Tech companies are all the rage right now. They’re currently the most valuable businesses in the world, generating massive returns for their shareholders. Some brands, like Google and Microsoft have market caps larger than many countries.
But what makes these giants so successful? How have they managed to come to dominate their industries with such enthusiasm? Let’s take a look.
They Focus On Their Users
Have you noticed that many of the most successful tech brands in the world make a point of focusing exclusively on their users? They consider the user experience to be above all else, so they spend enormous chunks of time working on the best possible user interface.
Modern consumers are now used to interacting with easy-to-use apps. But it wasn’t always this way. Using programs in the 1990s was sometimes downright difficult, and computer users had to have a lot of knowledge.
They Start Small
Practically all of the best technology companies in the world started out in life as microbusinesses. They didn’t have mountains of VC funding or anything like that. Instead, they gathered a loyal customer base and built their enterprises from there.
Starting small is essential in business. It allows you to grow organically and offer products way ahead of the rest of the market.
They Hire Public Relations Firms
Technology companies are also constantly scouting for the top technology public relations firm to push their brands. They look for partners with the necessary skill and experience to get customers excited about what they are doing. These agencies will often reach out to the media and ask them to cover newsworthy stories about the company to get tech publication readers interested.
Many times, press coverage can actually lead to cult followings, as has happened with Tesla. Now people simply enjoy hearing about what the company is doing next because they find it so interesting,
They Build Platforms
Have you noticed that people use the word “platform” far more often these days than they ever did in the past? That’s because technology companies have become incredibly good at it. Instead of building a service directly for the end consumer, they’re creating properties that serve millions of people that can scale. Google, for instance, is an advertising platform. Kickstarter is a fundraising platform. Facebook is a social media platform. Uber is a ridesharing platform. You get the picture. All these companies are simply creating useful services and then skimming off every transaction.
They Always Lead
About thirty years ago, IBM was the world’s largest technology company with a massive market cap. Everyone expected the brand to dominate for decades. But that’s not what happened. Conservative management at IBM led the company to take a backseat. And over the following years, its influence in the market declined. Today, IBM is still a large company, but it is a long way away from where it could have been, given the growth that we have seen of other tech giants.
The most exciting tech companies never take a back seat. Instead, they lead from the front, unafraid to try new and daring solutions.
They Adapt To Change
The technology industry is rife with change. Things can be different from one month to the next. As new innovations pour out, it can fundamentally alter the structure of industry.
Adapting to change, therefore, is a top priority for many brands. They continuously evolve, seeking to serve their user base better. Facebook, for instance, looks very different from how it was more than ten years ago. The same is true of practically every major tech company. They know that in order to keep up with consumer expectations, they must regularly change their approach.
They Are Authentic
Unfortunately, there are some quite severe trust issues between consumer and tech companies. Users worry that tech giants are taking their data and using it for their own ends. In many ways, that’s true. So businesses in the sector need to be extra careful to present themselves as authentic.
How they do this is very much a matter of personal choice. Ideally, tech giants should have a unique personality. If you try to act generically, customers will become suspicious that you’re hiding something. Instead, be genuine and upfront.
So there you have it: some of the things that the most exciting tech companies regularly do that most other brands. They’re not afraid to be bold and daring. And they tend to follow a vision instead of just a mission. In short, they usually want to change the world.
No comments yet.