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Industry Overview

Competition among technology companies is more intense than ever. Technology advancements, lower switching costs, and tech talent shortage have made it more difficult to maintain a competitive advantage and more important to make decisions based on robust data and accurate insights.

B2B market research has shown that in the months and years to come, closely understanding competitive trends, customer feedback, and talent retention will be crucial to persevere as a technology company.

Learning first-hand from other technology leaders and customers can make an enormous impact on cost and strategic initiatives. Organizations that have plans informed by qualitative and quantitative primary B2B research will be well prepared for the changed landscape ahead.

 

Challenges

 

1. Increased competition through new technologies changing the business landscape

New technologies emerge faster than ever before from 5G to next-gen AI, robotics and blockchain. Understanding trends, business applications, and how it could create value for customers will be more important than ever to not lose in the war of innovation and offering a compelling product portfolio before others gain an advantage.

How to get ahead of the competition in building tech products that will shape the next generation of innovations?

Interviewing business leaders across industries and their main priorities and challenges can help predict the next cutting edge innovation, whether that be the next cloud or the next social network.

 

2. Need for staying close to customers to understand their needs in an increasingly competitive business environment

Switching costs have been lower than ever with increased tech offerings.  For instance, advertisers have shown an eager readiness to switch social platforms whenever advertiser or consumer trust is breached.  It’s also more important than ever to stay close to B2B customers to understand what they value, the gaps they are seeing and how their perceptions change.  These insights are critical to retain customers, grow faster than the competition, and stay ahead of the curve.

How to get B2B customer feedback at scale?

A McKinsey study from 2020 found that more than 40 percent of companies aren’t talking with end-users during product development. Understanding customers is one of the biggest value drivers for tech companies. Direct conversations with B2B decision-makers can play a critical role in setting priorities and growth directions for entire platforms and product portfolios.

 

3. War for tech talent

Tech talent has been scarcer and more competitive than ever. The ability to recruit and retain top talent is one of the most robust critical competitive advantages a tech company can have. The sense of isolation and disconnectedness many professionals in the field are feeling from remote-work makes retention even more challenging.  Understanding how tech talent perceives a company and thinks about decision-making criteria over other companies can be critical in attracting, recruiting and retaining top talent and rockstar developers.

How to compete in this new hyper-competitive environment for tech talent?

Tech HR professionals need to connect with other HR professionals to learn best-practices and approaches for returning-to-work.  They also need to understand workforce sentiment, needs, and ideas not only within their own companies but within their industry and ecosystem.

The best competitive defenses and strategies are powered by accurate insights and high-quality data. 

As the world’s leading B2B research company, NewtonX is the partner of choice for technology companies seeking to not only survive but to thrive and win in an era of hyper-competition.

Our proprietary, AI-driven NewtonX Knowledge Graph scans and verifies an open network of 1.1 billion professionals across 140 industries to find insights and answers to any business question. We go to every corner of the world to connect you with the right sources, delivering 100% verified professionals to give your thinking a flawless foundation.

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