The world has become reliant on going digital, especially businesses. The benefits of digital technology are well-known – but how does this translate to financial gain for growing businesses?
Adopting digital technology often requires some form of investment – whether that’s time or money – so taking the first step can often prove daunting. There are uncertainties about how well the technology will work for your business, the time it will take to get set up and how it will fit into your daily processes, but once set up the benefits can far out way the risk.
Here are 5 easy ways that you can save money and grow profits with digital technology!
Make use of VoIP services
Voice over Internet Protocol (VoIP) can help to cut down or remove the costs associated with phone calls – and even face-to-face meetings. Since the pandemic, remote communication has become the norm, saving businesses time and money in the long run. All you need is an internet connection and your chosen online service, such as Skype or Zoom. Not only are these great tools for meetings, but users can also share files and run online delivery of their products and services. Cut down on your phone bill and eliminate the hefty travel expenses by holding meetings and collaborative calls over VoIP.
Make use of review websites
Bring business to you online. Save money on marketing to new customers by getting your existing customers to do the work for you! Review websites like Google and Trustpilot fit seamlessly onto your own website and work to automate the process of collecting reviews within the customer journey. Alternatively, you can encourage customers to leave you Google or Trustpilot reviews with sharable links, if you don’t have automation. Most website software platforms have plugins where you can embed reviews that come from third party websites such as Feefo. These can run along automatically throughout your website so it’s the first thing potential customers see when first browsing your site.
Depending on the size of your business and your particular needs there are different tiers of cost for using a review site – it ranges from free plans like simply having a Google business page, to those suited for larger enterprises. Review sites offer a saving on the cost of marketing activities (and associated time) to reach new customers and can help improve customer satisfaction, drive conversions, and create opportunities to improve your business – which, in turn, can generate money for your business.
Take advantage of free trials or basic package software
If you’re looking to adopt digital technology within your business but you’re not sure you’re ready to make the commitment, test the water by using free trials of the software products that you’re interested in. You can try out the features, see how it could benefit your business and understand how it could fit into your day-to-day processes before investing a penny. Microsoft has a free online version of Microsoft 365 for example. Testing your options before you invest could save you a lot of money in the long run and remove the hassle of using a product that doesn’t suit your needs or that you’ll need to change after a short amount of time.
Remote working and hot-desking
Rather than paying a substantial amount for your own premises when you’re just getting started or unsure of your speed of growth, consider the options of remote work or hot-desking. This has now become the norm post-pandemic, with businesses saving money by giving up their premises and using that money to put back into digital resource. Reliable superfast broadband connections and collaborative project management tools such as Asana or Trello are making it easier than ever for staff to work from home or outside of the standard office environment.
Microsoft Teams has also become the most popular platform to go about everyday work delivery. Alternatively, you can pay for individual or ‘hot desks’ for staff in a co-working space. Again, these have become popular for those who need a break from home working, but no longer have a physical office to attend. Save on the upfront costs of securing your own building or workspace by sharing the space with other business in a collaborative work environment that you can expand or contract (by paying for more, or less, desks) as your staffing needs change.
Make email and social media marketing your best friends
Rather than investing in pricey advertising campaigns or throwing your money at marketing, utilise the free tools and platforms available that can help you to develop, manage and co-ordinate your own online marketing projects. Whether you distribute weekly snapshots, monthly e-newsletters or targeted email offers, platforms like MailChimp simplify the process of creating your own on-brand email to send out to your database.
If you are just starting out with building your client database, a lot of Mailchimp features can be used for free. The more you expand however, there are various pricing plans available. Similarly, platforms like Hootsuite, Tweetdeck and Sprout Social can support and automate your social media activities to ensure you’re keeping your online brand current without taking up your time and attention throughout the day. These tools are great particularly if you only work in a small team and have one-person predominantly responsible for social media activity.