by Michael Lundberg, Marketing Manager at Ampliz
Technology generally seems to be the industry choice even today for most aspiring business owners. It’s a broad, fast and growing field that has been attracting investors and venture capitalists, and if you succeed, the pay-out potential is enormous. The allure of launching a tech start-up is not just easy enough to understand, but then, entrepreneurs fail to consider the risks they have been facing being in this competitive world of technology.
Here are six challenges you are likely to come up against with different ways you can overcome them:
1. Constant change in technology.
Rapid changes in technology can easily throw a tech start up off kilter. There has always been pressure on tech start up entrepreneurs to move quickly and beat competition to a solution. And being first does not always mean you have won, tech start-ups always need to be updated on the technology front and they will have to execute fast enough on any idea.
2. Difficulty in reaching your goals.
Since technology changes are happening so swiftly, there lays a possibility that the start-up might not have the ability to achieve goals that it is initially set for itself. In a situation where a firm continues to fail and no matter what the other business do not accept the failure, instead should have accepted the challenge and may be deviate. Just by letting go of the issues is not a solution to your problem.
3. Marketing and Sales Data.
Before you start using the data, you will require the time and tools to capture interpret and make decisions based on the data you have. Most marketers and small business organizations struggle in terms of data challenges. Starting from creating goals that will help you determine what data you exactly need, to picking systems that execute the entire plan showing your data has to be identified. Some questions you need to consider here are:
- Do you tie sales to marketing efforts?
- Do you know from where you have been getting qualified leads?
- Are you tracking down what channels are providing you with what number of prospects?
- Are you tracking your prospects (Site visitors), suspects (Your contacts) and qualified prospects and customers?
4. Unrealistic Expectations.
Success is something that does not come alone; it brings expectation with it, though they sometimes seem to be unrealistic. But in the real world some are unrealistic and the same concept turns to hold true for the young start-ups. Start-ups generally come across many challenges setting unrealistic expectations following a booming success. Remember success is something that is short lived and expectations are something that never end. This is where start-ups need to translate where real expectations are. Sustainability of the name of the game and it does require constant effort.
5. Partnership decisions with other organizations.
As a new business, especially when planning to partner with other companies in your field or otherwise may seem to be like a great way of growing and establishing your business faster, at ease and without any difficulty. But the stakes are high for B2B tech start-ups whose operations can be ruined by connecting their wagon to a passing fad. In order to address this concern, organizations will have to partner with larger, established companies who have a good chance of longevity and success. Before partnering with the organizations it is important that you have polices at place helping start-ups to moderate risks.
6. Winning the trust of customers.
Customers are king, and which is believed to be true even today. Winning a customer’s trust is one of the most important challenges that businesses face in general, and almost all start ups. Through a highly satisfied and loyal customer base, starts ups can scale making progress towards excellence. Customers are said to be the real force behind starts ups. The word of mouth power and their presence on social media can give start ups and b2b organizations an edge against all traditional businesses.
While technology start ups or the B2B industries continue to face sharper competition than any other existing industries, but the level of dedication to your business along with measures taken to ensure security along with the your wellbeing and your business determines the chances of success in the future.
Michael Lundberg is the Marketing Manager at Ampliz, specializing in email and marketing database management software, editing blogs, case studies, and guides. He tries to make the world just a bit more pleasant enough by working on strategies that would help them prevent and eliminate spam in terms of email marketing.