Scaling a tech company is full of uncertainty and risk. Formulating the best strategy for growth is the key to sustained success. Here are 8 strategies that will help you develop a competitive advantage and outshine the rest.
- Leverage the power of AI
Artificial intelligence (AI) is a necessity in business today. It allows you to reach a level of automation and efficiency that humans alone could not achieve. If you know how to effectively leverage the power of AI, your efficiency and productivity will skyrocket; leading to rapid growth for your business. AI can significantly improve areas such as marketing, data analytics, and customer service. This blog dives into more detail about AI and its practical applications for business.
- Prioritise customer service
A staggering 89% of consumers have switched service providers as a result of poor customer service. Customer retention is one of the most important factors when it comes to sustaining your company’s growth and success. Top notch customer support is so rare that 86% of customers would pay 25% more if it meant they were going to receive better service (Hubspot, 2019). Furthermore, the benefits of excellent customer service dramatically outweigh the costs of implementing and sustaining it.
- Implement an inbound marketing strategy
An inbound marketing strategy is all about positioning yourself as an expert in the field, not just a supplier. Providing your clients with useful information rather than just selling to them will build a stronger relationship; based on trust and experience. Being seen as more than just a supplier will show customers that you are truly passionate about your industry and can help them achieve their objectives. Although inbound marketing strategies can be expensive, here is a helpful blog on how to implement an inbound marketing strategy without blowing your budget.
- Build your social media presence
Social media is an essential part of business today. It can be used for a variety of business functions including: marketing, customer service, and client engagement. Using social media to engage with customers creates a community around your business and helps to build trust and transparency with clients.
- Get to know your competition
When you are trying to grow your business and defend your market share, knowing your competition can be the difference between success and failure. Researching who your competitors are, what they are offering, and their strategic direction are just some of the essential details you need to stay one-step-ahead and ensure you maintain and/or grow your market share.
- Stay up to date with innovation and trends
Technology and innovation is developing at an astounding pace. Knowing about the latest business innovations and trends is essential to rapidly grow and sustain your tech business. Most innovation and technology today is designed to improve productivity and efficiency so early adoption can give you a significant competitive advantage.
- Consider remote team members
Unless you require a bricks-and-mortar store, you should seriously consider a remote team. Not only will your employees benefit from increased flexibility and convenience, you will avoid the usual overheads like office rent, utilities, stationery etc.
- Outsource everything that isn’t a core competency
Outsourcing can be an extremely effective way to grow and scale your business rapidly while reducing the risks that are usually associated with taking on more staff members.
Learn more about how offshore team members can save you money.