Technology is your best friend or worst enemy
When you hear the word technology, do you get excited or scared?
I used to be part of the group that shut down when I heard the word technology so I can understand why some react this way, but in reality technology exists to make our lives easier—not harder. There are incredible benefits that come with technology, and those that stay on top of the game give themselves a serious competitive advantage. Your competition is probably ignoring changes in the market, which makes the opportunity even greater.
Think about all the people that straight up ignored Facebook Ads when they first came out.
"I don't need Facebook Ads."
"Facebook Ads don't work."
"Word of mouth is better."
The companies that ignored digital marketing, which is technology, missed out on millions of dollars in revenue and are now left to fight over the scraps of what's left, and gave up serious market share in the process. I guarantee you these people are kicking themselves and are wishing they didn't ignore the signs.
Maybe you are one of these people?
Ask yourself, is this a mistake you're willing to make again?
I'm going to share with you 3 major reasons your company needs to stay up to date on the latest developments in technology, and how you can use them to dominate the market.
#1. Explosive Growth
Your business depends on cash flow. Revenue.
Without revenue you don't have a business—you have an expensive hobby.
So how do you keep a positive, growing cashflow month after month? Surely you can cross your fingers and rely on the slow process that is word of mouth and hope you get enough referrals to keep your ship afloat.
But let's be honest, true professionals don't wait for opportunity.
They seek it out; they pursue bigger and better things.
The companies that are constantly looking to improve are the ones that go on to become the elephants in the room. They excel and grow at an astonishing pace, leaving their competitors to wonder, "How the hell did they do that?"
Think Apple, Uber, AirBnB.
I'll let you in on a little secret; you can't blow your competitors out of the water by doing the same thing as everybody else. As a matter of fact, this is the best way to make sure you don't grow.
If you want to become the leader in your industry, you have to do things differently. This is the only way to get and stay in front.
(When you have what others don't, you do what others can't.)
And do you know how you get what others don't have? By staying up to date with the latest technology. You give yourself the first mover advantage, and by the time everyone else catches up you're so far out in-front it's almost impossible to catch up.
Taking advantage of the latest technology in your industry gives you an incredible head-start, and leads to explosive growth.
Would you rather have a 30 second head-start, or play catch up? Like it or not, this is the game we all play, and I don't think I have to tell you which one I'd rather be.
By keeping up with technology, you give yourself the first mover advantage and can experience explosive growth, in a very short period of time.
What happens when you don't stay up to date on technology?
Ask Payless, Rockport, and David's Bridal.
I'm just kidding, you can't—because they all went out of business. What did these companies have in common?
They ignored the digital age, and by the time they made a move it was too late.
"When you have what others don't, you can do what others can't."
#2. Lower Costs
Technology not only gives you the ability to grow, but it also decreases your costs. Using technology to lower your costs will increase your bottom line, i.e., profit.
It's one thing to increase your revenue, but if your costs rise just as fast as your revenue, you'd be better off where you were before. By using technology, you can slash your costs and reinvest money back into your business.
Company A sells widgets for $10. They sell 1000 a year, and their total expenses are $5, which means they profit $5. They are satisfied with this and don't invest in marketing, continuing to sell 1000 widgets a year for 5 years.
5 Year Profits: $25,000
Company B also sells widgets for $10 and also produce 1000 a year, but they use a new processing technology which allows them to cut their expenses by 75%.
(That's 4 widgets for the price of 1 compared to Company A)
5 Year Profits: $43,750
Now let's say Company B reinvests into marketing, and now sells 2000 widgets a year.
Company A hasn't invested anything into marketing, and still sells 1000 widgets.
5 more years pass, and total profits of the 10 year stretch are:
Company A: $50,000
Company B: $131,250
Company B has more than doubled the profits of Company A.
Which company would you rather be?
Which do you think has the best chance of long term survival?
Company B then buys Company A, liquidates it, now selling widgets to everybody. This is exactly what happens when companies take advantage of technology to lower their costs.
"Technology allows you to cut costs and sell all the widgets."
#3. Competitive Advantage
By using technology that your competitors haven't taken advantage of or simply can't get anywhere else, you give yourself an unfair competitive advantage. Think of it like this:
Why does the United States military demolish practically every opposing force it comes into contact with?
Because of the best technology.