How to keep your tech business relevant in an increasingly competitive industry

How can you stay relevant in a competitive industry like the tech market? Keep reading below to find out! 

Driving and maintaining growth remains a top-of-mind issue for CEOs and investors in the tech industry. That’s because there’s a lot of tough competition out there. Data shows that the tech industry saw a 27.3% year-over-year growth in terms of new business formation between 2018 and 2019.

But what is driving the industry’s growth? 

Well, it’s no surprise that the tech market is growing at a very rapid pace. We already live in a very digitalized world, and technology is an integral part of each of us’ day-to-day life. And, it isn’t just the average individuals becoming more tech-savvy by the day. It’s also the fact that businesses are increasingly focusing on digitalizing their most important processes as well as on becoming more present in the online world. In fact, statistics suggest that 56% of business owners in the tech industry agree that growth in 2019 was driven by increased demand for products and services. 

Following the 2019 growth of the industry, the outbreak of the pandemic which happened last year also speeded up digital adoption around the world. According to data from Statista, in 2021, spending on IT services is expected to see an increase of 4.1%, amounting over one trillion US dollars globally.   

So, it’s no doubt that the industry is booming right now and it is expected to perform even better in the years to come. Yet, while this is good news to entrepreneurs in the tech market, it also raises the game of staying relevant in a very competitive industry.  

Just how competitive the tech industry really is 

Data or no data, everybody can simply guess that tech remains and will continue to be a rapidly evolving market. It only takes to look at consumers and see how much they are using technology lately. 

There are billions of Internet users, social media users, smartphone owners, and that’s only just the tip of the iceberg. The real spenders in this industry are businesses from all industries and sectors as they all now use software, AI, machine learning, cloud computing, and plenty of other technologies to adapt to modern tech-savvy customers’ expectations. 

As the market is experiencing increasing demand by the day and brings massive returns to those who are already in the market, newcomers are also encouraged to join the tech business environment. And many of them make the jump, making the market even more competitive. 

Now, besides the fact that market players increase overnight, the tech industry is also very difficult to be split into different tech markets. Tech products these days are in direct competition even if they come from different market sectors. Take smartphones and smartwatches, for example. The two products are in essence, very different even if they complement each other. However, the two are soon expected to become direct competitors as smartwatches makers are currently starting to integrate LTE technology into their products. This technology allows users to make calls and perform other functions independently from smartphones. These new capabilities will put smartphones and smartwatches in direct competition. 

What’s more, tech giants in the industry offer a basket of plenty tech products, whether they are or not related to each other, making it more complicated to make an accurate and simple competition research in the technology sector. 

All these traits of the tech industry make measuring competition really challenging. But one thing is for sure, to remain in the market, tech businesses need to remain relevant.

How to stay relevant in a competitive industry 

Like it or not, CEOs in the tech industry can never settle for what they are currently offering. The tech market, including trends, products, customer needs, is rapidly evolving and changing. So, tech businesses must make sure that they’re always on board in this train called “innovation”. 

Conduct market research 

Although getting 100% accurate data on how competitive the global tech industry is can be difficult, market research on your direct competitors can be easier to achieve. 

Market research can help you stay relevant in a competitive market as it can give you plenty of advantages over your direct rivals. You’ll learn exactly who buys from you and what needs and wants your target audience has. You’ll also learn more about your competitors, including what they are doing wrong and right, and you can learn from their successes or mistakes. 

Market research will also help you identify new market opportunities to invest in. 

 Provide excellent user experience 

User experience is on every tech professional’s mind these days. Users want amazing experiences with tech products, whether that is an app, a website, or a gadget. 

No matter what tech product or service you sell, always keep UX in your mind and see it as a priority.

Provide top industry customer service 

Besides user experience, tech-savvy customers prioritize customer service these days. They want useful answers and efficient solutions to their problems, and they want it as fast as possible. 

Today’s customers are used for things to happen really fast, especially when it comes to technology. So, say, for example, that you’re selling web hosting services. If a customer reaches out to you because their website is down or isn’t working correctly, make sure you solve their problem ASAP. 

Hire top talent 

A competent workforce is considered a top trait of any business, no matter the industry. Only knowledgeable and skilled employees can help keep your customers happy and loyal. 

So, make sure you only hire top talent employees who will bring real value to your products, services, and overall business performance. 

Don’t be afraid to explore other market areas

As mentioned above, most tech companies, especially the big players in the market, provide more than one tech product or service. Don’t be afraid to do the same. If you identify specific tech needs in your area that your direct competitors aren’t offering, or aren’t doing right, don’t hesitate to expand to provide more services/ products. 

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