There are approximately 382,000 businesses starting up in the UK each year. That’s a lot of competition and a lot of people vying for similar customer demographics, whose pennies need to stretch further and further. So, a differential factor is imperative to ensure that your business stands out. But that differential factor doesn’t necessarily have to be something integral to the product or service that you offer. Technology allows us to utilise various methods to stand out and carve a name for ourselves in a saturated market.
Livestreaming technology is a way your business can differentiate itself. Twitch has an audience of 45 million viewers and players per month, who don’t just indulge in video gaming but also showcase technical talents such as editing or drawing live to fans. The appetite for watching live is definitely there and the videos can even be used again for those who missed them. As live blackjack from Betfair shows, technology exists that allows players to see a live dealer as they play, which enhances the tension and excitement of playing the game. This offers something different for players. Plus, the technology also hints at what could be possible in the future, especially as livestreaming grows in popularity. Doing videos on Facebook Live or Instagram counts as livestreaming, and allows audiences in the present to see what you are doing. If you’re feeling confident enough, regular updates via livestream can be useful, especially if you are announcing them pro-actively to build up a dedicated audience. Live technology can help break you apart from others by making customers stop and watch and take note of what you are doing and saying. It’s also a brave move given how difficult being live can be.
Blockchain may be the buzzword of the last few years. Its most recognisable application is Bitcoin, which uses the technology for its cryptocurrency, but it can also actually help differentiate you from others. The first way blockchain can be used is through payment methods. Using a cryptocurrency payment method could open you up to new audiences who want to embrace the digital payment technology, while you could also gain a reputation for being at the forefront of technological advances. Blockchain’s main use is as a decentralised ledger that is secure and offers an immutable digital ledger for all parties. The technology has been used for smart contracts, which are more secure and offer greater guarantees than traditional contracts or ledgers. Smaller businesses can utilise blockchain contracts in order to protect themselves while also showing a commitment to harnessing the latest technology and having a USP to push in their marketing efforts. Blockchain also offers data storage facilities, which is important in this post-GDPR world and can definitely help give customers peace of mind. Others suggest that loyalty programmes can be tracked using blockchain too. The Sweatcoin app uses a similar format to this, giving tokens in its currency to be redeemed at its store for clocking steps on the pedometer.
Enhancing technology is a critical consideration for businesses striving to succeed. Granted, not every technology suits every type of business. Still, to stand out in a crowded marketplace, showcasing the fact that you embrace the latest technology will stand in good stead to define you as a business. Whether this technology is blockchain, livestreaming, or something more specific to your industry, technology can always enhance a business and help it differentiate itself.