The amount of money available in nearly all niches of technology is immense to say the least. Tech is here to stay with startups sprouting up all over the world with something to offer. There are certain tech companies that do quite a bit of wasting of investor money in the early stages as they feel like they are flushed with cash. This can not only anger investors but cause them to pull their investment as they feel the company is being irresponsible with it. Investing the money into things that will increase profits, productivity, morale, and improve brand image should all be done. The following are what a fledgling tech company should be investing their money in when just starting out.
Research Into Finding Target Demographics
There are some tech companies that do not maximize sales as they do not understand the demographics of people that buy their products/services. There could be appeal of a product to multiple demographics so by marketing and advertising just to one of these there is an entire segment that ends up alienated. Doing market research regularly is a great investment as sometimes demographics for a certain product/service change over the course of time. Tech is the industry that is the perfect example as companies like Facebook have appealed to a broader audience now. With this being said, the younger generation is not as active on Facebook as this is what social media platform their parents or grandparents are on.
A Reliable CRM To Retain Clients
Retaining clients in a company’s infancy is important as cost per client earned could be extremely high. A good CRM is important as the high turnover at startups can lead to a client not feeling valued with a new client manager not knowing anything about them. Make a point of letting staff know that there is not a detail too small to note about a client. If the client’s work was delivered late on the last project putting this project on priority to hit the deadline can help salvage the relationship.
Finding Employees With Industry Name Recognition
Tech is one of the industries where having one big name can put a company on the map automatically. Finding one of these people can be difficult and it might involve them being given some equity in the company. What you really need here is a commitment rather than a person that will associate their name with the company but not be involved in day to day processes. List out a few candidates as well as the pros and cons of bringing this person on, and then reach out to them. If they are interested by your idea or path, you could have a big name in the industry on board.
A Digital Marketing Push
Digital marketing is a staple in any successful business in today’s world but funding a marketing department is not always wise. Outsourcing marketing can be a good idea according to The Money Alert as companies already have established relationships in most cases. This will help speed up the digital marketing campaign in the infancy of the company. Hiring marketers does not guarantee results but a company working for your startup will want you to sign another contract so the will deliver results if they want to continue doing business together.