Out of Date Business Technology Could Be Costing You 25% of Your Profits

Out of Date Business Technology Could Be Costing You 25% of Your Profits

old technology

Buying new technology can suck

First, you need to have it installed.

Then, you have to learn how to use it.

Sometimes, this means you pound your fists for hours trying to figure out how to do the simplest things. Then, if you’re a manager or a business owner, you have to train people to use it. Heck, many times you have to sell them on WHY they should take the time to use it right.

Maybe this is why business owners and call center managers resist buying new technologies. But what if your outdated technology were costing you up to 25% of your profits? Could you use an increase like that? If so, here are a few new technologies which can help you create these kinds of results…

  1. Customer Relationship Management (CRM) Technology

Follow up is the key to sustainable profits. Most small businesses have no follow up strategy because they don’t have the technology to automate their follow up process. A good CRM can help you do this. It can also help you measure things like Cost Per Lead, Cost Per Acquisition and Lead Incubation Periods.

You won’t go out of business if you don’t know these metrics, but you can’t grow much either. A good CRM solution can solve this problem.

  1. Email Marketing Technology

Most of us think of email marketing technology and think “autoresponder” or “email delivery service.” But does your email delivery service allow you to segment your list? Can you track subscriber responses and send them a different set of follow up messages based on their behaviors? If not, you’re missing a good opportunity to send laser targeted messages.

Sending the right message makes a big difference in closed business. Many times, sending a relevant message is the only thing that separates you from the spammers. If your email delivery provider doesn’t do this, maybe it’s time to find one that does.

  1. Call Recording and Archiving Technology

Call recording technology might not be the “sexiest” new toy out there. But it can give you X-Ray vision into what’s really happening in your call center. It can help you measure what’s really working, and what’s not. And what gets measured gets done. Call recording technology also helps you target your training so that you address the real challenges that your reps are dealing with on the phone.

How much of a difference does this make? Marketing statistics show that better customer service can increase your upsell rate by 25%. So it’s not a matter of whether you “need” Call Recording Technology.” It’s a question of whether you want to increase your sales.

Are You a Monkey or a Manager?

You might remember the commercial that said:

“You can learn a lot from a dummy.”

Apparently, you can learn a lot from a monkey too. You see, there’s a monkey in South America that will literally let hunters kill it because it refuses to let go of a handful of food. The hunters fill a coconut up with food. Then, they cut a hole in the coconut which is a bit smaller than the monkey’s fist. 

Then, they go away. Next, along comes the monkey. He sticks his hand in the coconut and grabs a handful of food. But he can’t get his fist back out again…unless he lets go of the food. The monkey is so stubborn about letting go of the food that a hunter can literally walk up to it and kill it.

Are you holding onto old ways of doing things at the expense of future results? If so, maybe it’s time to consider what you’re losing by NOT doing anything. There are competitors out there who want to take your business. Maybe you can afford to hold onto the past at the expense of the future…but for how long?