Managing new startups can be an exceptionally time consuming thing; often enough so that worrying about what the competition is up to can easily slip one’s mind. However, it pays in the shorter and longer run to take a good look at one’s competitors and adjust one’s products, services or offerings in such a way so as to be better, different or even exceptional when compared to rivaling organisations. There are many ways to achieve this end, and there is no one-size-fits-all solution here; but it is important to know nevertheless as to what works and what doesn’t when it comes to staying ahead of one’s competition. Here are some ways by which you could ensure that your startup stays far ahead of people and organisations with similar offerings as yours:
It’s a good idea to be a good listener:
A 2017 research by Clutch highly rates the value of listening (by businesses) at 25% for product improvement, 24% for customer attraction and 21% for the provision of better customer service. Thus, it is indispensable that startups listen carefully and continuously to their clientele as well as prospective clientele in order to improve their products, services and offerings by at least a notch or more. This continual feedback mechanism not only boosts the rating of one’s product/service; but keeping up with it helps one develop products way better than what one’s competitors are offering. Ultimately, this gets the consumer to take note of the product/service as well as the brand, which goes a long way in helping the startup find a larger customer base.
Being quick is your greatest strength:
Even if your startup has bigger and better competitors to contend with, you still have an ace up your sleeve at all times. That ace is the ability to deliver your offerings faster than your competitor does. This is because the bigger your competitor, the greater the number of bureaucratic hurdles and processes that a prospective client has to go through in order to get to their products or services. Thus, you can turn what may be otherwise seen as a handicap or a downer to your greatest advantage and benefit in a way that is entirely unique to you.
Advertising your unique strengths always works:
70% of 25-34 year olds stopped visiting websites that served them irrelevant advertising according to an independent research. This stands for proof that unless your company or brand is relevant, nobody would even want to listen to you. As a logical result of this, the opposite must also be applicable: people would want to listen to what you have to say provided it is unique and something that truly addresses their needs. If your startup is looking to build a name for itself and get recognised and told apart from its competitors, it follows that you must play to your strengths and highlight what’s different about yourself to your audiences on a regular basis with advertising that speaks clearly about your uniqueness. Doing so will take you a long way in setting yourself apart from the competition.
Innovation is your master key:
A good product/service is one that addresses a unique problem in a uniquely useful and simple manner with innovative business ideas. The secret to being different than your competitor lies solely on this particular facet of uniqueness that your startup is able to effectively display or demonstrate. When you innovate, you bring a completely new facet to an offering that has previously never been seen or heard of before. This makes your customers remember you for your uniqueness while attracting more and more new customers towards you, as everyone would now want to try out this specific new offering as opposed to something old and well known being provided by your competitors.
We hope that this advice helps you get an edge over your competitors and truly allows you to set your product, service or offering on the path to success in a way that gets all the customers to truly love your brand or product!
Latest posts by Aseim Deo (see all)
- What Can My Startup Do To Stand Apart From The Competition? - July 19, 2017
- 5 Things Successful Tech Startups Do Differently - July 10, 2017
- Is Your Agri-Startup Equipped To Deal With Volatility? - July 6, 2017