Innovation Is One of the Best Strategies for Business Growth. This White Paper Helps You Understand How You Can Drive Innovation at Your Company.
In our uncertain economic landscape, you must imagine new possibilities that empower you to pull ahead with your business. That means one of your key strategies for business growth should be innovation.
Discover 16 ways you can grow your business using innovative technology. Download the white paper to learn more.
How Thinking Ahead Pays Off
It is hard to overstate innovation’s importance for business growth, but the effects of thinking ahead are clear. 20 years ago, the most popular cell phone was the Motorola RAZR flip phone, Wired magazine felt the need to devote an entire special issue to explaining the brand-new Wi-Fi technology, and Facebook —ahem, TheFacebook— hadn’t yet launched.
Back then, only a few people could have imagined that, by 2023, customers would primarily use their phones for purchases and a truly massive number of employees would regularly work from their beds and couches. Admittedly, it is still hard to imagine that social media platforms are expected to drive more than $2 trillion of global online sales next year.
Clearly though, innovation pays off. And, if your company is ready to grow, now is a great time for you to start fostering innovation.
Ready to Innovate? Start with these 6 Strategies for Business Growth
A great Harvard Business Review article, “The 6 Ways to Grow a Company,” outlines 6 smart ways your company can focus on growth. It is no surprise that every one of them relies on innovation.
We will get to those 6 strategies for business growth in a moment, but the team at PeopleSense would like to let you in on a little secret first: innovation does not have to be difficult. In fact, with the right technology in place, successful innovation can be easy – as you will see from our examples below.
Now, continuing to the strategies, the Harvard Business Review (HBR) article states that growth arises from:
- New processes – selling the same products or services at higher margins by trimming your costs
Innovative technology like Acumatica Cloud ERP is built to help you do more at a lower cost, leveraging growth-oriented consumption-based pricing, low- and no-code integrations, and automated workflows and AI that speed processes.
- New experiences – selling more of the same products or services to the same people
Selling more to your existing customers requires you to powerfully connect with them. To do this, you need modern tools like Acumatica’s native CRM and self-service customer portals. Of course, a 360-degree view of every one of your customers will help you meet their every need any time they contact you, so they feel truly taken care of and committed to your company.
- New features – selling enhanced products or services to the same people
Marketing is the key to success when selling enhancements because you need to get the word out about new features as quickly as possible. Acumatica includes sales and marketing automation tools to make your customer communication activities a breeze.
- New customers – selling more of the same products or services to new people
Connecting with new people these days requires a robust online presence and, for many companies, setting up an eCommerce store is one of the top strategies for business growth. Acumatica’s seamless integration with customer-facing eCommerce platforms helps keep your business visible online, while making your back-office management effortless.
- New offerings – making new products or services to sell
If you have developed a new offering in the past, you know that market research is a crucial factor for success. Acumatica eases your market research process with strong customer service and support tools that help you find out what your customers are really asking for. The right technology makes it easy for you to collect customer feedback and then run flexible Generic Inquires that help you dive deep into analysis.
- New models – selling products or services in a new way
Seamless eCommerce integration is a good start, but it takes insightful analytics to help you determine which sales models or channels are best for your company and your customers. Fortunately, Acumatica includes website and email analytics and KPIs to help you succeed.
Discover How Acumatica Can Help You Grow Your Business
Understanding these 6 methods is the first step on your company’s journey to growth. The next step is up to you.
If you are ready to learn how else your company can succeed with innovative technology, download the in-depth white paper, “16 Ways Businesses and Organizations Grow with Acumatica Cloud ERP.” This white paper contains explanations of many more ways you can foster growth at your company, powered by innovative, modern technology.
If you have questions, please reach out the technology experts at PeopleSense for more information.
Since 2003, PeopleSense has established itself as the definitive ERP and single source workforce management solution provider for businesses of all sizes throughout the U.S. and Canada, offering consulting for Made2Manage® and Intuitive®, Sage HRMS, time and attendance solutions, Acumatica, and related services and products. PeopleSense provides clients with the peace of mind that comes from working with experienced consultants dedicated to customer service, who are affordably priced with no annual contracts. Reach out to get your business software questions answered.