By Tian DuBelko
In the ever-changing climate of the tech business world, it can be easy to be overwhelmed by the sheer amount of information and background noise around you. It can be hard to focus and to stay focused on your company’s big goals, but that’s exactly what you have to do to succeed in the arena of entrepreneurship. You also have to carefully plan for how your startup will achieve all of its goals, short-term and long-term.
Even if you have a solid strategy in place, you should consider these four time-tested strategies in growing your tech startup and achieving success.
No matter what industry or field your business operates in, you need to know who your competitors are and what they are doing. Spend some time studying their product. How does it compare to yours? What are its strengths and weaknesses? Are there features that your product isn’t offering?
Other things to keep an eye on is how your competition is marketing and advertising their product. By studying how your competitors do business, you can analyze their strategies and identify potential market gaps that your company could go after.
While it’s always good to dream big and reach for the stars, you should be realistic when it comes to identifying potential markets for your tech products or services. Niche marketing can be extremely profitable relative to cost, and starting small will allow you to gradually work your way up to larger markets as you become a more seasoned entrepreneur.
Marketing research is important in determining your ideal target market. If you can understand your customers’ pain points in their buying journey, you can better craft and market a product or service that appeals to them and speaks to their core.
As a forward-thinking entrepreneur, you should be always thinking about how you can improve your product or service to gain customers and satisfy your current customers even more. Whether it’s customer surveys, market research, or improving your company’s website, there is always something that could be tinkered with.
The most successful entrepreneurs are always looking for ways to run a better business. If you’re serious about being a successful entrepreneur, then you need to do your homework. Are you using all of the resources and technologies available to you? Is there a way you could streamline your operation? How could your business be more cost-effective? These are all questions that you should keep in you the back of your mind as you go about your day.
The only way for entrepreneurs to effectively improve their business is through customer feedback. However, simply getting feedback isn’t enough. You have to also take the feedback with a level head and adapt your business according to customer needs. After all, satisfied customers lead to them coming back to you over and over.
If you resist change and don’t listen to feedback, then your startup runs the risk of being quickly obsolete. Especially in the quickly changing field of tech, you don’t want to be left in the dust by your competitors because your business couldn’t keep up with consumer demands.
Choosing the right shared tech office space can jump-start your tech business and accelerate your company’s growth. In the right ecosystem, you’ll have an easier time hiring top talent, expanding your network, and even securing the next round of funding.
Think your Seattle tech company might be a good fit for ExtraSlice’s community of trendsetters and innovators? Then book a tour of our tech campus or visit our website to learn more about extraSlice -The Place for Tech!
