What Emerging Tech Can Tell You About Your Customers
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17 7 11/06/2018
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You might know the feeling - your competitors are talking about blockchain, AI, and cryptocurrency, and you’re working hard just to keep all your social pages up to date.
But there’s good news - you don’t have to have your business run on bitcoin or have a flawless messaging app run exclusively on AI to use these technologies to your advantage.
And that’s because these technologies can tell you a lot about your customers and how people are starting to spend their money, even if you can’t use the technology yourself.
Blockchain and messaging apps signals a shift in the way consumers want to interact with companies, or sometimes, avoid interactions. Today consumers feel empowered and confident in their ability to educate themselves on products and services. Much in the same way people don’t want to interact with a salesperson if they don’t have to, the rise in blockchain and bitcoin reveals people now don’t want to deal with middlemen at all. For a small business, that may mean including more product tutorials on your site to empower customers to educate themselves instead of contacting customer service. You don’t have to invest in an automated messaging app if your customers can find the answer right on your page just as easily.
Blockchain also enables complete transparency. Consumers care about how and who makes the goods they buy and are distrustful of corporate claims and PR-speak. Through blockchain, transparency throughout the entire product creation and delivery process is possible. Blockchain technology also reinforces the fact that people trust the crowd. A small business owner can take advantage of this insight through including reviews on their site, being more human on social media, and including sections on their website that lean into its value of transparency.
Your consumers are no longer going to the store or even shopping around online for new products. Having more and more of our electronics connected to the internet allows us to buy products on the spot when we need them. Before, when we ran out of butter, we wrote it down on a piece of paper and brought it to the grocery store. Today, we tell our Google Home to order us more, or our order it directly from our refrigerator when it notices we’re low. Amazon may even offer to order us more since we asked Alexa for a cookie recipe. And while getting your product connected to the internet may be a way down the road, small business owners can still take advantage of SEO and personalized targeting to hit customers with your product when they need it.
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