Serial Entrepreneur and Investor in People with Passion.Serial Entrepreneur and Investor in People with Passion

It is no secret that technology has dramatically changed our lives, from revolutionising centuries-old habits such as reading, to introducing completely new behaviours such as tweeting. I have long said that businesses which don’t take note of technological developments are putting themselves at a disadvantage. However, technology firms also need to take note of traditional business principles.In my show The Business Class, I recently came across an exciting new technology business, Blippar, which is an augmented reality app. Blippar transforms text and adverts into a live, interactive experience for consumers. With over 3 millions users and 15 million ‘Blipps’ to date, the company has experienced real success to date. But what are the key factors for businesses operating in the technology industry?Marketing is absolutely fundamental to any business. You need to get out there and sell your story. What is your product? How does it work? Will my life be made easier or better by using it? These are questions that are relevant for any entrepreneur in any industry. For firms like Blippar, this is relevant for both consumers and brands. This is ultimately a volume game; you need more people using your app. This consumer base then makes it more attractive to brands.Feedback is a crucial part of both personal and professional development. You have to listen to your customers. This is especially true of technology firms, with software and apps being constantly improved. Blippar’s reviews suggested that there was a split in the market; people either loved it or hated it. In order to grow, understand why the customers are providing this feedback. It may be due to the user experience or perhaps the reliability – whatever it is, you must take their thoughts on board. I always tell my businesses to follow up with clients who may not be happy with the service they received. In the majority of instances, demonstrating that you will do better next time can save the relationship.You have to remember that technology moves really quickly, and the growth or decline of businesses in this sector is often determined by how well they react to what they see. Whether it’s changes in the market, new developments or simply customer mentality – I believe you should always take note of these.There have been many success stories in the technology sector over the past decade, for example Apple, Facebook and Summly. These are different businesses, with different personalities at the helm, but all have great belief in themselves and their idea. If Blippar want to become the next big global phenomenon, they must not let self-created obstacles stop them from creating this.