officer for Banco Popular de Puerto Rico.

The executive warned that you have to be incisive when evaluating your business’ needs. “For example, if you have to pay a payroll to five employees, you don’t need a system that lets you pay hundreds or thousands of employees. Invest in solutions that don’t make you incur excessive costs based on your needs,” explained Burckhart.

Connecting with your audience

Considering that there are 2.1 million active Puerto Ricans on Facebook, social media channels are a way to reach new customers. Their relevance is based on the ability to segment the people you want to receive your message. “You can say, ‘I am going to direct my sales efforts in segments that have not been attended by the competition, for example: women, young adults, etc. who live in the metropolitan area and who are interested in sports.’ This is a powerful tool,” said Burckhart. Here are some of the tools that you can consider to promote your business and/or sell your products:

  • Fan pages on Facebook fulfill a basic but important role, without a significant investment: they let your customers know your hours of operation, location, telephone number and the products you offer. With applications, your fan page can also offer other services, such as reservations, signing up for mailing lists or discount coupons, among others.
  • Creating a website is also advantageous, although initially it may only offer information, which is known as a landing page. Little by little, you can add functionality to expand it, such as selling your products on the Internet, similar to what companies like Amazon do.
  • E-mail continues to be a useful communications tool, as it is a good mechanism to involve customers through mailing lists. “With e-mail, you can open communications and generate interest that leads the customer to your company’s web page or Facebook page,” Burckhart stated. 

Technology with a purpose

These tools are only profitable if they are updated with relevant, useful and interesting content for your audience. “Once you open a channel of communication, you have to keep it up to date. It’s important to stay committed and that your customer perceives it. If someone asks you something through your web page, you should respond immediately,” she said.

The key is to differentiate yourself from the competition by offering added value to your customers, whether through good customer service, information on your operations or content that makes your business proposal a memorable experience.

This article is for informational purposes only and does not constitute an endorsement or guarantee of accuracy or applicability for any particular purpose. Neither Popular nor any of its affiliates, subsidiaries, or related companies shall be liable for any special, direct, or indirect harm stemming from the information contained in this article. Should you require further information or guidance on the subject of this article, you should always seek the advice of a competent professional of your choice.

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