NERDZ LAB CEO Volodymyr Khmil On How To Win The IT Market

Welcome to another interview by Website Planet. Bringing you insights on how the best companies are solving the current challenges in their industry, and how they are planning for the future.

Two issues are plaguing startups and growing businesses in the super-competitive software development industry:

retaining top talent
Staying ahead in a fast-paced market

We invited Volodymyr Khmil, CEO & Co-Founder of NERDZ LAB, to share his tips on how to solve them, like he did to help NERDZ LAB become a world-recognized software development agency with over 90 completed projects in development and IT consulting, as well as several successful startups.

THe result is a playbook for staying ahead and find ways to turn obstacles into opportunities in fast-paced markets like IT and software development.

What unique challenges are people in your industry facing right now?

I believe that one of the main challenges in our industry is competition for qualified specialists and cooperation with them.

Companies in pursuit of talent seek to attract and retain qualified specialists by offering attractive working conditions, competitive salaries, and opportunities for career growth. The industry revolves around people, so this point will also be partly echoed in all the following challenges I have listed.

Another important problem is the rapid pace of technological progress. Technologies are developing rapidly, so it is difficult for companies to keep up with them. Skills that are relevant today can become obsolete in just a few years, requiring professionals to constantly learn new technologies to stay competitive. For example, 10 years ago the industry was focused on mobile development, 20 years ago it was microcircuits. And today the main breakthrough in the industry is artificial intelligence.

📈Genpact predicts that by 2025, firms who have adopted AI will be 10 times more efficient and have twice the market share than those who haven’t. That’s probably why machine learning, NLP, and deep learning are the top three most in-demand skills on Monster.com, while 98,000+ LinkedIn job listings mention machine learning as a must-have skill.

The field of Information Technologies is far from a blue ocean*. The barrier to entry into the field of activity has decreased, which has led to an influx of people without the necessary knowledge and skills. This creates challenges for professionals as they compete with non-professionals for work opportunities and projects. It has become much more difficult to stand out, so companies are making extra efforts to stand out and demonstrate their value to customers. And this is extra spending on marketing and branding.

* Referred to the book Blue Ocean Strategy.

How effective are the current methods for solving these issues?

A practical solution is to cultivate informal relationships with employees. We can significantly improve retention and job satisfaction by creating a work environment where employees feel valued beyond pay and are provided with opportunities for personal growth and development.

We can significantly improve retention and job satisfaction by creating a work environment where employees feel valued beyond pay and are provided with opportunities for personal growth and development.

It is very important to pay close attention to the recruitment process. While hiring processes are generally effective, it’s important to select people who fit well with the team, not only in terms of hard skills but also in terms of soft skills. It’s worth investing the extra time to ensure an excellent job by selecting candidates who fit well with the company’s culture and values. Remember that your employees represent your company, and the wrong hiring decision can lead to significant reputational and financial losses.

Hiring reliable people to delegate responsibilities to is a fundamental aspect of effective management. Such employees bring significant value to the company. For example, as a CEO, by hiring a responsible and reliable person, I can delegate tasks such as project management, freeing up my time to focus on other strategic initiatives. This increases efficiency and contributes to the development of a culture of accountability and trust in the organization.

Dealing with market oversaturation is a complex problem that cannot be solved with a single solution. Traditional advertising, lead generation, and inbound marketing methods are often oversaturated. Instead, referrals, word of mouth, and showcasing experience have become more effective.

And, of course, put value in your company; customers will feel it. For example, during the creation of NERDZ LAB, we highlighted the values that we still adhere to and believe that fully reflect us.

What’s a better way in your opinion to fix these issues?

A better way to deal with these issues requires a customized approach. Business is complex and the solutions in books and courses you could not find. There is no universal solution that works for every business. What works for one might not work for another. But starting with an analysis is always a good idea.

One of the easiest ways to understand the market is through marketing analysis. Each company must analyze its circumstances, strengths, and weaknesses to develop customized strategies. This approach acknowledges the uniqueness of each organization and allows for more effective and sustainable solutions. Doing this at the beginning can make the next steps easier.

Here’s how to run a marketing analysis step by step:

Step #1: Get an overall view of the market

It’s important to figure out how popular your offer is in the market, what competitive services are out there, and what consumption trends are happening.

Step #2: Study consumption and user behavior quantitatively

You need to find out which products or services are most used, how customers feel about brands, how advertising influences consumer choices, and if the target audience is open to working with a new company.

Step #3: Check out market trends and tendencies

Analyzing trends can help you predict demand for your service and spot changes in consumer behavior. It’s important to look at data from different regions, seasonal demand, and the factors that affect it.

Step #4: Scope out the competition

If your product isn’t unique, competition is inevitable. Studying your competitors and analyzing their strengths and weaknesses will help you stay ahead. It would help if you researched what your competitors offer, at what price, what their product looks like, and more. Keep an eye on their social media content and websites.

Once you have taken these steps, it’s a good idea to compare your company’s capabilities with your main competitors to figure out your next move.

Looking ahead 5 to 10 years, what new technologies and trends will have the most significant impact on the issues we talked about?

Technology is changing fast. Now, it only takes a year to create a complex system, whereas before it took a year to make a simple game. It’s getting easier to access technology, so it’s becoming more possible to join the industry. The future of business in the IT industry will be very different. Even though programming will get easier, it won’t go away; it will just change.