Technology as a Facilitator to Open New Markets

How does technology innovation help business to open new markets?

There’s little doubt that the Internet has levelled the playing field between multi-nationals and small business when it comes to reaching a global audience.

But do websites represent the entire arsenal of tools when it comes to technology that can facilitate entry into new markets? We investigated the top 5 ways that technology can be applied in order to connect with new consumer demographics;

Websites

It should be noted that of the 1 billion registered websites today approximately 75% are not active. Of the remaining 250 million active websites, they have had a number of decisions to make regarding the objective behind an active online presence;

The following questions are key for business owners because they speak to the design, complexity and workflow of the website. The drivers behind an investment in a website can include one or more of the following objectives;

  • Brand exposure. To provide public information about the business activities.
  • Credibility. To help ‘legitimize’ the business to new markets who may turn to the web for research. And to establish the business as experts in the field.
  • Portal. To provide a public entry point for staff or website members to internal/private tools or information.
  • Commercial. A sales or marketplace platform.


Social platforms

Social platforms can not only introduce new demographics but they can also provide a unique platform for two-way public discussions and announcements. The most common being Facebook, Twitter, Reddit, Pinterest and Tumblr.

Although social accounts for business are generally used as a value-add to the website presence, we know of many businesses that operate entirely with a Facebook account only.

Marketplaces

Today, there is a marketplace for just about everything. Ebay and Amazon are the leaders in the marketplace space but there are also specialized markets such as Udemy (video training) and MySpare (automotive) available for consumers.

Marketplaces have dual benefits for businesses. First, they introduce a new set of eyes and potential clientele. Second, if a transaction is completed the business has the opportunity for direct contact with the client to potentially establish a long term relationship.

Video

Video marketing can be a very powerful communication medium. Case in point is the viral video which is can include any emotionally seductive production. For business, the challenge with video is to hold the viewers interest long enough to communicate the point.

Video is very inexpensive to market but can be expensive to create. Youtube and Vimeo are examples of video hosting sites.

Mobile

Much like websites, mobile applications can be created to serve different functions. Brand exposure, information and commercial interests generally drive business app creation.

Mobile apps can be effective but they share the same pitfall as video in that they can be relatively expensive to create and maintain.

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