All companies start off in the same place — no clients, no reputation, no proven track record of success. When you think about any top tech company, though, you can usually find a reason why they made it to the top from that point.
As technology continues to progress and the need for technology companies grows, more and more business leaders are looking for ways to emulate the success of the industry’s top players. To take some of the guesswork out of the equation, these 12 leaders from Young Entrepreneur Council discuss the things all successful tech companies seem to have in common and why. Consider these traits when determining the right path to success for your business.
12 Common Traits of the Tech Industry’s Most Successful Companies
- They start small.
- They take care of their employees.
- They gather customer feedback.
- They make a platform, not just a product.
- Their values resonate with users.
- They lead, not follow.
- They provide stellar customer service.
- They are adaptable.
- They have good internal communication.
- They have a customer-centric approach.
- They keep up with the latest tech.
- They provide simple solutions.
1. They Start Small
Most successful tech companies start small and work their way up to bigger goals and, therefore, bigger accomplishments. If you start out big, you run the risk of biting off more than you can chew and watching your business crumble before it has the chance to take off. —Stephanie Wells, Formidable Forms
2. They Take Care of Their Employees
The most successful tech companies take care of their employees. They have organizational systems implemented that help employees stay accountable and also empower them to take ownership of their work. This doesn’t just mean making your organization the cool place to work with kegs, ping pong tables and catered meals, either. These things help but will not transform your company. — Chase Williams, Market My Market
3. They Gather Customer Feedback
Successful tech companies all tend to spend a lot of time gathering feedback from their customers. I think this process is pivotal to their success because it helps them learn more about the goals and pain points of their audience. You can take this step for your own business by including feedback forms on your site, asking email subscribers for their thoughts and engaging with users on social media. — John Brackett, Smash Balloon LLC
4. They Make a Platform, Not Just a Product
With the internet changing rapidly, the most successful companies today are those that make a platform and not just a product. The tech giants, including Facebook, Amazon and Google, all have an all-inclusive platform. A platform is a business model that connects both producers and consumers in a single space where they can communicate. — Baruch Labunski, Rank Secure
5. Their Values Resonate With Users
An important feature of great tech companies is that they resonate with their users’ core values. Think of Apple and its focus on innovation and being different. The company has a passionate customer base that responds to those values and consequently advocates for it and is ready to pick up every new product that launches. Having a “why” for your business and focusing on values to drive marketing can create a powerful brand image. — Syed Balkhi, WPBeginner
6. They Lead, Not Follow
Successful tech companies take the lead in their industry and don’t wait for trends to blow up before diving into them. They do their research so that they stay ahead of their competitors and can take advantage of newfound interests from customers as they arise. — Jared Atchison, WPForms
7. They Provide Stellar Customer Service
Although tech companies are constantly working to improve their software, it's important that there are real people for customers to give their feedback to. Customers will remember the service they received, so customer service reputation can make or break your company. Make sure you are providing top-notch customer service, as well as taking their feedback into consideration. — John Rampton, Calendar
8. They Are Adaptable
Tech companies are usually flexible and know how to adapt because that’s what technology is all about. It changes with time, and all these companies have to do is listen and adapt to the change, making sure that their service or products are all beneficial to their customers no matter the circumstance. — Daisy Jing, Banish
9. They Have Good Internal Communication
Good internal communication is a difficult thing to accomplish that successful tech companies manage to do well. There is always a healthy conflict between the marketing team (who is talking to users) and the product team (who is building the technology). Having a liaison who can go between these departments is critical. Marketing rarely understands developer timelines, and developers rarely understand marketing priorities. —Matt Wilson, Under30Experiences
10. They Have a Customer-Centric Approach
Most successful companies adopt a customer-centric approach. For them, business is all about keeping their customers happy, so they do their best to make that happen. This approach can be in terms of offering quality products and services, providing top-notch customer support, or anything else that makes their customers happy. — Thomas Griffin, OptinMonster
11. They Keep Up With the Latest Tech
Although this may sound obvious, it may be more difficult in practice. I stay on the cutting edge by reading the latest research reports, such as Thoughtworks Technology Radar. I also assign each team member an area of technology to study and share at weekly meetings. Each company has different ways to share the same goal! — Shu Saito, All Filters
12. They Provide Simple Solutions
Successful tech companies help customers achieve their goals in the simplest way possible. If you run a tech company, assume that your audience has minimal skills when it comes to working with a certain tool or technology. Find ways to reduce the steps people take or create ways to automate their work. People will prefer products that make their lives easier. — Blair Williams, MemberPress