Business is no more about ‘Sales Promotions’ day in and day out. Businesses need to become smart and adaptable to ever changing market situations. They need to adopt sales technologies to compete with rivals. But when it comes to especially small businesses, they’re prone to contingencies. Nothing is assured. The market share, the clientele, the incoming profits- they all are based on a huge rock of intuition.
However, businesses can’t run on intuitions. They run on growth and growth is achieved by changing with time.
That said, not all businesses are able to adapt the upcoming changes.
Some deny in the first place and grow obsolete.
Some go with the flow and touch the top positions.
And then, there are some, who are courageous enough to try new things but become skeptical in the due course of time. The worst part is, usually this skepticism arises because of myths.
Take these, for an instance:
Myth #1: Cloud Computing is only for multi-billion dollar companies
Cloud can be useful for any business, which requires a steady flow of information throughout the organization.
Cloud may sound an alienated concept to many, but is a simple information management system, which helps in making information accessible throughout organizations. Now, not all businesses are big enough to afford cloud storage in-house, and that’s how outsourcing it comes into the picture. Many companies like Amazon and Dropbox, are providing Cloud solutions at rates affordable for medium and small businesses too.
The biggest fear small businesses have towards is the Security of Sensitive data. In fact, a research conducted by Thales and Ponemon Institute
stated that half of their respondents were already storing sensitive data on the cloud. If security is one’s concern, this might help:
More than half of USA Government
’s data is stored on the cloud. Now, in regards to a sensitivity of data, this is the epitome!
Myth#2: Big Data is a waste of money
Big Data can help any business discover newer avenues of growth. Big Data
is becoming relevant to many growing businesses, and many business houses are opting to build their own Data Science labs.
Big Data helps you know your customer, in a statistical manner. Using this, a business can go for Sales Predictions, Consumer Insights and Analytics which can give the business a unique outlook towards the market. That’s not all; it makes the consumer behavior more scientific and comprehensive in nature.
Many small businesses hesitate from using Big Data simply thinking it is too expensive, or too complex for them to comprehend. What they need to look at is the long-term perspective, whereby growth is a higher priority above all such short-term costs.
In fact, Big Data
can become a source of revenue for businesses with larger consumer reach. Many businesses are counting upon the ‘selling of Data’ as an essential source of income in the future.
Myth#3: Marketing Automation is nothing but spamming
This would hold true if all you do is send promotional mails to all the contacts your business possesses, every single time your business has something to communicate.
B2B Marketers who implement marketing automation software increase their sales pipeline automation by an average of 10% (Forrester Research).
If done correctly, Marketing Automation can help your business achieve the required amount of attention from your consumer. It plays a vital role in Inbound Marketing Strategy, you need to attract the customer to your product/service and then ask for permission to market.
This permission can be in the form of creating an account on your website, promoting your page of social media, Subscribing to your Newsletter/Updates etcetera. So, actually, if done correctly, this may help you get a special space in the consumer’s ecosystem.
Myth# 4: ERP is expensive and only for the top management
The truth is, yes, ERP systems can be expensive.
As per Gartner Research
, only 27% of the employees are able to comprehend the data provided by ERP. But, the fact is, what if that is the only data relevant to them? ERP directs the flow of information in such a way, that the relevant people have relevant information available at the distance of a click.
But this would hold true, only in the case of big multinationals generating a whole lot of data, going through a lot of complex processes and requiring a lot many features. The best part about ERP systems is they can be tweaked as per the requirement of a business
Depending on the functionality, requirement, scale, nature and operational activities of a business, an ERP system
especially tailor-made for the business can be constructed.
And, the entire cost of this thing would depend on the functional features of the ERP being used. Even the cheaper systems being provided can help any business, up to a very large extent.
As far as the latter part is concerned, no; ERP isn’t only for the top honchos of the business. As it expands to, ‘Enterprise Resource Planning’, it might look like it is built for the top management. But, it is for anyone who has an access to organizational resources.
ERP systems help the concerned members of the organization; know about the data being generated by the performance or their department’s performance. This keeps everyone on the same page and helps in better decision-making.
Myth# 5: CRM is not for every company
is for any company which has gone beyond the initial stage of setting and is having a relatively longer list of clients to serve.
Now, as stated by Thompson and Brackett Research
, only 47% of respondents were able to optimize their CRM. But from the ones who were able to, 86% saw a significant growth in customer satisfaction.
Now, for a Start-up
, CRM might not require. But as and when a company grows, many operations are simply repeated. CRM helps the businesses automate repetitive processes, and aligns the business with consumer’s interest.
That said CRMs are now being developed for custom problems of businesses
. Businesses having operations, serving to both a mass market and a niche market, are adapting to CRMs for efficiency. CRM is there to make your work comprehensive, simpler and less time consuming for you.
One may say that initially this may take time. But, the User Interface designed for most of the CRM programs is simple enough for people to adapt at.
And today, we’re looking at Cloud-Based CRM programs, which help organizations, reach out on a larger scale. With the cloud, the effectiveness of the organization is increased, not the complexity.
The initial time may sound more learning, but as levels gradually rise and so do functionalities, it becomes easier to comprehend the working of a CRM platform and upgraded as per requirements
Many businesses become skeptical to changing age old processes and adapting the newer dimensions. But looking beyond this skepticism has its own advantages, as a collection of data, automation of processes and better knowledge of the consumer will help a business play on its core competencies and grow efficiently.