3 Reasons You Need to Stay On Top of Tech. in Your Industry

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.

For example:

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.

We have better rifles.

We have better surveillance.

We have better ammunition.

We have freaking lasers.

By using the best technology, the United States military gives themselves a competitive advantage. Now, I'm not condoning violence, but business follows the same concept of war. The strong survive and the weak get eaten.

This is why Sun Tzu's "The Art of War" is a prevalent business read for entrepreneurs.

"Attack your enemy where they are unprepared. Appear where you are unexpected."

In order to give yourself the best chance at survival in the long term, you have to give yourself a competitive advantage. This is exactly what technology allows you to do.

Attack the enemy where they are unprepared.

If you aren't taking advantage of the latest technology, I promise you someone else is.

They will then attack you where you are unprepared, and not expecting.

What if you woke up tomorrow and all the sudden your competitors could acquire customers at a 4-1 ratio compared to your company?

And could reduce their wasted ad spend by 70%?

You would be screwed, wouldn't you? You would be like Company A, or Payless.

It would be a matter of time before you couldn't keep up and had to throw in the towel.

"Attack your enemy where they are unprepared. Appear where you are unexpected."

Technology is either your best friend or your worst enemy. Just because you don't understand the technology, doesn't mean you can't hire someone who does. Hiring a company who can implement this technology for you will make your life easier, actually, and more profitable.

This will give you a serious competitive advantage in the market place, and give you the absolute best chance of survival in the long-term.

Taking advantage of the latest technology in your market will allow you to experience explosive growth, cut costs dramatically, and give you a serious competitive advantage.

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Churchill Consultations

(412) 457-8866

Pittsburgh, Pennsylvania



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