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We just completed the fourth week of our new national security class at Stanford – Technology, Innovation and Great Power Competition. Joe Felter , Raj Shah and I designed the class to cover how technology will shape all the elements of national power (America’s influence and footprint on the world stage). Slides 5-7.
When customers are left waiting for updates, responses, or resolutions, their trust in your business erodes. In the fast-paced startup environment, where every customer counts, delays can quickly spiral into lost opportunities and tarnished reputations. Teams waste time manually sharing information instead of focusing on customers.
As a long-time business executive and adviser to entrepreneurs, I see a definitive shift away from customer trust in traditional business messages, and the executives who deliver them. I summarize the key elements of the transformation as follows: Customers are seeking control in a run-away world.
As a logical and data-driven business advisor, I have long focused on facts, technology, and quantifiable pain in guiding entrepreneurs. I now offer the following additional guidelines for how to attract customers and position your product: Find the latest social trend, or even create it. Highlight benevolence to customers and society.
Market your solution and user benefits, not the mysterious technology behind it. I see lots of new software put together on a shoestring as a “proof of concept” – but then gets rolled out to customers “asis” due to lack of time or money to “harden” the product. Don’t take shortcuts on these.
Startups must tackle challenges from scarce resources to changing customer needs proactively. Source Leverage Advanced Technologies Harnessing advanced technologies can transform how startups operate and compete. This helps prevent excess inventory and shortages, boosting operational effectiveness and customer happiness.
Technology is so key to every business these days that experienced business-smart but non-tech entrepreneurs are feeling deeper and deeper in the hole. Startups succeed most often when the founding partners know how to build and run a business, rather than how to build and run technology.
Consult with Ease: Personalize Your Customer Stragtegy Using AI written by John Jantsch read more at Duct Tape Marketing The Duct Tape Marketing Podcast with David Edelman In this episode of the Duck Tape Marketing Podcast, I had the pleasure of interviewing David Edelman , a seasoned digital transformation and marketing expert.
Offer Early Payment Incentives Late payments from customers are one of the most common reasons startups struggle with cash flow. For instance, offering a 2% discount for invoices paid within ten days can motivate customers to prioritize payments, improving cash flow.
Whether you are trying to increase your revenue or improve your customer satisfaction, taking your business to the next level means looking at all of your strategic opportunities. It could also be improving customer retention. This can only lead to more customers. This is what is actually going to make you achieve it.
Every new business I know dreams of building momentum in their business, where growth continues to increase, customers become your best advocates, and employee motivation is high. Unfortunately, with limited resources, this isn’t possible, and it frustrates customers and the team. Focus first on finding more of the right customers.
Entrepreneurs entering this field should consider adopting environmentally friendly technologies to stay competitive. Harnessing Technology for Operational Efficiency Integrating technology into day-to-day operations is essential to stay competitive in the transport sector.
Charlene Li, in her classic book “ Open Leadership ,” shows leaders how to tap into the power of the social technology revolution and use social media to be “open” while still maintaining control. Employees can share best practices with customers on social network platforms and customers can help each other.
The Department of Defense has thought that Artificial Intelligence is such a foundational set of technologies that they started a dedicated organization- the JAIC – to enable and implement artificial intelligence across the Department. These technologies will transform businesses and government agencies. What’s Different?
How does a newly hired Chief Technology Officer (CTO) find and grow the islands of innovation inside a large company? I just had coffee with Anthony, a friend who was just hired as the Chief Technology Officer (CTO) of a large company (30,000+ people.) Yet no one had a single road map for who was doing what across the enterprise.
Artificial Intelligence has been the technology right around the corner for at least 50 years. and watched as new industries, markets and customers created literally overnight. One of the problems about disruptive technology is that disruption doesn’t come with a memo. This year we’ve invented one more. Steve Jobs at Xerox ).
Of course it helps to have innovative technologies before you start building a business. In other words, inventions are necessary but not sufficient to create real value for investors and customers. Many great technology solutions, like hydrogen engines for cars, look great on paper, but are extremely difficult to make a business.
Every entrepreneur with a new technology tells me that his innovation will be industry-disrupting, meaning that it will render the existing technology obsolete, and create a new market. Pick a technology that somehow seems inferior to the major incumbents. Look for sizable customer populations unattractive to incumbents.
Finding a customer for your product in the Department of Defense is hard: Who should you talk to? Looking for DoD customers How do you know if they have money to spend on your product? The Department of Defense (DoD) no longer owns all the technologies, products and services to deter or win a war – e.g.
Focusing on generative AI applications in a select few corporate functions can contribute to a significant portion of the technology's overall impact. Key Functions with High Impact Generative AI is revolutionizing sales by enabling dynamic pricing and personalized customer interactions, boosting conversion rates and customer satisfaction.
They couldn’t possibly understand the new social media culture, new technologies, or have the determination to beat their younger counterparts in the market. In fact, they are well-qualified overall, having worked with high technology and computers for at least 20 years, are highly educated, and highly motivated.
You can have the best technology, but if customers don’t know you exist, or they don’t know how your technology solves a real problem for them, your startup will fail. Yet I see many technology entrepreneurs that focus on the basics of marketing too little and too late. Give your own customers the same consideration.
Most leaders agree that poor customer service is a business killer today, in terms of lost customers, reduced profits, and low morale. Yet the average perception of customer experience has not improved. You have to start with hiring only people who are willing and able to make serious customer service happen.
I see more and more entrepreneurs who seem to have everything going for them – vision, motivation, passion, even a good business plan, product, and money, and yet they can’t close customers. Great businesses begin with a customer problem that has a big and monetizable pain point. Nail the solution. Nail the solution.
Every one of you business owners I know periodically introduces new products and services to sustain growth, fight off competitors, or take advantage of new technologies. Customers won’t buy what they can’t find or don’t understand. Customers need supporting approvals to fully benefit. Incent these early.
Others schedule exhaustive training sessions for everyone on the team, including showcase customers, to make sure that everyone paints a consistent picture. Due diligence always involves on-site visits, informal discussions with any or all members of the team, vendors, and good customers as well as bad. Status of the solution.
To date, much of the growth of the EdTech sector has focused on technology that enhance student learning. This may sound simple at first glance, but the product has been custom-built to address a highly specific challenge seen in the education sector. This helps them build key digital skills by learning how to use technology to study.
Investors, partners, team members, and customers implicitly value or devalue a startup based on the leader’s physical presence, emotional identity, social skills, intellectual agility, moral values, and past performance in the domain. I have paraphrased his key points here as follows: Leader personal impact. Focus on talent and people growth.
It’s not just about moving goods but also about optimizing routes and providing exceptional customer service. Utilizing Technology to Optimize Operations Technology is pivotal in streamlining freight brokerage operations in today’s digital age.
Tools for Modern Performance Reviews As technology advances, organizations increasingly leverage modern tools to enhance performance review processes. In the technology sector, businesses known for their rapid pace of innovation are utilizing these systems to facilitate a constant flow of ideas and improvements.
This class is built on conducting in-person of interviews with customers/ beneficiaries and stakeholders, but due to the pandemic, teams now had to do all their customer discovery via a computer screen. How would customer interviews work via video? See here for an extended discussion of remote customer discovery.).
A business plan is the outward facing definition of the business you hope to drive with your hardware solution, with a hardware overview in the intro to highlight customer value and competitiveness. Use non-fuzzy terms to quantify customer value. Provide specifics on the customer business model.
Charlene Li, in her classic book “ Open Leadership ,” shows leaders how to tap into the power of the social technology revolution and use social media to be “open” while still maintaining control. Employees can share best practices with customers on social network platforms and customers can help each other.
Today more than ever, the evidence is clear that business people need to find and communicate a purpose that goes beyond making a profit, in order to ensure customer engagement, as well as your own, and drive results in the marketplace. As you grow, so will your team and customers. Driven to reduce personal hardship and suffering.
Even here, Elon Musk faced this issue with Tesla, needing a support ecosystem as well as new technology. The distributed model draws on a diverse pool, helps manage costs, and captures regional insights and focus necessary to win local customers. Build for sustainability and resilience, as well as growth.
Leading edge technology software and manufacturing require constant course corrections and iterative restarts. Customer-facing services, like call centers, should rarely be outsourced. Internal services, like marketing and accounting, are more manageable and have less customer visibility. Marty Zwilling.
It’s only been a bit over a month since the start of 2025 past year has witnessed seismic shifts in technology, from breakthroughs in generative AI to emerging solutions in climate tech and healthcare. This is an extension of the previous list with new sources and startup requests. You can find the 2024 RFS list here.
Every startup founder loves to prompt for questions from investors and potential key team members about their vision, and the huge opportunity that can be had with their disruptive technology. Is there a real customer willing to give a testimonial?
In reality, the best business process innovations usually come from regular employees on the front line of your business, just trying to do a better job and better serve customers. These days, with markets and technology changing so rapidly, it’s impossible to verify an innovation before taking it to market.
On the other hand, if you are into solar technologies, there is probably an advantage to being in Arizona or a similar location. Exposure to customers, incumbents, and competitors all drive success. Being close to your customers, your vendors, or even your competitors can make all the difference. It’s just the first of many.
You need to find the skills or experience you don’t have in business, technology, or money. Value factors include your related product breadth and depth, relationships with thought leaders, key vendors, and large potential customers. So the first question I usually get is what percent of the company or equity is that person worth?
In this world of constant change, new technologies, and a thousand cultures, it’s evident and somehow comforting to me that the basic rules for business prosperity really haven’t changed in the last hundred years. Business success is still more about the people than the technology or idea involved. Master-mind alliance. Imagination.
Building a minimum viable product, with customer validation. Years ago, it cost a million dollars for a new e-commerce site, one that you can now create for almost nothing with current tools and technology. Early customer feedback will position your solution, and help you make pivots before critical time and money are lost.
Yet in this age when customers have a thousand alternatives, and are overwhelmed by a multitude of messages, sales efforts can make or break a business. In fact, I believe modern entrepreneurs need to be super sales people, in the most positive sense, to their team as well as customers. You and the customer have to be on the same side.
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