Branding your tech

Why You Should Brand Your Tech Business?

Most technopreneurs generally start out by focusing on what they’re good at and what they can sell. This is good and a must. Without an MVP you are not going anywhere.

But once your business gets to a $500K or even better $1M per annum mark, you will need a good brand strategy.

If you don’t have a brand, then you just have a service or product without a real vision or identity. It is often commoditised in a noisy marketplace. Unless you are an AirBnB or an Uber!

You’re pretty much just selling stuff. (And you feel like your services are more than just stuff, right?) Without creating a brand strategy, your business has nothing to guide it on a path towards long-term impact and success.

So what exactly is a brand strategy?

A brand strategy encompasses the characteristics, attributes, personality, and core essence of a business. It’s what helps your business make an impact and build a culture and following beyond your services.

You might be asking, do I need a brand for a $1M business?

Not everyone thinks of starting with a brand strategy when they first launch into business, but having the right strategy in place will make building your business, attracting clients, and positioning your services so much easier.

A brand strategy consists of a number of elements such as your voice, style, promise, message, story, values, vision, identity, and target audience.

Most technopreneurs tend to skip over everything and jump straight to their identity and target audience. However, the other, sometimes-less-tangible elements of your brand play a large part in shaping how your target audience perceives you, connects with you, and feels about becoming your potential client. As all of these emotions are crucial when it comes to building a brand, don’t overlook these other important branding elements.

An effective brand strategy is essentially your guide to influencing your target audience’s opinion of who you are, what you’re about, why they should care, and how you can help them.

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Growth Technoprenuer

Grow Your Tech Business With One Simple Mindset Shift

Recently, I notice a lot of technopreneurs who glamorize the many roles they play in a company. It’s something that evokes feelings of pride and honor in them.

“I have so many roles.”

“I’m responsible for the sales, marketing, accounting, and the client work.”

“I’m executing it all.”

If your main goal is the “freedom to create big impact, value and succeed”, is this the most efficient way to be handling your tech business?

The ability to possess a more lucrative high-value tech business AND more personal time.

If this resonates with you, then I’ll affirm that taking on more roles is not the way to go.

As a matter of fact, the #1 operating principle in my business is to fire myself.

The fewer roles I play, the more I can act as the owner of the business instead of playing the role of the employee.

The majority of technopreneurs have not really processed this. They become attached to their business and tend to believe that the business and themselves are synonymous.

In reality, playing the role of the owner is the main ingredient in creating real asset value in their business.

For the sake of practicality, you’re probably playing a myriad of roles today. You might be playing the roles that handle selling, marketing, financing, billing, client work etc. 

To fire yourself efficiently, it is necessary to find opportunities for other people to fulfill the roles you have been playing.

Not long ago, I held a Tech Business Seminar where I organize a chart displaying what a tech business looks like. Every responsibility of the firm is listed alongside the name of the person responsible for it – similar to roles in a company such as a CEO, COO, VP of Marketing, VP of sales, etc.

This is applicable to every tech business.

Regardless if you’re a solopreneur with limited to no staff or a tech firm with over a hundred people, the organizational structure is tantamount. However, a technopreneur in a smaller firm might face the challenge of playing more roles in their business compared to one in a larger firm.

Let’s say your name is listed next to all the responsibilities. You play the role of the owner, CEO, VP of finance, and VP of Sales and Marketing. It’s all displayed in front of you. Seeing it visually represented helps you see which tasks you can get others to take on, thereby reducing the number of roles you play.

Here’s what I’d like you to do: List out all the tasks you are responsible for in your business at this moment and question, “ Can I fire myself from that task?”.

Seeing it visually represented allows you to have a clearer picture of who has what responsibility in your business. Thereby allowing you to delegate many of your roles to other people.

In our coaching program, we utilize a process called Delegation Liberation. It helps technopreneurs figure out the most efficient way to delegate tasks so that the result is done to highest quality standards. It gives you the freedom to relieve yourself from the responsibilities associated with the operations sector of your business.

I highly recommend technopreneurs to think along these lines.

How can you play the role of the owner instead of an employee?

 

P.S. Whenever you’re ready… here are 3 ways I can help you grow your tech business :

1.   Grab a free copy of useful stuff that can help you grow your tech business. More in our blog.

4 Ways to Position Your Tech Business to Attract More Clients Click here.

3 Mistakes to Avoid In Your Tech Business To Grow Revenue Click here.

2.   Schedule a 15 Minute assessment call with us – Click here.

We have worked with a bunch of tech companies and have offered them systems, strategies and coaching to attract and convert clients. We help you install sales and marketing systems that automate stuff and help flood leads and drive higher revenues and margins. Talk to us.

3.    Join our Techcelerate Implementation Program and be a Case Study

I’m putting together a new coaching case study group at Techcelerate this month… stay tuned for details. If you’d like to work with us on your client-getting and scale plans… just reply to this message and put “Case Study” in the subject line.

Life is short. Take action now and grow. Best Wishes.

Authority

Why Build Authority Positioning in Your Niche?

Ok, you have built a kickass cloud management, optimization platform. Or you have just built an AI widget with APIs that can connect with gazillion apps.

Now, who knows you in the cloud or AI industry?

Have you established your presence at least in your target market?

If you are not systematically and methodically establishing yourself as an authority, at least in your target market, you are ignoring the true power behind the marketplace. This is the axiom behind authority marketing.

As a technopreneur, if your firm is not able to sharply differentiate itself from others around you, you are just another company in the mix.

But if you do, then you are on your way to becoming an authority in your niche or chosen field.

An authority has all the knowledge stored away. An authority who disperses his or her knowledge in a way that people rely on and seek is a celebrity.

Authority positioning affords your business to leverage its experience to gain an elevated expert status within the specialized confines of their industry. You become an educator and advocate for the success of those who rely on you;

then, your audience can find (and trust) you.

 

Fast-Tracking Your Authority

Strategies used to optimize your position as an expert celebrity include highlighting local (or regional) press, writing books and other authoritative and informative materials, and distributing your writing so that it becomes widely available.

You must provide your target audience with so much content and proof, showing that you understand and empathize with their needs, so that you are the only choice in their minds. This could be done by being interviewed on podcasts your target audience listens to, or even starting your own podcast so you can open huge doors of opportunity for your business by interviewing influencers in your industry.

For example, one of my clients, for whom I’ve helped position a youtube strategy, has told me that their youtube is now syndicated on different platforms, increasing its exposure. My client also uses the platform to approach prospects with the ask to interview them, opening the door for future conversations about my client’s expert services.

 

Think about this: If you were looking for a Digital firm to help your business get closer to cosmetics users who are predominantly teenage girls, how would you make your decision?

With the first Digital company, you meet them at your local tech group and think they pretty friendly, at least from what you can see in early morning networking meetings!

With the second Digital firm, you notice they were recently featured in your local chamber of commerce retail summit, wrote a popular ebook on how to structure user experience (UX) for omnichannel retail consumers and has a weekly podcast you listen to about recent developments in retail technology.

Who would you choose?

Both may do a fabulous job, but we are all so busy that we tend to make decisions based on who seems to be the most qualified, and this is tied to visibility. In fact, the accountant who has established himself as an authority has vastly improved his “perceived value” in the marketplace.

 

Placement And Positioning

In the real world of business, I have found that respect comes not from media savviness but from the ability to make your knowledge into something useful for others. The primary way business owners can generate widespread respect for their authority is through understanding the technology and methods they work with and generating solutions from them.

Being able to generate and distribute applications for what you know will garner substantial unassailable value.

Authoritative entrepreneurs must display not only a tolerance but a thirst for change. When others are unsure of their response to change, the authoritative business owner must maintain a consistent viewpoint that portrays a protocol in place to allow change to be integrated into the business.

Look for ways to document your knowledge. It may be recording your thoughts with your phone about a specific problem you recently solved for a client. Guess what you can do with that?

Transcribe the recording and repurpose it into a blog post, your next email update to your clients, a social media post — the list goes on! See how easy this can be? But the first step is getting started and deciding to keep it up, even if it’s only once a month!

Remember: Building your authority should be your No. 1 priority.

Marketing Automation

Why You Need Marketing Automation To Grow Your Tech Business?

It makes perfect sense to use “human” or “manual” marketing with – your top 20-30 accounts. In theory, this frees you up from the time vampires who are sucking your time away with marketing that probably won’t have a good return on investment.

But, what about the rest of your clients and prospects from various other sources? How do you nurture your relationships with them? This is where we turn to the other method of marketing. We’ll use automation to market to the rest of our list.

We start by thinking about the people on our list as our “flock”. We need to move beyond seeing clients simply as contacts and start seeing them as relationships that need nurturing. These are relationships that we are responsible for.

Why? Because these are the relationships that will bring us the most business. These people will help us, by us helping them.

When some technopreneurs market to their contacts, they can “burn the list”. This is basically sending out a bunch of useless garbage to your contacts, causing them to not want to hear from you. To leave the list.

We want to get away from this model by creating a consistently valuable experience for your flock so that they can be guided by you when they face a problem that you can help them with.

Think: when you send your flock some marketing, are you helping educate them? Are you building relationships by sharing in personal things about you? If neither of those are true, then reassess the marketing campaign.

You’re helping to shepherd them to a good solution whenever a solution that you offer is there. If you’re not the right solution, that means helping them find the right solution.

Twenty years ago you could get by without automated marketing simply because nobody had it. Today, with all of the things people can give their attention to (let’s call those distractions), it’s impossible to be effective at marketing without using both people and automation.

Why do you need both manual and automated marketing? Let’s take a look at what each one looks like if used on its own.

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8 Tech Firm Marketing Activities To Do Every Day

Technology firms marketing is now an umbrella term that encompasses a whole bunch of actions. It’s important to note that the “run-of-the-mill” marketing activities that work for any old business aren’t necessarily going to be the best fit for technology firms, however. What’s more, some technology firm marketing activities are going to be more worthwhile than others depending on your immediate goals.

Before You Get Started: Assess Your Tech Firm’s Objectives

Technology firm marketing should be executed based on what you’re trying to get the prospective client to do next.

Do they need to know simply that your business exists, or why you’re the best tech business in your domain area for them? You could even be at the point where you need the client to officially agree to working together. Here are quick summaries of common tech firm marketing objectives that technopreneurs face all the time:

  • Building Authority: Make sure prospects know you are different from other tech firms next door by presenting your point of view on both your domain area and common client issues.
  • Establishing Trust: Allow prospective clients to get to know your personal tech brand by making an introduction and revealing your personality and values.
  • Demonstrating Capabilities: Help clients realize your specialty tech areas and reassure them that you truly solve problems for your clients, in their business.
  • Asking for Referrals: Keep the business coming by asking your established, ideal clients to introduce you to other people just like them.

Depending on the maturity of your tech firm marketing strategy, you may be in a position where you need to work on all of these things at once, or just focus on a couple of areas in particular. For each of these objectives, there are some ideal marketing activities (that you can do every day, of course) that will strengthen your overall chances of success.

 

Tech Firm Marketing Activities for Meeting Your Business Objectives

Building Authority

authority-law-firm-marketing.jpg

Publish Regularly

If you want to prospective clients to identify you as the tech “expert of choice,” you’ll need to show off a little. Write down your point of view on hot technology and domain issues of the day and transfer that to a digital medium. It’s a great idea to get a blog started on your tech firm’s website, but even if you don’t have one, using LinkedIn Publishing tools is a great way to broadcast your tech business knowledge.

If writing for tech firm marketing isn’t your strong suit, try finding your voice by reading tech journals and blogs. You will get an idea.

Give prospective clients that have agreed to communications links that go directly to your resources. That way, you have more control over whether you’re reaching the right people instead of hoping that they’ll stumble across you. Just be sure to keep your contacts organized by the practice areas and topics that are most applicable to their needs.

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3 Metrics

Three Metrics Technopreneurs Must Track for Success

Most Technopreneurs don’t define success. They define what success is not.

Instead of focusing on the things they can control to build the tech business they want and make the money they want, they view success as eliminating sources of stress and aggravation.

In other words, “Success is when I don’t have to do A, B and C anymore.”

Most of the Technopreneurs I talk to are in the lifestyle business. I say that without any of the negative connotations of the idea. It’s not that they want to check out, or work occasionally. They want to do meaningful work and have a comfortable life without working 100 hours per week.

This attitude or approach will not help you scale your business from $1M to $5M.

Of course, there are a few who have visions of building an empire.

In either case, you need to define what success means for you and your business before you can think about how to achieve it and measure it.

The number one metric used by Technopreneurs to measure success is, “Did I survive today?”

Not very scientific. And not very useful.

There are three core metrics that every law firm – regardless of goals, regardless of size – should be paying attention to every month.

Metric 1: Lead Flow

You could be the best Tech company in your territory (or the world), but if nobody is knocking on your door, it won’t matter. Because you won’t get paid.

Every Technopreneurs needs to meet with a certain number of qualified prospects in order to acquire a certain smaller number of clients. Without sufficient lead flow, you can’t build the business you want.

Whether you want to be a lifestyle Technopreneurs or an empire builder, you need enough lead flow to produce the right clients that help you make more money (and work less, because you can charge more with more leads coming in).

That’s why marketing is so important. Without marketing, there aren’t enough leads. Never forget that your leads today are your income tomorrow.

Your Action Plan:

1. Make lead flow a priority.

2. Find out where the good leads are coming from and develop a plan for finding more leads. (Need help? Our Tech Business Growth team can point you in the right direction:)

3. Every month, make sure you know how many leads are coming in. This should be on your score board.

Metric 2: Cash Flow

Cash is king. You can’t exist, much less grow your business unless you have cash flow.

If you’re always in a cash crunch, always running up the “down” escalator, you’ll just get exhausted and burn out.

You need to watch your cash flow. Know your expenses. Know how much you have to pay and when. Fix your collections issues by right-sizing your retainers, and not taking on clients who’ll stiff you later.

Create a plan for increasing cash on hand to minimize or eliminate outstanding invoices. You can have a multimillion dollar firm and go bankrupt if you don’t have a handle on cash flow. Fix it.

Your Action Plan:

1. Understand exactly what you’re spending each month

2. Create a forecast for when you’ll get paid, what. Update it monthly and look for trends

3. Use this to adjust your strategy for pricing and collecting retainers

4. Set a target for cash on hand, and use these levers to get there within a year

Metric 3: Average deal size

One of the most underused strategies for creating a tech business, whether you want to increase profits or free time, is the deal size lever. Maintaining the right average deal size (and margins) is critical to making money by working less.

Most Technopreneurs don’t charge more or push for high value/margin deals because of fear … fear of losing business because they increase their rates. They end up playing the commodity game.

They seldom understand the difference between market expansion and market share game. Let alone market position.

This is the result of an imaginary competition among tech businesses. In reality, increasing your charge rate is much easier than you think. The reality is much different. If you’re afraid of increasing your fees, it means that you’re fishing in the wrong pond.

By raising them you’ll immediately start getting rid of bad-fit clients, and signaling to premium-paying clients that you aren’t a commodity.

I’ve written on this extensively elsewhere, but the bottom line is this: the biggest barrier to increasing fees is YOU, not the clients.

Your Action Plan:

1. Make a decision not to compete on price. Now promise yourself. Write it down. It sounds trivial, but it’s not. Until you truly decide and take action on it, it’ll be a vague idea. Or, you’ll back off at the first sign of resistance from a cheap prospect (when the right answer is, “next please”).

2. Commit to finding premium-paying clients (markets). Create a marketing plan to find them (again, our Business Growth team can help you with this if you’re unsure where to start).

3. Set targets for you average fee in 90 days, 180 days, and next year

4. Track your average deal size (and margins) every month. Are you on target?

All Three Metrics Work Together

If your lead flow is strong, you’ll have the confidence to ask for money upfront.

If you have more money up front, you have better cash flow, and you’ll have the confidence to increase your charge rate (and tweak pricing).

Even if you have very few leads, terrible cash flow and a low average fee, you can still achieve your goals. Start paying attention to all three metrics – and commit to improving all three metrics – and you’ll step onto the up escalator.

 

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P.S. Whenever you’re ready… here are 3 ways I can help you grow your tech business :

1.  Grab a free copy of useful stuff that can help you grow your tech business. More in our blog.

4 Ways to Position Your Tech Business to Attract More Clients Click here.

3 Mistakes to Avoid In Your Tech Business To Grow Revenue Click here.

2.  Schedule a 15 Minute assessment call with us – Click here.

We have worked with a bunch of tech companies and have offered them systems, strategies and coaching to attract and convert clients. We help you install sales and marketing systems that automate stuff and help flood leads and drive higher revenues and margins. Talk to us.

3   Join our Implementation Program and be a Case Study

I’m putting together a new coaching case study group at Techcelerate this month… stay tuned for details. If you’d like to work with us on your client-getting and scale plans… just reply to this message and put “Case Study” in the subject line.

Life is short. Take action and grow. Best Wishes.

How I Teach Technoprenuers to Act Like Fortune 500 Tech Shop?

Teaching Technopreneurs running a $3M tech shop to act like Fortune 500 Silicon Valley enterprise is less of a business switch and more of a mental adjustment.

 

It’s the same story almost every time I talk to a Technopreneur who runs a small/ mid-tier Cloud, a Big Data or CyberSecurity company.

 

They are struggling to grow, they are taking every meeting with any potential client they can get, they end up with awful clients, and although they have confidence in their abilities and service, they don’t have a clear direction of where to go next.

 

The first thing I tell them to do is to stop chasing business. The second thing I tell them to do is to treat their firm like what it is: a business selling a service to another B2B business or a consumer who buys a thousand things a year.

“You’re not as different as you think you are.”

Technopreneurs I talk to almost universally treat their firms as some entity that is separate from the world of business. I get it, I have been in this industry for ages, and the amount of tradition, rules, education path, and history behind the tech industry makes it seem like it’s less of an industry and more of a collection of like-minded professionals.

 

But the truth is, tech firms operate in the exact same environment as every other business. Just ask the clients.

 

One of the first hard conversations I have to have with a Technopreneur who wants to improve their business metrics, is that their clients are used to interacting with services and businesses in a very specific manner.

 

People are being bombarded with the latest marketing mix from massive corporations, to local businesses in all aspects of their personal and professional lives. Although the methods may change with the ebb and flow of technology and research, people have become accustomed to personalized and immediate access to brands and information.

 

The hard-hitting revelation to Technopreneurs is that although their services are specialized, pricy, and important… they are just that: services for other businesses who buy a thousand things a year. The same methods of growing a tech firm in 1998 just aren’t going to cut it for today’s short attention span consumers.

Blissful ignorance isn’t the norm.

I’m not saying people are less likely to pay attention to information than they were 30-40 years ago when handshakes sold tech services, in fact I’m saying quite the opposite. The short attention spans, and the marketing that caters to those spans, exist because buyers are ravenous about information.

 

Services are no longer assumed useful just because there’s another tech firm with a few extra years of experience standing behind brand. In fact, we’ve moved far beyond the ‘trust but verify’ stage of marketing into the realm of distrust until proven otherwise. People do their own research today for everything they consume, and the firms that still don’t have a modern online presence boggle my mind.

 

I was talking to a tech firm just the other week that had a potentially multi-million dollar revenue client referred to them by another firm and they lost that client because their website looked like a mouse rolled across a keyboard when their developer stepped away from their laptop.

 

A poor website broke the holy grail of new clients – a referral. If evidence of a poor web presence breaking the cornerstone of tech everywhere isn’t enough evidence to show that firms need to catch up with modern marketing, then it looks like the firms that do get it are going to have their pick of the litter.

 

How firms can borrow from the Fortune 500

We’ve established that the business who need tech products or services are the same consumers who buy from hundreds of other companies and that they will have the same general process for acquiring services and products. Naturally, Technopreneur who want to appeal to today’s buyers need to borrow some of the strategies from successful multi-billion dollar tech enterprises.

 

Here’s what I tell tech firms who need to grow:

  1. Know exactly who you want to walk through your door. A mid-size firm should know the demographics and the case types of their best clients. One of the first things I tell a firm to do is to stop chasing potential clients they don’t actually want and focus on discovering potential clients that will set the firm up for success. Creating fictional buyer personas, or ideal client personas, is a great way to know who to look for.
  2. Don’t sink your time into marketing. Technopreneurs think that they have to split their time between attracting new clients and working with current clients. I say that they didn’t spend years in the tech industry to become marketers, and marketing is changing at light speed (way faster than the tech you MUST stay on top of). Find a way to have an expert run a successful marketing strategy for you, and then focus on representing your clients and providing quality service.
  3. Interact personally with your potential clients and don’t wait until they are in your office. Consumers are used to getting the service they need from the comfort of their favorite chair at home. This only raises the barrier to getting a potential client into your office. Interact with your ideal client groups before they ever set foot in your office. Run webinars, post frequently on social media, and give your potential clients a library of videos so that they can feel like they are getting to know you. After all, you can find a video on just about any company outside of the tech industry.
  4. Set goals and measure everything. Running a tech firm is a business, and it wouldn’t make sense for a business to be throwing money at initiatives without any idea if they will work. Tech firms should measure every marketing activity and Technopreneurs should have a solid grasp of what their marketing strategy is doing, what their KPIs are, and how their marketing mix is currently performing. On any given day, Technopreneurs should be able to look up their current return on their marketing spend and at the same time, understand the trend of the strategy as a whole.

 

That’s they way Technopreneurs should shift their thinking and start acting like Fortune 500 Tech shop.

 

Are you ready?

 

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P.S. Whenever you’re ready… here are 3 ways I can help you grow your tech business :

1.  Grab a free copy of useful stuff that can help you grow your tech business. More in our blog.

4 Ways to Position Your Tech Business to Attract More Clients Click here.

3 Mistakes to Avoid In Your Tech Business To Grow Revenue Click here.

2.  Schedule a 15 Minute assessment call with us – Click here.

We have worked with a bunch of tech companies and have offered them systems, strategies and coaching to attract and convert clients. We help you install sales and marketing systems that automate stuff and help flood leads and drive higher revenues and margins. Talk to us.

3   Join our Implementation Program and be a Case Study

I’m putting together a new coaching case study group at Techcelerate this month… stay tuned for details. If you’d like to work with us on your client-getting and scale plans… just reply to this message and put “Case Study” in the subject line.

Life is short. Take action and grow. Best Wishes.

Why Technoprenuers should focus on creating business value?

‘By now, we all know about the “merger of equals,” where Cloudera is acquiring Hortonworks to form the big ‘big data’ technology company. The deal signifies that the Hadoop market could no longer sustain two big competitors. Hadoop has been synonymous with big data for years, but the market — and customer needs — have moved on.

Companies of all sizes are increasing their adoption of AWS, Azure, and Google Cloud services at the expense of on-premises infrastructure and software. This is a no-brainer.

So what’s the lesson for technopreneurs in here?

While it is good to build your technology practices (with changing trends and times), it is far more important to solve customer problems and create business value.

At the end of day, selling to your customer means conveying what they value, not how cool your tech is

For starters let’s define what both business and technical value look like?

 

Technical value: This is the value built into the technical implementation of whatever solution you offer by the engineers in your organization. The complexity of solutions and advanced technology add value. Simpler implementations and common technology reduce the value. 

 

Business value: This is the value extracted from your solution by the customer to run their business. This is the WHY of your whole solution – why the customer would want to use it in the first place. Usually, this value can be measured in terms of revenue, growth, reduction of complexity in business systems, saving of time and simpler transactions – things that help your customer improve their business

 

Most Technopreneurs I meet are either a technical CEO who have a scientific or engineering bent themselves. Although they’re obviously aware of the need to win customers and grow the business, sometimes the temptation of a big juicy technical problem to solve with a stable of engineers is just too much.

I’ve seen many business leaders go from a state of boredom to full-on orgasmic glee in an instant when I ask about the latest thing they are working on.

Typical ‘shiny new object syndrome’.

When developing and selling value for your customers, use the constraints and rules of creative disciplines like writing and creativity to satisfy the engineering mindset of solving problems while at the same time tapping into the human and business needs of the customer.

Solve business problems. Leverage technology. But don’t get married to it.

Good luck.

 

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P.S. Whenever you’re ready… here are 3 ways I can help you grow your tech business :

1.  Grab a free copy of useful stuff that can help you grow your tech business. More in our blog.

4 Ways to Position Your Tech Business to Attract More Clients Click here.

3 Mistakes to Avoid In Your Tech Business To Grow Revenue Click here.

2.  Schedule a 15 Minute assessment call with us – Click here.

We have worked with a bunch of tech companies and have offered them systems, strategies and coaching to attract and convert clients. We help you install sales and marketing systems that automate stuff and help flood leads and drive higher revenues and margins. Talk to us.

3   Join our Implementation Program and be a Case Study

I’m putting together a new coaching case study group at Techcelerate this month… stay tuned for details. If you’d like to work with us on your client-getting and scale plans… just reply to this message and put “Case Study” in the subject line.

Life is short. Take action and grow. Best Wishes.

Segment

Why It’s Easy To Get 80% Share In a Niche Segment?

Peter Theil in his book ‘Zero to One’ wrote, “It’s much better to be the last mover—that is, to make the last great development in a specific market and enjoy years or even decades of monopoly profits. The way to do that is to dominate a small niche and scale up from there, toward your ambitious long-term vision”

Do you get what he is trying to say?

It is actually easy to get 80% market share in a niche than go broad competing with everyone.

Don’t you like that situation for your business?

When you think about markets like fast food, technology or business, what are the first names that come to mind? McDonald’s? Apple? Trump? Probably. The seconds — or the rest — simply don’t even exist.

The point is there are only one or two names that will leap to mind in any category.

They own the category. They are the category. 

And that’s where you want to be with your technology business.

If you are in the $500K to $2M in annual revenue, you better focus on a niche and scale. It’s far easier to do this than to compete with IBM, Infosys and Accenture!

But how can you get to be first?

The answer to being first is not to simply “become visible”.

Any joker with a webcam and a YouTube account can become visible and get millions of hits and comments. They may even get picked up on the evening news and have their 15 minutes of fame.

But so what?

You want to be visible in a way that is trusted, sought after, highly paid, in demand and authoritative.

Your aim is to be visible with authority. So visibility isn’t enough.

But you have another, even bigger problem. The bitter truth is that most markets are really crowded. The leader in any category has often been established for years, if not decades and will be difficult to replace.

That’s the situation most of us find ourselves in.

But I have a simple solution.

Why not simply redefine the marketplace you’re in altogether? Invent a new category altogether that you can dominate and be Number One?

 

 

Here are tips on how to go about creating your Market of One:

1. Know your word (your category).

You should have one word that describes your category or niche. At most you should have four to five words that communicate one concept.

In the technology industry, it can be for example ‘we solve complex analytics problem in Oil & Gas’. Or it can be ‘we take team collaboration in the financial industry to orbit level’.

If this positioning already exists, unfortunately, someone is already number one in all of that category.

So you have to pick a smaller box to own. How about “team collaboration in Fintech space for companies under 10M in revenue’?” That’s definitely a smaller box, right? Who’s selling “team collaboration technology for early Fintech companies”?

Can’t think of anyone? Perfect. Your word shouldn’t bring anyone else to mind.

There’s your opportunity to be number one.

2. Know 8 other words (your positioning).

So you’ve defined your category. Now it’s time to define your positioning.

Jay Conner Levinson wrote a great book called Guerilla Marketing. Where he delivers one compelling truth: if you can’t put your position into 8 words or less, you don’t have one.

Ouch, right? But it’s true.

You might not want to put your position in 8 words. You might be afraid that 8 words will narrow your position too much. That you’ll get pigeonholed. But that pigeonhole is EXACTLY where you want to be.

A pigeonhole will clarify exactly your point of difference and help you stand out.

 

3. Own your box

Let me share a weird theory with you.

Arthur Conan Doyle, who created Sherlock Holmes, had this idea that your mind is filled with a finite number of little boxes that get all filled up. For something new to come in, something else has to leave.

Imagine your prospects’ minds are like that.

They have all these little boxes and one thought or person or company owns each box.

You want your category and your positioning to own one of those little boxes.

You don’t need the entire mind — you just need one little box that is 100% yours.

And then you’ll be Number One.

And as Number One, guess what? You just won.

So go create your Market of One and start getting all the privileges — from more clients to more cash — that a leader inevitably enjoys.

 

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P.S. Whenever you’re ready… here are 3 ways I can help you grow your tech business :

1.  Grab a free copy of useful stuff that can help you grow your tech business. More in our blog.

4 Ways to Position Your Tech Business to Attract More Clients Click here.

3 Mistakes to Avoid In Your Tech Business To Grow Revenue Click here.

2.  Schedule a 15 Minute assessment call with us – Click here.

We have worked with a bunch of tech companies and have offered them systems, strategies and coaching to attract and convert clients. We help you install sales and marketing systems that automate stuff and help flood leads and drive higher revenues and margins. Talk to us.

3   Join our Implementation Program and be a Case Study

I’m putting together a new coaching case study group at Techcelerate this month… stay tuned for details. If you’d like to work with us on your client-getting and scale plans… just reply to this message and put “Case Study” in the subject line.

Life is short. Take action and grow. Best Wishes.

12 Accelerators

The 12 Accelerators: How To Scale Your Tech Business Fast?

I want to teach you the model that helps us scale your Technology businesses.

You could be a System Integrator, Software or Hardware OEM, Specialist Services Player (Analytics, Security, AI), IT Services or into tech business that is into a consultative selling cycle.

I don’t know how much you know about the work that we do, but our job is really simple.

We take Technology businesses with an annual run rate of USD 1M up to USD 10M and take them from $X a month and help them to get to $2X within a year. And we do it with this model right here:

More than anything in the world, I want you to have a technology business that can scale.

And what I mean by that is a Technology business that gives you more of three things.

I don’t know why you became a Technopreneur, but I’ve got a hunch that there are three things that you want.

Money

Number one, I want you to have a technology business that takes the lid off the amount of money you can —the amount of cash you can make, and income you can make from your business.

Most tech businesses are stuck or limited —the amount of money they can make mostly depends of the number of clients added, number of projects executed or number of licenses or subscriptions sold. If this is not happening, you are not making money.

So, we want to take the lid off money.

Meaning

Number two, that maximizes the amount of impact you can make.

So, in other words, that instead of making a big difference to —like 5 or 10 or 15, maybe —like, 20 clients, that you can impact hundreds of clients instead. Or you can pick and choose key clients with whom you want to do business and grow.

 

Freedom

And thirdly, the amount of freedom you can enjoy; we take the lid off that as well.

I want you to have more money, and more meaning, and more TIME freedom.

But more money, and more meaning, and more freedom are really the three things that drive me and most of our clients.

The three things I think we want more to grow your Tech business.

To get more money, more meaning, and more freedom, there are FOUR parts of your technology business that we need to focus on.

 

Attract

We need to look at the way you attract leads, the way you get them interested, the way you convert them into clients, and the way you deliver your service so you can help more clients succeed — and make more money.

Right? Here’s what happens, though.

Most technology businesses aren’t built in a way that can scale at all. Most technopreneurs don’t have a system that helps to attract prospects, get them interested, convert deals and propagate your good work.

Because they don’t, they end up with no audience or pipeline. Right?

In a little bit, as we go through the How To, I want you to kind of —to look at this not as, “Oh, this is interesting content that Mag’s teaching.” But I want you to look at your technology business through this lens.

Now, most people don’t have a way to get enough leads in. So, then, no audience. Like, world’s best-kept secret; no fun at all.

Most —so, that’s the opposite of being able to attract.

 

Interest

Once you are able to attract prospects to your domain, you need to get them interested in what you do or offer.

Without interest, you will not be able to get engage deep with your prospects. Interested prospects are curious.

They would like to know how can you solve their problems and get them to a safe place. Your prospects are inundated with choices and are facing an overwhelm. Without interest, you are not going to go too far with them in their buying cycle.

 

Convert

If you think about the convert side of your business —the way you convert prospects into clients.

Most technopreneurs don’t have a way to convert the client —prospects into clients.

They end up with a big fat cash problem called, “no sales”. Right?

No audience means your marketing is limited.

No sales mean we’re not converting prospects into clients. So, it hurts our dollars.

 

Propagate

Now that you have successfully delivered your client engagement, how can you make your client become a raving fan of what you do?

How can you ask for referrals? How can you make your client sell for you?

This something big companies have mastered. Technopreneurs are often in the dark when it comes to propagating their body of work through referrals from existing customers. You need a system to get this done.

The 12 Accelerators

What I want to do in a second is I want to share with you the twelve accelerators — the twelve projects that we use to drive a technology business and take you from where you are right now to a 2X dollars a year in the next 12 months.

We’re going to start with Attract side of the model because frankly, we’re going to generate leads and we’re going to sell stuff. We need to know what we’re going to get leads for and what we’re going to sell.

Okay? So, under Attract, there are three accelerators —three kinds of focus areas that we zoom in on in order to grow your Tech business.

 

Attract: Segment

What is your target segment? Who is in your target market?

The easiest way to think it is who do you love dealing with? Who in the past have you had good success with? Who you like working with on a day to day basis and could do for the next year or more?

So there is your target.

We can then get deeper on that, of course, and look at what keeps them up at night, what the pain is. But for now, choosing the right target market and the segment will allow you to focus, message and differentiate yourself from the competition.

 

Attract: Build authority

The second thing that helps your business to differentiate is to build authority.

Positioning yourself as an authority is critical. It affects how many referrals you get, how much clients will pay, and, when done correctly, can begin a new chapter of truly enjoying your practice.

To go from ‘Who are you?’ —best kept secret— to kind of a big deal in your space is extremely crucial.

So, we want to fill your funnel; that’s about getting leads in. And then we want to build your authority so that it’s easier to sell to the people that you’ve got —so they become quite a big deal. The more authority work we do, the easier that sales become.

 

Attract: Install automation

Again, so that you don’t have to do all of this stuff yourself. Automated just means you don’t have to do it.

So, it might be that you have a virtual assistant running some of the systems for you.

It might be that you have an active game plan campaign or Hubspot, or any other software gadget —some kind of system that you can design a campaign and just have it run for you every single week without you having to be physically involved so that marketing does what it needs to do.

When we can do those three things; Segment your market, build authority, and install automation, guess what happens?

Now, you’ve got an attraction system that is absolutely humming.

We’ve talked about the three accelerators for how you attract leads into your tech business. And in just a moment, we’re going to talk about the way you get them interested in you.

But what I’d love to know right now is if you think about these three attraction pieces, what do you need most right now?

Do you need to analyze your market and identify your target segment?

Build authority and become a bit more of a key player in the space?

Or is automation the thing that you most need?

Do us a favor and just type into the comment box, which one of those three? Leave us a comment, which one of those three do you need most right now?

Now let’s move onto the Interest side of the model.

So, under Interest, there are three accelerators —three kinds of focus areas that we zoom in on in order to grow your Tech business.

Interest: Sell with webinars

So, on the Interest side, the first thing we’re going to do is we’re going to audition clients. The second piece is to sell with webinars.

Big fan of the old webinar; done a bunch of them in my time. And frankly, it’s a little bit of a secret weapon.

There’s something magic about being able to show up on a webinar, and have a few hundred perfect prospects show up as well, teach your heart out for an hour or a little bit more, and then have them jump on your offers and say, “That was incredible, but I want more.”

That’s exactly what we want. Okay? And so, the second Interest driver that we run to grow your tech business is to sell with webinars. And that —which leads us to the second.

 

Interest: Fill your funnel

So, the second thing we need to do in the interest side is to fill your funnel.

Most technopreneurs don’t have a funnel, and if they do, it’s not full.

And so, there are two parts of that:

It’s designing out the perfect funnel to get you the leads that you need, and then turning on the traffic tab to drive people through —whether it’s to a webinar or a case study funnel, or an appointment funnel.

We just need a simple funnel that drives new traffic your way and generates the leads you need for your funnel. That’s the first project —that’s about getting rich.

Convert

On the convert side of things. There are three ways that you can scale up client conversions.

They are Strategy Session, Value Builder, and Killer Proposal. Each of these is designed to convert your prospects into paying clients.

 

Using this framework, we have been able to help technopreneurs install systems and tactics that allow them to scale with very little resource investment. Without a system, a process and an approach you are pretty much stumped and cluttering yourself with unwanted activities.

In summary, I don’t know what your colors are. Whether you have a lot of greens (going is good), or lots of oranges, or lots of reds. But if you had more greens and oranges than you’d like —or frankly, you’re on the right track.

But you just want to go faster— then, I’m really glad you’re here because later this month, we’re starting a brand new case study group for our Techcelerate Program.

And we’re going to work really closely over two or three months with a small group of coaches and help them to implement these systems week by week by week to go from red to yellow, and yellow to green.

It could be the perfect way for you to go from where you are to 2X your revenue within a year in your technology business quickly. In it, we cover each of these twelve accelerators with a heavy focus on – Attract Cycle, filling your funnel, and then converting opportunities into deals.

Take good care. I’ll talk to you soon.

 

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P.S. Whenever you’re ready… here are 3 ways I can help you grow your tech business :

1.  Grab a free copy of useful stuff that can help you grow your tech business. More in our blog.

4 Ways to Position Your Tech Business to Attract More Clients Click here.

3 Mistakes to Avoid In Your Tech Business To Grow Revenue Click here.

2.  Schedule a 15 Minute assessment call with us – Click here.

We have worked with a bunch of tech companies and have offered them systems, strategies and coaching to attract and convert clients. We help you install sales and marketing systems that automate stuff and help flood leads and drive higher revenues and margins. Talk to us.

3   Join our Implementation Program and be a Case Study

I’m putting together a new coaching case study group at Techcelerate this month… stay tuned for details. If you’d like to work with us on your client-getting and scale plans… just reply to this message and put “Case Study” in the subject line.

Life is short. Take action and grow. Best Wishes.