Technology is advancing at a tremendous speed. Every day, humanity is making strides in developing new and exciting breakthroughs in every possible branch of science. Naturally, this also applies to business, and staying on top of things can be daunting for any business owner. New words are cropping up all the time, and it is expected of entrepreneurs to know what every abbreviation and term means, and how and what they are used for.
These are some of the most commonly used tech terms that have gained prominence in the last couple of years.
Internet of Things (IoT)
A very popular emerging technology, the internet of things is all about connecting everyday household items and appliances that use smart technology and controlling how they work over your phone or computer. This gives you the ability to remotely check up on your home security, adjust the lighting, set the precise time when heating, or the AC will turn on and off, and more.
Another growing technology, machine learning refers to a specific type of artificial intelligence. Used by many companies today, it works by having an algorithm that becomes more sophisticated the more it is used.
Software as a Service (SaaS)
Many tech startups today operate using this business model to sell their software. Instead of paying a one-time cost and getting the software license, which the customer can then use in perpetuity, this model offers the software at a reduced fee – sold at a monthly or yearly subscription. This approach has several advantages – it is a more affordable option for many clients, and the software is being continuously worked on, with constant new releases that come with new features, bug fixes, and expanded options.
Customer experience (CX)
How your customers interact with you, your company, services, and products, and how satisfied they are with them. Needless to say, this is of vital importance to every business that plans on staying in business. Thanks to the internet, every customer can leave a glowing – or scathing – review of your services which will attract or scare away new and potential customers.
So you should always be asking yourself: “What more can I do to improve my customer experience?”
Promoting your products and services by sending out emails. There are many services, such as MailChimp, that automate this process, and using them you can send out thousands of emails (or more) every day. Of course, nobody likes spam, so you should be careful not to overdo it or come across as too pushy.
Telling your subscribers about the latest news, discounts, offering them special loyalty bonuses, or inviting them to partake in a round of beta testing is a good, friendly strategy that won’t alienate your audience.
How many people come to your website naturally – meaning that you haven’t paid for your website to be promoted on some other website or banner. These visits are both an excellent indicator that your brand is healthy and popular, as well as important when it comes to further SEO (site engine optimization) Google rankings.