Success factors in the HR tech space

Editor’s note: This is part two of a two-part series. Did you miss part one? No worries! You can read it here.

Our last post discussed how the HR tech industry has seen explosive growth in recent years. We also mentioned that, according to Greenfield Partners, the market size for HR tech was valued at $22.6 billion in 2020 and is expected to grow at a compound annual growth rate of 12.6% from 2021 to 2028.

Selling into the HR tech industry is increasingly challenging because it is a crowded, highly competitive market with over 600 HR tech vendors. At Fingercheck, we are more agile than larger providers, and our ability to pivot makes a difference for our customers.

At Fingercheck, we are constantly looking for ways to stand out in a crowded market. We are backed by our customers, rather than funded by venture capitalists. We’ve seen growth without funding from venture capitalists. That means we answer to our customers, not to boards of directors.

Fingercheck identified these areas where we can scale and remain agile. 

• Product innovation
• Customer service
• Partnerships and channel sales
• Small niche markets

And, this has led to success for us and our customers.

Constant product innovation 

Our product speaks for itself. The riskiest part of selling in the startup space is your product’s quality and market readiness. Selling a product before it’s ready for market is detrimental to your brand reputation. 

At Fingercheck, our product is not only market ready but it also exceeds our clients’ expectations. We listen to our customers’ needs and requests and adjust our product according to the most popular requests for product updates. 

The best part of Fingercheck’s product is the constant striving for innovation. Joel Kohn, our CEO, has a keen eye for innovation and is a thought leader in the HR tech space. 

Under his leadership, we have expanded our product offerings to include options like Workflows, AI chatbots and Pay On-Demand. 

Workflows is a game changer for any HR professional who is repeating mundane tasks. We take those tasks and use Workflows to automate the repetitive tasks, saving your organization time and money. 

Our new chatbot, Finch, uses source code from OpenAI’s ChatGPT, one of the most cutting-edge technologies on the market. 

Pay On-Demand is a revolutionary product development that allows your employees to choose when and how they get paid at a time when the movement for earned wage access is growing. 

This continuous innovation and our product strength fuel our sales representatives’ confidence. Sales reps at Fingercheck know they are selling the best product on the market. 

It’s easy to knock on doors and sell Fingercheck when we know that our product is ahead of our competition and consistently improving. 

We are customer service heroes 

On the Fingercheck sales floor, our salespeople are small business advocates. Unfortunately, our competitors don’t provide such a high level of customer service to small businesses. 

Our prospects often come to us after a bad experience with another provider, and we are the heroes who show them how Fingercheck is easier to use and provides higher customer satisfaction. 

You can think of our sales team as part-time therapists.

One of our core values at Fingercheck is compassion. We have trained our salespeople to listen to customers’ previous bad experiences. You can think of our sales team as part-time therapists. We are a small team, yet we understand the issues our customers are facing. If your payroll provider is lacking in customer service, come chat with our sales folks! 

As a small business and startup, Fingercheck understands the importance of a good customer experience. Our sales team takes the lead on customer service by guiding our customers through the onboarding process. From there, our implementation team ensures a smooth transition into daily product use. Then, our dedicated support team is there to answer any questions that our customers may have. 

Partnerships and channel sales 

In the constantly evolving world of HR tech, Fingercheck is always looking for ways to improve our processes and gain a competitive advantage. One of the most successful ways that we have accomplished this is through our partnerships and channel partners. 

Our Accountant Portal is highly successful because we reward our accountants for each business that they refer to us. They have the opportunity to get paid on the residuals of the businesses they refer. This is a mutually beneficial strategy that has been highly successful. 

Our accountants even have their own commission dashboard to review the rewards they are earning. The best part about this program is that the accountants can trust that their referrals are in good hands with Fingercheck’s products and services. 

Other partnerships include technology integrations that are mutually beneficial. We seek an integration partner and then we focus on selling to our partners’ customers. 

Integration partners are an easy way for our sales team to gain a target list of customers with an easy reason to reach out. An integration partner can turn an ice-cold lead into a warm conversation, and we rely on these partnerships to expand our new business sales. 

We also look for opportunities to sell into spaces where we already have clients, such as franchises. 

Small niche, big growth 

As a small sales organization, our team has the ability to sell to any company across the United States. In order to grow big, we need to think small. Smaller, niche target markets are the key to providing a flow of strategic leads to our sales team. 

At Fingercheck, we are focused on small business owners. Small businesses are the backbone of our economy, and we are here to support small businesses and their growth. 

Our sales team understands that we are not targeting enterprise organizations. In our saturated market, our competitors are overkilling the enterprise space. Instead, we are focusing on the small business owner who needs help paying their employees. 

Keeping our focus and core business value on small businesses has helped our sales team streamline the direction of their sales. Our sales team isn’t afraid to turn down businesses that do not fit our ideal customer profile. We pride ourselves on targeting small businesses and helping those businesses grow. 

Grow with us

As the HR tech industry continues to grow, Fingercheck will adapt our product and sales strategy to stay ahead of the competition. 

Fingercheck is growing at a rapid pace without the assistance of a large sales team, marketing budget or VC funding. This remarkable growth is attributed to our level of customer service, word of mouth, partnerships, and outstanding products and services. 

If you’re a small business owner who needs an easier payroll solution, come talk (or vent) to our sales team and learn more about Fingercheck today! Sign up now.