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How IT firms can grow and foster their business

Information Technology

Like every other business, Information Technology (IT) firms develop various strategies to promote the growth of their business, and to increase their revenues and profits. A lot of business development in the field of information technology depends upon your firm’s previous work and the success of your previously deployed IT projects and applications. Information Technology is a sector which is essentially prone to a number of acquisitions and mergers, and hence this sector’s growth strategies differ from other pertaining sectors. There are a few factors that IT companies need to focus on to really make themselves fly which include:

1. Location

The first and foremost requirement for your IT business to grow and foster is its location. Location and geographic presence can be crucial to your firm’s success. This is because while a good location guarantees you a market for your IT products, it also gives you access to a market that understands and uses IT products. For IT companies, it is essential that their headquarters are located in a global IT hub such as the Silicon Valley in San Francisco Bay, or in Dubai.

While Silicon Valley is widely applauded as the tech brain pool of the world, Dubai is regarded as a hub for all things related to technology. Further, you can make use of Dubai offshore banking propositions. Offshore bank accounts offer tax advantages, provide asset protection, access to international markets and currencies, and enable international transactions, as well as access to investment products.

2. Innovation and R&D

Innovation is the backbone of the world’s IT industry and is truly crucial to an IT company’s success. IT companies should focus on innovation and dedicate a major chunk of their budget to research and development (R&D). If the company is unable to innovate on its own, or is limited by its capabilities and resources, it should look to innovate in partnership with another company that has expertise in the field that they lack in themselves. Without innovation and development, it is unlikely that the company would be able to perform very well.

Related Read: The role of data analytics in digital marketing and advertising

3. Customization and Niche Marketing

IT companies can easily innovate and sell their products without having to invest too much time and money. A common example of this is creating multiple altered versions of the same product to suit different markets and hence increase your overall reach in the process. For instance, IT companies can create a basic self-help graphic designing application. This app can then be sold as different versions that differ from each other in terms of usability and extensions, and the company can sell the same app separately for professionals, students and rookies.

4. Distribution

IT companies can focus on their growth strategy by developing new distribution channels to cater to their newly discovered niches. A small IT company can potentially be selling the same product to thousands of individuals and hence will not be able to handle the distribution on its own. They can develop an optimized distribution strategy which would ensure that their product reaches individuals where their competition is not able to. The IT company can hire channel partners and distributors for this process. These channel partners would then also be responsible for handling after sales queries and further distribution requests for the IT company.

Read Next: Indian IT Services Reimaging Growth in the New Normal 

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