One thing is for sure. It is virtually impossible for the modern business owner to escape technology. With new forms of technology and automation emerging and increasing each and every day, there is no question that the business process is being impacted; however, the impact is only positive when technology is properly utilized.
Technology + Online Marketing = Increased Business Revenue
Technology does not always translate into increased revenues. There is no question that business owners these days are more dependent on technology than ever. A 2015 survey by point-of-sale retail (POS) giant NCR among owners of American restaurants revealed that nearly 70 percent of respondents believe that technology has positively impacted their business by increasing revenues; in fact, 35 percent of respondents will not even consider doing business without the involvement of technology. Out of the 154 restaurant owners surveyed, only 17 confessed that their business did not yet have a significant online presence. Nonetheless, a little over 70 percent explained that their restaurants have active social media profiles, and that mobile POS played a major part in the success of their business.
With regard to the survey above, it is important to note the use of social media accounts and mobile POS apps, which can facilitate advertising and marketing. Of all business processes, social media marketing and mobile advertising tend to be the most attractive for business owners, and the seemingly easy learning curve seems to be a strong factor in this attraction.
The Social and Mobile Marketing ROI
The basic functions of mobile apps and online social networking are easy to learn by default; this is what development firms strive for with just about every new technology. Business owners who use social media and mobile apps on a personal level tend to believe that they can easily apply these technologies for the purpose of increasing revenue, and this is a slight misconception. Although it may be easy to get started with social media and mobile technology, mastering the art of effective marketing and advertising is not quite so easy.
One of the mistakes commonly made by business owners who are new to mobile marketing and advertising is that they often think they can do it all on their own. After all, how hard can it be to compose a social media update and publish it? How difficult can it be to engage prospects and existing customers so that they keep coming back for more?
The most important metric of online marketing is return on investment (ROI); this is what will determine whether increased revenue is possible. A business owner that decides to take on mobile marketing and advertising by herself will likely spend a considerable amount of time trying to get better at it, and the ROI will be quite low. When retaining a professional marketer to handle this facet of business, a higher ROI may result in a five to seven percent increase in revenue in a just couple of months, depending on the current online presence, the type of business, and the seasoning of the company.
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