Starting a technology company is one thing. Starting a technology company that meets consumer needs is something entirely different.
Is it always the difference between successful and non-successful companies – do they meet current consumer demand or, as is often the case with technology, do they create consumer demand that they can meet? ?
I recently spoke to Hamid Shabazi, founder and CEO of telehealth company Well Health Technologies, about how technology companies make sure to meet real customer demand and why it’s so important to do so. Founded in 2017 by Shabasi Well, after a successful withdrawal of $304 million from its initial TIO network that year, it is no stranger to building, operating and selling successful technology companies.
He offers three points every tech entrepreneur should consider.
With the rapid development of technology in all industries, it’s easy to get distracted by how the next big thing will be.
But like in any industry, it’s not always important to be shiny and fresh.
“As a technology-focused entrepreneur, I often see a lot of interesting new technologies, but don’t seem targeted in terms of tangible benefits,” Shabasi said. “Inventors and entrepreneurs must ask themselves, ‘Well, we’ve designed new technology to help solve problems, but is it really moving the needle for our customers?
Identify the requirements your technical product or service is designed to meet
As you build your product or as you begin to explore ideas, you can identify in detail the customer you are trying to meet and how your product makes it.
Here you need to get the details. Suffice it to say that your product meets a need for better performance or helps streamline workflow.
How useful is your technical product to your customers? Keep in mind that there are opportunities, there are at least a dozen other companies that offer some version of your product. That’s right – it means you need to be clear about your value proposition. Shabaji and his company measure success by how well they do the following three things:
Improving access to care. Are you improving the performance that the coaches can do their job? Empowering trainees, if their work is better, they can see more patients faster. This will increase the ability to access the web.
cutting costs. We are in a crisis of rising health care costs. Many new technologies are actually increasing, not cutting costs. Rising costs put pressure on all participants in the ecosystem, creating a vicious cycle. So Shabasi was determined from the outset to create an invaluable, inexpensive alternative to the traditional doctor’s office model.
Improving effect. Is New Technology Improving the Accuracy of Trainers Doing Their Work? Does it provide advanced insight? Advanced approaches to care providers generally lead to better health outcomes in better diagnosis and treatment protocols.
At the end of the day, better health effects are the most important part of health care. We are gradually seeing a shift in the industry to a value-based maintenance model, which places a greater emphasis on quality of care than “service fee” models that focus solely on size. When this changes, we need to ask ourselves how the quality of our technology improves.
Visit All Customer Service
Customer service takes on a whole new dimension when potential customers find your 10 closest competitors in a simple Google search.
So, how does having good customer service help determine whether you are meeting the needs of customers? Pretty straight forward: They’ll tell you what works and what doesn’t. Your job is to listen.
This means that you are where your customers are, and give them multiple ways to reach you. You need to get back to them quickly – according to the latest statistics, 80% of customers expect a response within 24 hours, which means if your team takes longer than that, you’ll have some work to do. .
While customer service is huge, it really needs to be part of a larger, customer-focused perspective. Being customer-focused not only provides you with the best service, but also builds, grows and develops in the interests of the customer – not at the heart of your company. If you do it right, you’ll find that your customer’s best interest really is your company.
“Being customer-focused or patient-focused in your case is incredibly important,” Shabasi said. For example, for us, we know that people look for health solutions when they are scared and vulnerable. His health is in danger. That is why it is very important that we always look at the problems from the patient’s point of view. the protection they get
Creating a technical product or service that truly meets the needs of your customers requires constant evaluation and optimization. By focusing on the value you provide, identifying your needs, and being customer-focused, your technology company has the best chance of building lasting, lasting success.
