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How Innovative Technology Helps With Business Growth & Scaling | Second Revenue

If you’re here this means that you are probably thinking of the next big idea for your company. Or you may be thinking of ways to help your industry solve a problem. No matter what industry you are in, or what your company does now, your idea could become the next world industry changing idea. I will take some time to outline some companies that are doing just that and how they are growing!

First let me explain what innovative technology really means.

 

What is Innovative Technology?

 

 

 

Innovative technology is not necessarily something that is easily defined by Webster. More so it is a process, product, service, or business model that is readily available to markets, governments and societies. Just like the name, it combines innovation with modern technology. Some examples would be the Pokemon Go app, Smart Watches, Drones, Hover Boards, tracking software, and many more. All of these items are original, but world changing. So what does innovative technology have to do with your company? Let’s find out.




Companies that are using Innovative Technology to grow!

There are already companies that have started to use their big ideas to help scale and grow their companies, even their industries. The first company that comes to mind is a growing company called TemperPack. Considering that their whole company is based off an innovative idea, I wouldn’t have expected anything less of them. TemperPack is in the sustainable packaging industry yet they didn’t stop there. They chose to employ their big idea to help grow their company. Their big idea was a productivity app that allowed them to increase employee productivity while tracking other facets of the company!

 

Another growing company that comes to mind is a company called BlueSwipe. Although they are in the payment processing industry, they have started to use their big idea to help the sales industry become a more productive and analyzed industry through easy to use mobile applications for lead management and cold calling.

Still aren’t convinced? Let’s talk about some companies that you are familiar with. Have you ever heard of a company called IBM? I’m sure that you have. They are now known for cloud hosting, consulting, and computer hardware. Do you remember where they started? Some of their earlier products where, employee time keeping systems, punch card equipment and weighing scales. Throughout the years they have been using innovative technology to grow and scale by tackling Cloud Computing!

 

Or let’s even use Facebook as an example. They started out with a platform, and now they have utilized their big Idea to bring the internet to every aspect of the world. They create drones, apps, software, and even systems to help the company grow, scale and make a difference!

 

Making Your Idea Work

As a busy CEO, VP, Operations manager, etc, you already have a lot on your plate. With that being said, don’t try to do this on your own. First, hire a company that can help you create your idea but doesn’t want to own your idea.

Second, make sure your idea is not just going to help your company, but companies outside of yours as well. This is the best way to make your big idea a second revenue stream for your company.

Third, use your idea and track the progress that it is creating so that you can have solid evidence that it does what you said it will do.

 

Cost Vs Investment

Whenever we consult with a company on how to use innovative technology to get their big idea to become a big reality, we always stress the cost vs investment mentality. What this means is that most of the time the money that you will put into this project will most likely turn into an investment that yields a return. This is not the case 100% of the time, but it does happen if your idea is a great idea that can help many. Here are some costs that can be associated with using innovative technology.

Creating Mobile Apps: These investments can be anywhere from $3000 to $500,000 dollars depending on complexity and functionality. The main reason is because mobile apps take on average 900+ hours to be successful.

Creating Software i.e. CRMs, Web Apps, and Online Platforms: These investments can be anywhere from $5000 to $20,000. They don’t take up as much time to build as mobile apps.

Creating Hardware i.e. Machines, Tools, Gadgets: These investments can be anywhere from $30 to millions of dollars. This is because of patents, supplies and resources to build.

Although the investments may be high for some, keep in mind that returns can be much greater.

 

We hope this has been informative! Feel free to contact us to help you create your next BIG idea!

Phone: 804+592+1734 Email: questions@7thleveldevelopment.com Website: www.7thleveldevelopment.com

 

 

Stay tuned for part two of this article next week titled. Scaling Your Company| Best Practices.

The Social Media Guide| Platforms

 

social-media

This blog is intended to help you gain a better understanding of what each social media platform can be used for with your business. There are tons of social media trainees out there who still have some confusion as to what the purpose of using social media platforms for business is. Although I will not cover all three, I will cover three major ones and I hope to help clear this up, so let’s get started!

 

 

 

Facebook:

Although Facebook is a multi-faceted platform, there are still certain marketing techniques or branding techniques that just simply do not work. I will not go into what those are with this blog but I will say, think of Facebook as a place to cast a huge net to try to catch a ton of fish. If you aren’t on Facebook and you own a business, you have already lost the battle!

Facebook is indeed one of the fastest growing social media platforms around with a staggering 1.7 billion active users! Facebook uses a tool called target marketing to drive companies to users based on what they are interested in. Now I won’t get into a ton of detail on this but the stats are crazy. If you want that info, go read “5 Tips to Help increase Social Media Traffic and Bring Leads”.





I will tell you however what Facebook is good for. Because Facebook has a huge following, this is obviously a perfect place to start your MARKETING efforts. Facebook can be used to drive traffic to a specific product, service, or event. It is an excellent source for creating campaigns that drive traffic to your website, landing page, product page, and YouTube page or any page that has a good or service. Why is that? Facebook uses the interest of their users and markets companies to them based off of what they post about, like, or follow the most. What does that mean for you? This means that whatever your brand or product is, out of the 1.7 billion users, you have the potential to have your campaign reach thousands, if not millions of people that are interested in what you have. Get good at writing great ads, and you can see a lot of traffic!

So what is Facebook good for? BRANDING & MARKETING! Use Facebook as one of your Marketing tools. Although you can build a brand using Facebook, it is a lot simpler to market here. Create a fan page, get a following, and start doing some marketing. Brands that do the best on Facebook are typically already established.  With that being said let’s move on to our next platform.

 

Instagram:

 

 

Ohhh the puzzling world of gramers. From most small business owners, I hear “Instagram is just a place to post pics of your food and stuff right?” or “ I don’t see the point of it, it just seems like a bunch of selfies to me”. No No No, my fellow entrepreneur. Instagram can be a powerful tool for your company. Here’s why.

 

Instagram by far is killing the social media game! They are a photo and video sharing powerhouse and they have an average of 300 million daily active users, 20% of all internet users, and a staggering 27% of the U.S population on their platform! Still think this is just a game? Now that we have gotten the boring stats out of the way, let’s talk about Instagram behavior.

Although Facebook and Instagram may seem similar, they breed a different following. Instagram tends to have a following that is passionate. This passion can be directed towards, art, fashion, technology, etc… Most Gramers only post about what they are passionate about. If that’s food, well, that’s what you will see. So how does this help your business? In my blog titled “Branding Vs Marketing” I mentioned that a brand is who you are. Who you are is typically what you are passionate about. So if Instagramers are typically people of passion, then you’re in luck. According to Instagram statistics, 75% of their users use Instagram to fins particular vendor accounts. That’s you!

 

So building your brand is where you should use Instagram. Gramers follow companies with a passionate brand! Not to mention Instagram has a valuable algorithm to help people find you. It’s called the hashtag, aka the #. This little tool is valuable! If you are a restaurant that is passionate about feeding the homeless, well #feedthehomeless has over 36K searches on Instagram. If you are a car lot that is passionate about selling dream cars, well #dreamcar has over 900k searches! Get the picture? This makes Instagram the perfect place to share your passion, aka, your brand with those looking for you!

 

So Instagram = Brand Building

 

LinkedIn:


I have had many questions asked about this platform. Some of them are, “so what can I do with LinkedIn?” or “Isn’t it just like Facebook?” If you have questions about LinkedIn and its purpose, well it’s actually quite simple. First let me give you some stats. LinkedIn has over 433 million users and 37% of the U.S digital population. Again, this is HUGE!

 

So what is its purpose? So, Facebook is a valuable marketing tool, Instagram is a valuable brand builder, now LinkedIn…. Simply put, LinkedIn is a tool to network, find the skills you need to employ, or find the people that need your brand. Although building a following on LinkedIn is a tough one, it is worth it. LinkedIn is like going to networking events. You will find that most users are motivated, forward thinking individuals with skills that you can utilize or a need that you fill. It’s a more professional setting, where posting pics of your food, or videos of your employees acting silly is frowned upon. However, posting a new product, or services is welcomed with open arms!  According to b2bnn.com more than 8 in 10 b2b use LinkedIn for the purpose of product unveiling! Because LinkedIn has such a rich culture of CEO’s, working professionals, and Startup co-founders, this makes it a perfect place for those of you that cater to the B2B market. Now, I am not saying that if you are in the business to consumer market then you don’t need it, I am saying that B2B works best here! So what is LinkedIn good for? NETWORKING, PRODUCT PROMOTIONS, and SKILL FINDING.

 

Recap:

 

  1. Facebook- Use: Marketing & Branding with more time spent in Marketing
  2. Instagram- Use: Brand Building or Gaining A Following
  3. LinkedIn- Use: Networking, finding skills, and promoting products

 

 

I hope this has been helpful! Feel free to ask questions bellow in the comment section or email us at questions@7thleveldevelopment.com regarding our social campaign management services! Also let us know what platforms you have questions about in the comments!

 

 

 

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