Published on December 19th, 2013 | by Jose Vasquez0
3 Tips for Starting a Trend in the Tech World in Startup Tech Companies
Take note of these three tips if you’re currently riding or chasing a new business trend.
Trends make and break businesses every day, especially in the tech industry. Jumping on a tech trend while it’s on its way up is a great way to boost your business potential and eventually end up in a nice final spot, but jumping aboard too late or missing the trend entirely could spell disaster for your business plan.
It’s never a great idea to build your entire business plan around a current or hypothetically upcoming trend, but if you’ve developed a product or are launching something new that follows a trend on the rise, it could be a strategy that pays off.
If you’re interested in leveraging tech trends to improve or popularize your business, make sure you follow these three simple tips:
- Keep your actions aligned with your business model. Adding on extra features or new products that don’t make sense for your core business is going to be a waste of time. Even if you end up profiting from the maneuver, the lingering effects such a switch will have on your long-term brand strategy will make it difficult to fully recover. Stay true to your business.
- Minimize your costs, especially when starting up. Whatever you do, don’t pour a ton of investment money into a new wing of your business. If you’re adding in new features or beefing up your current lineup, you need to keep all your costs as low as possible. Your profit margins should be enormous if you’re just chasing a trend.
- Be prepared for temporary results. Trends never last forever. As obvious as it might sound, you need to prepare yourself for this ultimate inevitability. If you’re developing something in line with a current of upcoming trend, make sure you and your business are fully prepared to react when the trend expires (and it will expire).
There’s nothing wrong with chasing trends as long as you follow these three little rules. Manage your expectations, don’t lose sight of your core business, and avoid getting trapped in a “get-rich-quick” mentality.
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