“What does it mean to be a tech company?” As more and more companies start using the term “tech,” they’re finding that it doesn’t really have any meaning. From bankers to ball bearing manufacturers, businesses of all types are starting to use tech jargon in their marketing materials, but often with little relevance. In this article we’ll explore what this means for tech as a whole and why you should think twice before joining the trend.
In other words, this development is just the latest manifestation of an age-old illness: the excessive use of business jargon. The terms “agile,” “solutions,” “focused” and “lean” have taken severe lumps in recent years as they’ve become permanent residents in advertisements, brochures, taglines and annual reports. (Indeed, tech company CEOs would be well-served to read up on the history of business buzzwords and their failures before embracing tech jargon.)
It’s time for another reminder: technology companies should “be” technology firms. If you’re developing software or hardware, if your product is innovative in any way – however minor – you are a tech company.
“Tech,” on the other hand, is perhaps a special case owing to its prevalence and inappropriate use most of the time. Is there really a benefit to being a “tech” banker or ball bearing maker — or should you simply provide better bank service, or better ball bearings? Adding the term “tech” seems straightforward enough: to appeal to current tech consumers who are tech savvy, tech curious or tech anything.
The actual impact, on the other hand, is frequently something quite different. Most of the time, it looks to be little more than that; in fact, it distracts and perplexes customers who are unfamiliar with the firm’s product or service. “Tech” banking or bearings have no meaning; instead, trustworthy banking and precision bearings are significant.
What few firms recognize is that there is a significant distinction between being a technological company and being a technology-based business. The 21st century has arrived: Customers expect, and have every right to expect, that the companies they do business with employ cutting-edge technologies and methods to conduct their operations.
That’s a far cry from being a “tech company” that focuses on conducting research, refining procedures, and developing intellectual property associated with technological innovation – a genuine “tech company.” When a firm that truly performs the first acts as if it does the second, confusion is most likely to be the first consequence – as well as being deceptive.
Brand loyalty is fostered by companies that know who they are, to whom they are speaking, and why they are doing so. In a competitive market where there is a lot of noise, it’s not the means by which one provides or supports its product that keeps them afloat. Those that have a purpose and provide a value proposition that directly relates to how it helps customers either meet their goals or overcome a challenge will always have the upper hand. That’s why tech companies should stay true to being tech firms and not just tech companies.
While bringing technology to bear in order to provide a superior customer experience is beneficial, putting “tech” framing on a business improperly detracts from its original DNA. Consumers are becoming more aware of the digital world around us. Despite the continual tech-craziness in publications and corporate media, consumers are still people who make decisions based on their own personalK tech agenda.
A tech company Telecom thathonestly provides a better way to accomplish a tkask or complete a goal is going to be in much better shape than one who pretends they’re tech savvy when their business practices don’t reflect it.