Whilst technology might be a big expense for many businesses, it can also be the thing that helps you save a lot of money and increase your profit margins. Here’s a look at some of the ways technology is helping businesses make more profit in 2021.
More effective marketing
Just a decade or so ago, if you wanted to advertise your business you were limited to only a very few methods. If you wanted to advertise a company locally, you would have had to resort to either an advert in the local press, posters around the area or even handing leaflets to people on the street. If you wanted to advertise to a larger, national audience, you were forced to pay an expensive price tag to place your advert in the commercial breaks of TV shows, on the radio or printed on the pages of newspapers and magazines. Now in 2021 those forms of entertainment now have a bigger rival to contend with, the internet.
As more of us are spending more of our time online, the internet has become one of the most effective ways for businesses to market their product. The only problem is that the internet is such a huge space it can often be difficult to get your brand to stand out and be seen by potential customers. That’s why it’s increasingly important for brands to work with marketing companies that specialise in digital marketing. For example, Made By Factory are a digital marketing Manchester based company that specialise in coming up with creative solutions to advertise a brand. Once they’ve worked with their clients to come up with a unique idea that will stand out from the crowd, they then use their technical expertise to increase the search engine optimisation and reach of brands online.
One of the biggest problems that can cost any business a lot of money is failed deliveries. Once you’ve taken the order and the money from the customer, you’ll want to make sure they receive the product or service they ordered as quickly as possible. Not only is it important to do this to keep the customer happy and willing to buy from you again, but if a product breaks or gets lost in the post, you’ll be forced to pay out to replace it. Luckily smart delivery technology, like barcode scanning and handheld devices that can record photos and locations of exactly where products are delivered, are reducing the number of parcels getting lost in transit every day. Whilst the companies offering these services may charge a little more, their reliability will save you a lot of money in the long run.
Another simple way of increasing your profit is to simply keep an eye on exactly how much you’re spending across the business. By using accounting software, you can instantly see exactly where all of the money is being used within the business.
That means it’s a lot easier to spot areas where you could save money, either by using a cheaper supplier for materials or coming up with a cheaper way of completing a process.