Tech For Growth Hacking? 5 Ways Startups Are Tapping Technology For Inciting 360 Degree Growth
Halfway through 2019 and startups are changing the game already. Especially on technology front startups are leveraging newer technologies with new entrepreneurs brimming with ideas and keeping the business unique yet relevant. With things getting easier with technology, startups are opting for business professionals on the Internet, especially the ones like online legal service providers who help simplifying business registration to tax filing in a single click. Every passing year offers budding entrepreneurs with a new set of opportunities and this year too is no different.
With ever-changing business trends cohesive ecosystem, businesses no longer work in a vacuum. And since technology is moving at a pace faster than imagination, entrepreneurs literally have no time to blink as these external factors hugely influence the market scenario.
Here is how startups are integrating technology in every possible vertical to drive growth.
Intelligent Marketing Technology
One of the most path-breaking technologies this year is that of intelligent marketing. As customers become increasingly perceptive & tech-savvy their expectations of how and when the brand communicates rise. That’s why startups working towards creating a brand are taking an in-depth approach to marketing tech. And this calls for adding extra layers of native intelligence with AI and machine learning to communicate with end users. It gives more time to the marketers for creating more meaningful engagements with users.
Certainly, a wider shift towards the innate intelligent marketing where marketers just needs to define the framework and AI will do the rest of the job. The conventional approach of marketer where one communicates a single thought to a larger audience is now becoming obsolete. This means they have to come up with a more personalized approach to cater to their niche while expanding fast.
Tapping on AR and VR
The time for next-gen technology is finally here. Startups should actively leverage available technology resources for visual and augmented reality. Talking of big businesses, IKEA ran an experiment over a VR gaming technology a few years back. They are now up with the Virtual Reality Kitchen, IKEA VR Experience?—?a shopping app with enabled VR technology. For potential customers, this app helps to choose the right product by offering an experience of different IKEA products.
New age Startups will try bringing in technology that aids prospective buyers to make the right choice. If we are to check trends, AR and VR–based startups raised over $3 billion in venture capital during 2017-’18 – helped with a 47% rise in active virtual reality users from 2017 to 2018. 2019 is witnessing a terrific explosion on this part and there are plenty of smart startups leveraging this.
Relying on customer’s success
Customer success is the core foundation for any startups in B2B offerings. This year we are seeing how startups are aligning their success with clients’ success. Traditional B2B business sales tend to attract new clients by redesigning their logos, introducing marketing offers, and onboarding a greater number of clients through mass marketing. While doing this, they miss out on opportunities to harness the value in existing customers and that segment of growth takes a back seat. The startups are now valuing a small bunch of stable clients rather than chasing a plethora of clients for small gigs.
For them to scale fast, they need to stop filling a leaky bucket and focus towards delivering value to customers, thus redefining their business. Because when your clients are successful in running their business and credit you for it, you gain enormous success and goodwill.
Co-working space is amongst the unique trends in recent times. But then, as technology progresses, startups building their A-team look for more automation and less of humans for routine, repetitive tasks. This is an approach towards building efficiencies by increasingly involving people on focused tasks that require human involvement. Workplaces in future may see lower headcount.
Not only this reduces the people at the workplace, but it also pushes startups to have its workforce spending less time at their desks and getting involved in other roles. Some innovative Startups are breaking the ‘single location’ tradition by bringing individuals from different teams under one roof. They pull this off by creating a network of spaces accessible to the employees, relying on their fundamental role – product brainstorming, sales team training, client presentation, or work from home or a café when needed.
Consider how Uber and Spotify revolutionized the way individuals listen to music and travel. Uber works as it gives a personal driver and Spotify makes room for a personalized playlist for certain occasions. The day is not far when employees will demand diversities and choices from the workplace.
Leveraging on Blockchain & AI
While the last year saw Blockchain in B2B, creating all the hype but no significant transactions, it is bound to change. The main impact areas that startups want Blockchain to deal with include cash flow, settlements, and financing. This technology will enable new businesses to share value at scale and help to migrate beyond hour-by-hour volatility that is present nowadays to ensure a steady exchange medium.
2019 is the year to track if and how Ethereum & Bitcoin implement architectural changes to address scalability challenges. For now, these are actually the barriers for their widespread adoption. Blockchain is all set to outdo itself beyond Bitcoin, helping startup economy to reach various markets and domains.
Fintech startups are hopeful that in 2019 globally simplified solutions will become available. With the potential of Blockchain looking bright few banks and financial firms may find it lucrative enough. The pilot programs are making the rounds since 2018 with Blockchain penetrating and many companies have rolled out pilot programs across a range of industries, including –financial services, healthcare and even global logistics. Earlier in 2018, several banks in Asia conducted a pilot in which Blockchain was used to transfer funds across continents within the space of a few seconds.
Certainly, a Pandora’s Box has opened up and there are many opportunities for startups to tap into. Are you bringing in any technology change to your startup? Would love to hear what you are planning to achieve with it. And if you have done so already, will be thrilled to know the results.
About The Author
Shrijay is an entrepreneur with excellent business acumen. With a decade-long experience of working with some of the most disruptive eCommerce startups across the globe, Shrijay believes in team building, customer service, and execution to be the most critical processes for building a sustainable business. He currently leads a LegalTech company: LegalWiz.in which helps Startups and SMEs in India to easily comply with the law.
LegalWiz.in offers services for new company registration, trademark registration, legal document drafting, GST return filing, and more. LegalWiz.in makes it simple, affordable and transparent for small businesses to avail business professional services.