Businesses exist in a competitive environment. No matter how big the company, or how niche the product or service, competition can help nurture a business.
Competition is healthy, and makes for a more colourful market, which is essential for the discerning consumer in a globalised world. For small businesses however, the issue is how you can exist as a small fish in a big pond?
Here are some ideas for startups to deal with competition:
1. Find the USP and build on them.
The first place to start differentiating your brand is in the products you provide. This need you offered something better than your competition. If don’t have any leverage over other brands then you have to go back to the drawing board.
Put your efforts on improving your selling points than trying to copy other brands’ assets. This is a more efficient way of spending your time and resources. Emphasize on these and make sure your consumers know what makes your brand a better choice.
2. Know the competition
If you are going to fight them, you might as well know their strengths and weaknesses.
Global Resources notes that “there is plenty to learn from the successes and failures of a worthy adversary.”
Focusing on your brand and your consumers is your top priority, but knowing what your rivals are doing will help you plot your next steps.
Are they offering a new innovation? Applying a new strategy? Will these work for you? These are questions you should be asking yourself. You can’t get ahead of your competition if you have no idea what they’re doing.
3. Outpace them with Unparalleled Customer Service
Find what the customers are passionate about and give them more of it. Your job is to find out what your market is passionate about, and use it to your advantage.
Who is your business for? It’s not enough that you create a product that will make their lives easier, you should keep customer service as your top priority. Wanting to solve their problems easily and keeping them happy is what will make them stick with your brand.
Also, make sure that you listen to their suggestions, consider their ideas, and assure that you’re hearing them out. This could even be your competitive edge, what will make your brand endearing to customers.
4. Strategically Partner with the Giant
Everyone in this world can offer something to someone. For example, if you are a local company, and you have a deeper relationship with the local customers, or, contractors, you can use that to help the newly entered national or international company in establishing itself.
Often small businesses benefit from the support of the local community. Small businesses are the heart and soul of a local community. By creating a unique, personalized experience for your customers, you’ll offer something your much bigger competitors never can. Local businesses and small startups must realize that they can comfortably coexist with big businesses if they fulfill a completely separate consumer need.
Watch this video to find out the way HelloLobby deal with competition.