AI, VR, 3D, WTF? How to determine new tech's worth
Updated: Jan 5, 2019
We've all seen it, fancy tech that somehow helps your business. Even Facebook put out a recent article about how 3D, AR (advanced VR), and other immersive experiences will be the standard within a short few years or less!
There's loads of backing on this, but here's the thing. It needs to be worth it for YOUR business. In this short and sweet article, I go over a few ways you ca measure the value of new tech (or any tech) for your small business.
Technology is important and you need to keep up with it all.
Have you ever felt this way? I have.
As a marketing coordinator I received plenty of calls, emails and unsolicited visits from sales people about great new products and services that’ll “boost your sales!!!” and struggled with wanting to stay relevant, while keeping the strategy effective.
Now there are some crazy awesome technologies out there that may help you out (like online stores), but understanding both the total investment – that is, money AND time – is the key to avoiding a fruitless expense.
For example, 3D product videos are great and can definitely improve sales (makes the customer feel like they're handling the product themselves). However, if you don't have the tools to make 3D images/videos, you need to invest in such. Additionally, the time required to do this might be longer if you're new to it, or you might need to hire someone to handle this for you. These are just a few of the things that need to be considered when looking into new tech.
So let's move on to some easy measurements you can use to measure new tech's value to your business!
Understanding how to measure the investment is a key part of your business and marketing strategy. So how exactly do you measure the worth of new technology? Consider these questions:
Does it appeal to my target audience/customer?
Does it simplify the selling process? Meaning, my staff spends less time to make the same sale AND can make more or larger sales because of it?
Alternatively, does it bring in more clients, without exceeding my sales capacity? If it does exceed sales capacity, is there room to hire more staff?
Is the cost of the new tech less than cost of the saved time? If not, can I make up those costs elsewhere? Potentially through mark-ups, shorter shifts, or cutting costs elsewhere.
Another thing to consider is the effect any of these have on customer service. If the tech impedes the simplicity of a sale for the customer, it's likely going to cost you sales.
Similarly, if it costs them more without them realizing any benefit, your also likely to lose sales (obviously this depends on the market you're in, but is true for most small businesses).
There are plenty more factors to consider as it's largely dependent on your industry and type of product or service, but if you can answer "yes" to all of those questions, then that tech might just work for you!
Still not sure? Want some professional help? Send me an email mentioning this post and I'll give you 5% off the regular consulting rate!
Have you been pitched some cool new tech? What was it?
What piece of technology have you seen for sales that just didn't make sense?
About the Author
Emily Gust | B.B.A.
I'm the brains behind Bluetines, a dream of mine since I was 11 years old. I'm passionate about efficiency, effectiveness, but most of all loving what you do!