The Business of Financial Business

Personally the easiest part of the financial software business is software development.  I have been involved with sales before and feel reasonably confident about this aspect of the business.  The primary challenge for me is marketing.

Sales is a face-to-face process.  Software development is either a solo process or a collaborative process usually involving a small group of developers.  Marketing is very different.  It is a one-to-many (or few-to-many) situation.  Striking a chord with the “many” is a perpetual challenge because the feedback is indirect and slow.  With marketing, I miss the face-to-face feedback and real-time personal interaction.

Knowing that marketing is not my strongest point, I have put extra effort into SEO, SEM, social media, and web marketing.  Over the past couple weeks I have purchased about 20 new domains.  Market and entrepreneurial research has shown me that a good idea, a good product, and a good domain name are not sufficient to achieve my business goals.  I realize that solid branding and trademarks are also important.

As a holder of 4 U.S. patents, I understand the importance of IP protection.  However, I am ideologically opposed to patents on software, algorithms, and “business processes.”   Therefore I feel that I must focus on branding, trademark protection, trade-secret protection, and copyright protection.

My redoubled marketing efforts have been exhausting and I hope they will pay off.  Next I plan to get back to software creation and refinement.

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