Starting a business means you will be in competition with other businesses that already exist. It is actually a good thing if you have competitors to go up against. Competition pushes you to be innovative. By having established competition, it means that there is already a market for your goods and services.
The key to improving on the competition is knowing how to take on competitors effectively, so your company earns a profit. Here are some ways to advance beyond established companies and grow your business.
Respond to customer needs
Large businesses always have weaknesses. The larger they are, the less personalised and active their service is. They market themselves to a wider customer base and, because their overhead is higher, they must bring in more clients to cover their costs.
In this respect, your size is your advantage. Fewer customers mean more personal service. That opportunity for establishing and building relationships will entice customers who are looking for extra attention.
Examine what people love about your competitors and also what they don’t. Build your business to be addressing those gaps. If something isn’t working with your customers early on, don’t object to change, be innovative in responding to the changing market and customer demands. You’ll have an easier time making changes early on than when you are more established.
Show what makes you different
Your business needs to offer something different from already established brands. You wouldn’t have something unique if you didn’t, you wouldn’t be starting a business. You are unique from what’s already out there—and that is what makes you enticing to your target market.
Do you offer goods that are only locally produced? Products that are ethically sourced? Do you have special knowledge or expertise in your industry? Are you offering a service that has a new component, such as a technological advantage? Does your product fill any current gaps in the market? Find what makes you different, and market that. Let people know why and how you’re unique.
Take advantage of existing knowledge
If there are already established businesses in your industry, that’s a good thing. It means someone has already done critical research on your customers’ needs and pain points.
You can gain knowledge from your competitors by studying their operations. Look at their website, review sites, and social media. Take note of how they sell and advertise their goods or services. Are they using strategies relevant for you? Are their tactics successful? Are there weaknesses in their marketing or offerings that you can address?
Always learn first from your competitors around you, rather than spending your money doing your own research.
Focus on your audience
There is enough room in most industries for competition. Always remember your customers are your number one priority, even though it is always a good idea to know who you are up against. Focus your attention on providing goods and services that are meaningful to your customers, that address their pain points, and that make their lives better. Market yourself to make those aspects clear. Show them why you are the ideal company for them to purchase from.
Final thoughts
Using these four strategies you can effectively take on the competition and help your start-up business be successful.
If you have any questions, feel free to Join the conversation…