Report - Nine tips for tech companies to maximise growth
The 2018 Market Measures survey, a joint initiative of Concentrate and Swaytech, has found that Kiwi high growth companies have 40% more sales people than non-high growth companies, across all company sizes.
Over 300 individuals from around the country and across the tech sector took part in the 2018 survey which has been supported by New Zealand Trade and Enterprise (NZTE).
"At the beginning of every Market Measures survey, we ask 'how can we gain some actionable insight out of this?' The idea is to give Kiwi technology companies useful information for planning their sales and marketing strategies," says Concentrate managing director Owen Scott.
Swaytech CEO Bob Pinchin adds, "Growing a tech company is tough. Marketing and sales are critical to the successful growth of any business, but especially for those in the tech industry.
"The idea behind Market Measures is to share the lessons of growth amongst New Zealand technology companies as marketing is often seen as our Achilles heel. This year we've identified what the best Kiwi and US companies are doing to 'hack' growth so that others can learn.
These 'hacks' have been distilled into nine simple tips:
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Marketing people in tech companies need to step up. Sales are carrying too much of the responsibility; there needs to be better alignment between the teams.
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It's a big world out there. Kiwi tech companies need to focus on grabbing a slice of the international market and early in their lifecycle.
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A comprehensive website is essential for any business and especially those in the tech industry. Yours needs to be the central hub of your marketing strategy.
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Your website needs comprehensive, dynamic content that engages your target audience.
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You're a tech business, so use technology. Marketing automation is key to improving efficiency and data visibility and supporting your other marketing initiatives.
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Do you understand your customer acquisition funnel? Knowing how people find and buy your product and services is essential.
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Making use of technology again! - it's all about improving the efficiency of your sales team.
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You need more salespeople, and the tools to help them become effective and efficient.
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It's all about making the customer experience as positive and successful as possible. It's far more cost effective to keep the customers you've got than go hunting for new ones.
'The report enables a tech company CEO or founder to inspect and tune their marketing and sales teams, applying best practice learned from those companies who exhibit mastery," says NZTE technology sector global head Terry Allen.
"Clarity on how New Zealand tech companies operate in comparison to the US, and how you can translate that into action is also invaluable.''
These marketing, customer and sales growth tips were identified by benchmarking the 2018 survey data against two groups - A subset of high-growth NZ companies that participated in the 2018 survey and a similar report data from the US.
The report on the survey also looks at data based on location, type of business, size of turnover, and international markets they are exporting to.
