To begin, let’s look at the software and technology industry as a whole. There are close to half a million tech companies in the U.S. in sectors like e-commerce, cyber security, artificial intelligence creation, you name it, that employ 7.3 million people. With a global worth of $1.7 trillion dollars in information technology, it’s clear that there are a lot of opportunities for growth.
The software and technology industry is one that is broad and encompasses many verticals. The market is extremely fast moving and unpredictable and constantly growing. That, along with balancing product creation with your own ever-changing technology needs can certainly be challenging. Before we dig deeper into the other challenges the industry is struggling with as a whole, answer the following questions: What are the challenges you are facing in your software and technology space?
According to 75% of executives, digital sales and marketing is having a positive impact for a majority of software and tech companies resulting in an improved customer satisfaction.
Still, to grow, software and tech companies are confronting challenges with building awareness around their brand, alignment with customer wants and needs, communicating expertise, and competing with larger software and tech firms with newer projects, bigger budgets combined with very few dollars set aside for marketing.
Let’s look a little closer at some of the challenges facing software and technology companies. Many are struggling with the highly competitive market, not to mention new technologies being developed every day. Leaders have the responsibility to help the company adapt to constant changes and an evolving buyer persona. Likewise, in order to generate sales they have to find ways to build authentic relationships with those buyers.