Thinking about starting a tech company? No matter how much knowledge you have, nothing can fully prepare you for building a startup from scratch. Seeking professional advice is certainly helpful. So, how do you learn beyond the most common startup tips? We’ve gathered the top 10 things tech founders will never tell you. Use these insights to your advantage when planning out your startup.
Don’t oversee the importance of group dynamics
Did you know that 53% of surveyed Americans who are part of a certain brand community are more loyal to the brand? Also, building an online community contributes to inbound traffic. In fact, 80% of marketers report that building brand communities has increased their traffic. As you can see, the numbers suggest that a sense of community has a positive impact on customer loyalty, satisfaction, and traffic. But how do you utilize these principles in your business strategy?
After launching your startup, build a brand community with integrity and customers in mind. Use social media platforms and email newsletters to make your customers feel inclusive as you create a sense of togetherness. Offer opportunities for your clients to share their experiences and communicate within your website and social media groups.
Charging customers doesn’t work
That’s right. Charging customers for accessing content on your website doesn’t work anymore. It doesn’t mean that you don’t have to charge your customers at all. Create content for both public and customer use.
Many tech companies use a freemium business model. This means that they have a pricing policy by which a service is provided for free with money charged for extra premium features.
There are other options if the freemium business model doesn’t work with the type of your product. You can offer free educational content, like blog posts, infographics, and case studies. Alternatively, you can offer free samples of your product during the trial period. This will help you build trust with prospects and increase conversions in the long run.
Never sell or rent user data
“Never sell or rent user data” is another honest piece of advice you rarely hear from tech founders. We all know companies claiming that they don’t sell user data, but rather, use it for targeted advertising. However, selling personal user data, even for advertising purposes, can seriously damage your brands’ public persona.
Customer trust is everything, especially now, when people care to protect their personal data. Updating your data privacy policies will help you gain customers’ trust.
Your customers must know their rights and privileges when it comes to their personal data. Always ask them to give consent for you to use and store their information.
Find your unique marketing strategy
Employ existing strategies to advertise your product and invent your own marketing solutions. A fine balance between existing principles and innovation will help you find a unique marketing strategy.
Use research-based methods to adjust your marketing efforts. Utilize the best data collection practices to evaluate and improve your marketing strategy. Combine these practices with innovation as you look for new channels and test new marketing formats.
It’s all about passion
Passion and drive are the things tech founders and business textbooks will never teach you. Many investors say that they put more money into startups found with passion rather than well-thought business plans.
As your business will certainly experience its ups and downs, your passion is the only thing that will keep it going. Your passion will be a huge motivating force and predictor of your startup’s success.
Picking the right investor is more important than you think
When choosing investors, entrepreneurs tend to consider only their money. Many of them don’t realize how much of a mistake they make.
Choosing your investor is about as important as choosing a marriage partner. Choose an investor that you can trust and rely on in building your business. Carefully research and evaluate the assets and resources different investors can provide.
There are no universal guidelines
Another thing tech founders never tell you is that there is no ultimate roadmap to follow. Starting and building a successful tech company requires innovative solutions.
You must be ready for the fact that there might be no analogies to what you’re doing. This means that you won’t have anything to build on or compare your products to. You may have to build a frame of reference for understanding your product from end to end.
We rarely hear about the amount of effort founders put into improving small details. From the text size on your landing page to the customer service, every single aspect of your business, small and big, matters.
You will be surprised how the smallest changes can make a big difference. For example, playing around with your website’s design elements can either increase or decrease customer satisfaction and service volume.
Cultivate a culture of positive change among your staff members. Reward employees that seek innovative solutions and pay close attention to details.
Hard selling doesn’t work
Many customers can’t stand high pressure sales tactics. Yet, many businesses still use them. Why? Most of the time, hard selling brings short-term profits and long-term customer dissatisfaction. It’s better to stay away from hard selling if you aim to gain loyal customers in a long-term perspective.
Did you know that 83% of customers say it’s important that companies take a stand for social issues? To sell your products in the long run, you have to create an idea or a purpose that people can relate to. Many businesses support local nonprofits and switch to sustainable production as a part of their social mission. Voicing and supporting important social issues will greatly benefit your customer strategy.
Invest in the future
More and more companies employ technologies, such as artificial intelligence, into their day-to-day operations. As an entrepreneur, the question you should constantly ask yourself is – “Does my business look in the future?”
Using modern technologies is an imperative part of your startup’s success. For example, using alternative sources might not seem like the most cost-effective option for now, but it will largely benefit you from a long-term perspective.
Launching a successful startup is all about inspiring a culture of continuous improvement. Pay attention to every aspect of your business and never lose your passion. Hopefully, these tips will help your startup stay relevant in today’s competitive web space. And remember – building a company is more interesting and fun than launching one.
Do you know any tech founders that could add some tips here? What do you think of these tech founders’ tips are any good? Let us know in the comments below or on Twitter, or Facebook. You can also comment on our MeWe page by joining the MeWe social network.
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Last Updated on February 3, 2021.