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How To Uncover New Market Opportunities By Leveraging Emerging Tech Featured

"Orb of power" "Orb of power"

Business strategy and technological innovation need to go hand-in-hand in today’s competitive marketplace. Adoption of a digital business strategy and incorporation of cutting edge technologies has become the driving force behind the success of startups and enterprise businesses alike.

With new technologies coming up every day, choosing the right technology to focus on has become a challenge for business owners. If done correctly, the tech-related choices that you make have the potential to transform the way your brand interacts with the customers, provide engaging customer experiences, uncover new market opportunities for your business to thrive and instill efficiency in all your business processes.

1. Incorporate a business strategy to achieve product market fit

The data that you need for your business to excel already exists. It is buried in the spreadsheets of customer data and a digital strategy is the guiding force that you need in order to give your efforts the right direction.

Evaluating the existing data about the customers, their needs, preferences, purchase patterns, and other characteristics can lead you to the valuable insights about your target demographic bringing you one step closer to the product market fit. Data is of critical importance for a business’s success.

The recent times have witnessed a flooding in the business related data generated including transactional data, operational data and social data. Access to all the data is useless if you cannot derive actionable insights from it and apply them in order to improve your business processes. Big data analytics does this for you.

The application of analytics gives you access to crucial market insights, customer preferences, consumption patterns. On the business side of things, it results in workflow optimization, effective scheduling, targeted marketing using data-driven insights. Analytical benchmarking also allows the companies to test their performance in terms of parameters like customer churn rate, employee and customer satisfaction metrics, traffic generated from customer acquisition strategies etc.

2. Utilize AI tools for lead nurturing and customer retention

Automation of repetitive tasks within the business process can help save valuable time and money which can be applied in other more resource intensive tasks. While the concept of Artificial intelligence dates back to a long time ago, the actual applicability of the technology has only risen in recent years.

Automation of the email workflows and analysis of the customer’s response to the outbound marketing strategies result in nurturing of the leads as well as customer retention. Another major application of artificial intelligence for the formation of new market opportunities is by the use of natural language processing and chatbots.

While the use of chatbots for customer interactions may seem counterintuitive to a business strategy that focuses on personalization, access to 24x7 support for query resolution results in a positive visitor experience.

AI combined with machine learning algorithms can optimize efficiencies and potentially solve several organizational problems such as supply chain management and prediction of the future trends based on the current consumption while improving the experience a user has with the organization.

3. Leverage technology to provide an enhanced user experience

Personalized product experiences are extremely important to a business’ success. They are the key to unlocking the most powerful marketing channel - word of mouth communication. A customer who experiences a positive interaction with the business is more likely to recommend it to others, setting off a chain reaction without a huge upfront investment.

Technology is the key to providing an enhanced user experience and the applications of it are limitless. Use of blockchain to improve the security of business transactions making them tamper-proof, use of cloud computing for remote data accessibility, use of technologies like virtual and augmented reality all contribute towards personalization leading to an enhanced user experience.

An excellent example of brands using technology to work is BMW which now uses augmented reality to let the potential customers experience what it would be like to drive the car without needing to be inside the car. Technology can help foster an emotional connect thus promoting sales while resulting in higher levels of customer satisfaction.

We are currently at the brink of a technological overhaul with tech making major disruptions in the traditional business structures. The choice of which technological innovation to incorporate in your day-to-day business processes depends on your actual business needs, but the importance of technology to foster stronger customer relationships cannot be undermined.

Rahul Varshneya is the co-founder and President of Arkenea and Benchpoint. Rahul has been featured as a business technology thought leader in numerous media channels such as Bloomberg TV, Forbes, HuffPost, Inc, among others.

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