4 Right Steps for Tech Start-ups

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June 20th, 2018, 2:02 pm

Choosing to venture into the technology market is quit easy. However choosing the right or perhaps better means of extending your ides to your market sometimes poses difficulty. Being a tech-based business, the best communication option could be tech-based. But research have shown that relying on technology alone may mar the business especially if the human aspect of communication is neglected.

To counter this challenge among tech start-ups, Jonathan Herrick has listed for magic steps to follow if they must overcome

1. Go full Sherlock on the competition.
Competitive analyses have been around for decades, but even still, few companies widen the scope beyond potential threats, barriers and vulnerabilities. If you already monitor rivals, why not see what technology they’re leveraging? AI has a way of making all things equal and allows a startup to go head-to-head with its Moriarty. Besides, more than 50 percent of business and tech professionals are considering implementing AI, according to Forrester Research. But again, invest only in technology that fills a hole or makes business sense.

2. Seek validation from your VIPs.
You know your customers. Most marketing, communication and product development decisions are already based on what appeals to them. But these customer insights can also help prioritize your technology needs and shed light on where to improve the user experience.

Related: Impact of feasibility studies in starting a business

3. Make your money matter.
Choosing tech is like any other business decision: You need to do your due diligence. Yet research from the Queensland University of Technology published in The Conversation has shown company leaders often make poor decisions when it comes to technology because they don't accurately weigh the benefits with the costs. You’ll be bound to your investment -- and it’ll be an investment -- for years to come. So consider what you gain by choosing one thing over another. Will it free up time to focus on other priorities? Or is it just a novelty with a short shelf life?

4. Don't assume your job is finished after implementation.
Many advanced technologies require more than a financial investment; they demand your time. You can't rely on technology to take over completely. When machines are left to generate tailored messaging from customer data, for example, there's definitely room for error.

To avoid such a mistake, you must add a human component to all interactions and constantly do A/B tests to determine the best options, he wrote

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