Is your new tech stable? How to evaluate a tech company amidst economic uncertainty
In 2023, Facebook plans to lay off another 10,000 employees, making it the first Big Tech company to announce a second round of layoffs. And Zuckerberg has publicly mentioned focusing on a more technical, lean organization. Some companies may be wondering if that means Meta will abandon Workplace altogether. Only time (or Zuckerberg himself) will tell.
Wondering what these tech layoffs mean for the tech you’ve invested in? Or where should you spend your tech budget? Choosing a technology is not a simple task. Not only are you looking for certain technical requirements, but now you need to think about vetting the company as well.
Here’s a simple guide to evaluate the company before you invest in your next piece of technology stack.
Make sure the product and company have a solid roadmap, consistent growth, an effective strategy, and high customer adoption and satisfaction.
How to evaluate a technology product or company for longevity
1. Make sure there is a solid roadmap for the product or company.
When you’re doing a product demo or are in the pre-sales evaluation stage, ask what future improvements are planned and how that list is determined.
Here are some questions to ask:
- Do you conduct customer feedback and interviews?
- Do you spend time doing UX testing with customers?
- Is there a customer advisory board?
- Do you take feedback from closed AND won sales deals?
- How do you evaluate competitor roadmap and strategies?
If you like what you hear, ask for examples of recent quarterly roadmaps. Ultimately, you want to determine how this company plans to compete, and if they have created a roadmap to help do that.
2. Determine if the company is positioned for consistent growth.
Do they have steady hiring year over year?
- Are they meeting their financial goals and targets?
- Do they continually do press releases and/or announcements of new executive hires, new offices and expansion?
3. Choose a company with an effective strategy.
You want to choose a company with an effective strategy because it means they have a plan for growth, how to get there, and may have even planned for uncertainty. Here's some things to look for:
- Has the company grown through M&A?
- Do they set a vision in the market, as supported by key analysts and awards?
- Do they see the market as more than it can be today?
4. Finally, look for signs of high customer adoption and satisfaction.
An easy way to do this is by browsing the website and checking out the customer stories and testimonials. How well do they articulate the problem customers are solving with their solution?
Other key indicators to look for are:
- Do customers speak on their behalf at public, onstage events?
- Do they host annual customer and user conferences?
- Do customers engage with them on LinkedIn?
- Finally, are they willing to walk you through their customer success and support options?
How LumApps stacks up
At LumApps, we design our roadmap with our customers in mind. Through in-depth and frequent customer feedback, we plan, build, and execute a roadmap that brings features and benefits to large, global organizations looking to improve their employee experience.
We hire people (we call our employees “Lumies”) who are passionate about customer success, and who are bold and not afraid to do amazing things!
We are visionaries on the market. Don’t just take our word for it, LumApps was named a leader in The Forrester Wave™: Intranet Platforms report.
Our vision for the market goes beyond intranet and corporate portal. We achieve our vision through our development cycle, and through M&A, folding in best of breed technologies into our current offerings so that we can iterate and release improvements more quickly.
Finally, our customers are the reason we get up in the morning. Our superior customer success and support set us apart from fellow competitors. We offer end to end customer enablement through training, workshops, touchpoints, and feedback sessions.
Customer support is available 24/7. And, we are proud to have our customers speak on our behalf, show their pride on Linkedin and customer review platforms, and win awards for their LumApps platforms!
If you’re looking to invest in an employee experience platform that is stable, growing, and focused on its customer needs, we hope you’ll give LumApps a shot.
Book a demo today to see how we can empower your team.
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