3 things that all successful tech companies have in common

Steffi Maranan

Steffi Maranan

If you’re a tech company that wants to grow your revenue, there are 3 fundamental things you should be working on. This is all based on the research we’ve done into Organisational Fitness, which shows you how to improve your organisation and culture in a way that changes your bottom line for the better. They are:

Listening: This is when views can be shared openly and your people’s voices are listened to and respected. This also means taking action on legitimate concerns.

Innovation: Your teams should be able to identify issues, share their suggestions, and test ideas for change. Results of trials should all be shared openly.

Customer: Prioritise your customers’ needs. Your service needs to understand their circumstances, especially when they change, and then you need to adapt accordingly.

We’ve also discovered that customer service is typically lower in the tech industry than others. It’s 5.7% lower - meaning the whole industry struggles with it in some way. 

Customer service is fundamental for revenue growth, but is the weakest area for tech organisations.

 

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Let’s focus on the customer

When it comes to customer service, the key is to understand them and be able to meet their different needs and expectations. Our research has shown this:

Tech organisations that understand their customers are 2.1 times more likely to have the highest levels of revenue growth.

This is what we’ve established: understanding and adapting to customer needs is a problem for most organisations across the tech industry. This should therefore be a focus area for you to achieve high growth. 

 

How can you better understand your customers?

  • Use data - your database has a wealth of information that can help you understand your customers more. Use demographic data to understand who they are and therefore help to anticipate their needs and wants.
  • Ask your customers what they think - you need feedback to understand where you’re doing well, and more importantly, what you can do to make their experience better. Use a consistent customer feedback survey to get this info and to show your customers that you care. If someone’s had a bad experience they don’t always complain, so this gives you a chance to prompt feedback you can learn from.
  • Honour feedback - asking for feedback is one piece of the puzzle, but you then have to make changes, and show what you’re doing. There’s no point asking for feedback with no follow-up. Show your customers that you care, their opinion matters and you’re listening to them.
  • Keep in contact with your customers - building and maintaining good relationships with your customers gives you the foundation for positive feedback. You can also constantly learn about your customers and their changing needs. That way, you can stay a step ahead by constantly adapting your product as your customers change.
  • Talk to your employees on the front line - gather information from your employees who deal with customers on a daily basis - they hold valuable insight into your customers and know first-hand what issues they have.

 

Topics: News

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