Are you thinking about raising capital in today’s market? Is your business experimenting with artificial intelligence? No matter what your goal, new and emerging technologies can help you optimize your business processes.
But how do you tap into the latest technology trends in business? Michael Serbinis has built his career on this very subject.
A member of the Business Council of Canada and Fellow of the Creative Destruction Lab, Michael helped launch one of the first internet companies, Zip2, alongside Kimbal and Elon Musk. Now he’s scaling League, a platform technology company powering next-generation healthcare consumer experiences.
Ahead, Michael covers the best practices for integrating new technology into your company so you can build long-lasting trust with your customers and increase revenue.
4 best practices for implementing new technology into your company
1. Assess the future of your business
“If you don’t have a powerful version of the future you’re aiming to create, [using new technology] is going to be an exercise of futility,” Michael says.
When it comes to testing out new features or tools, it’s important to have a clear vision of your business’s future. To figure out which tools will optimize the way you run your business, get clear on the mission of your company.
In order to define the mission, you’ll need to be sure about three things. “It’s about who your customer is, what value will you bring to them in a way that is unique and differentiated, and lastly, how will you do it?” Michael says.
Think ahead and be sure to conduct enough research to know which pieces of technology will actually improve your business—not make things more complicated. Once you’ve evaluated the mission behind your company, it will be much easier to understand which tools will help you reach your goals faster.
2. Customize and personalize
When considering new technology, think about the business from the end result, and how you can make the best possible outcome for the customer.
According to Michael, you can use technology to help to accelerate whatever the best scenario is for your customer and make it a reality. “Like Netflix, consumers expect services they use to be personalized to them, leveraging their data to deliver a personalized experience,” Michael says.
When aggregating and assessing customer data and how best to use it, make sure you’re creating more unique experiences for each customer—ones that make them feel seen and heard.
3. Focus on building trust
In the early days, when testing out new technology, building trust is key. “[Remember that] the brand matters, and trust matters, because you cannot deliver just technology,” Michael says.
No customer will be impressed by speed or personalized features if there’s a lack of trust between them and the brand. Choose your language carefully, and prioritize their privacy, in order to develop a lifelong relationship with your customer.
4. Don’t get caught up in trends
No matter how volatile the market or economy is, Michael insists on staying positive. “I don’t know if you can be an entrepreneur without being incredibly optimistic,” says Micheal. “I’ve been through a lot of these bubbles popping and I always look for the good.”
If the new wave of technical advancements feel intimidating, just remember there is no one-size-fits-all solution for every business.
“Being on my fifth company today, I almost know too much,” says Micheal. “Back when I was just getting going, I wasn’t tracking inflation or elements of the market.” Keeping trends at top of mind may distract you from what the business actually needs to level up. Remember to assess each new piece of technology with the customer experience at the top of mind.
As a new founder, if you can add tools that will improve the end result for your customers while deepening that bond, you’ll create a long and successful path for the business to thrive.
To hear more of Michael’s advice on emerging technology, finding mentorships, or becoming a disruptor in your industry, tune in to the full Shopify Masters episode.