The first step towards proving your big data startup’s credibility is to have a solution that actually works.
This is your minimum viable product (MVP), and it should have all the features to get early adopters on-board.
Once your big data startup is up-and-running, there are many ways of measuring how credible your business is.
But what does it mean to be credible? Your startup may provide credible solutions, but if it doesn’t establish itself as a trustworthy entity, then your target audience is unlikely to pay attention to your product or service. Likewise, your existing clients will fail to see reasons to stick around, if your big data solutions rivals seem like a safer pair of hands.
Here we take a look at how to prove your big data startup’s credibility, from client retention to establishing partnerships and leveraging positive media coverage.
One of the best ways to measure credibility is by speaking directly with those you serve — your clients.
Unhappy clients are more likely to just stop using your services rather than tell you they’re not satisfied, so having multiple touch points are key to implementing valuable feedback.
Happy customers, on the other hand, are more likely to stick with you, and your client retention rate should be a good indicator of where you stand on credibility with your clientele.
While having excellent customer service and good communication skills are valuable for client retention, your product or service is also key to your big data startup’s credibility.
This means providing accurate, data-driven results with a proven track track record.
Some big data analytics startups, like Tecton for example, are able to launch with millions in Series A funding because the founders are serial entrepreneurs who have proven their credibility through previous startups.
If you’ve not got an existing track record in the big data community — don’t sweat it. You don’t need to have a long history of growing successful startups to be credible.
Customer satisfaction and retention is a great start, and client testimonials are a very positive benchmark.
Now let’s see how we can expand that network to show even more credibility.
For big data startups, partnerships provide the perfect opportunity to showcase what they’re really capable of.
Corporations, NGOs, and government agencies are all looking to partner with big data startups because of the innovation and agility they bring to the table.
For example, the US Department of Defense is looking to partner with big data startups to combat the coronavirus as part of its COVID-19 Joint Acquisition Task Force (JATF).
The JATF put out a solicitation seeking apps, algorithms and analytics tools from startups to better understand the nature of the virus and how to stop it for the “welfare of citizens.”
Big tech companies, too, are always on the lookout for big data startups to partner with, and these partnerships turn out to be win-win situations for everyone involved.
For example, Microsoft recently partnered with Japanese big data startup PSYGIG to help curb the spread of COVID-19.
PSYGIG is primarily focused on big data solutions for self-driving cars, but thanks to the partnership with Microsoft, it was able to branch out, gain more exposure, and more importantly, bolster its credibility even further.
Because of the partnership, the PSYGIG brand is now widely visible on Microsoft’s landing pages.
Meanwhile, Microsoft was able to learn from PSYGIG’s solutions, and the world now has a deeper understanding of how to combat the virus, with another valuable tool at its disposal.
After establishing a proven track record of success with your happy and satisfied clients, partnerships are a great way to further bolster your big data startup’s credibility.
Positive Media Coverage
Taking your big data credibility a step further is to achieve positive media coverage because big data is a double edged sword.
Public opinion on the potential for big data companies to use their powers in ways that could infringe upon personal privacy shows that people are skeptical about how the technology is used.
For example, the same data that can be applied to help stop the spread of COVID-19 can also be sold to the highest bidder, including law enforcement, to further increase surveillance on private citizens.
Big data startups have enormous potential to do good with their solutions, but receiving positive media coverage requires that startups go beyond just solving specific problems in unique and effective ways.
They’re required to demonstrate credibility and trustworthiness, given the need to manage data in a secure manner.
Therefore, transparency, privacy, and security are all traits that the public wants from big data solutions.
This is where the value of big data PR comes in.
A comprehensive PR strategy can get the right message in front of the right audience that accurately paints your company’s mission in a positive light and one that customers are sure to appreciate — a very positive return on investment.
If your big data startup is doing great things with big data, it should be shared with the world, as people are always looking for better solutions that are both data-driven and ethical.
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