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Startup Strategies for Standing Out from the Competition

 

Standing out from the competition is a key component to success as a startup. However, in order to understand how to build the point of difference that is going to pull consumer interest, a little research will become necessary. Key questions to ask while doing this research include:

 

  • What kinds of products does the competition sell? Do they have a diverse line, or do they only offer one model?

  • What is their pricing structure?

  • How customizable is the product? Can purchasers make it their own, or is there just one standard issue item?

  • What kind of customer service do customers receive?

  • Who is a typical customer?

  • What kinds of sales and marketing strategies are being implemented?

 

Customers are not attracted to new businesses that are exactly like more established, trustworthy companies. In order to turn a startup into a success, that business must provide a unique approach from other options. There are several ways to put this into place:

 

  • Offer different options: This will vary on the product, but could include a range of colors, a smaller sized product, or different flavors.

  • A different pricing structure: If a competitor is charging $100 for a product, consider charging $50 or $75. The slight discount might be enough to convince a person to switch brands or trying something new.

  • A different marketing approach: Consumers hear so many marketing messages each day that they often turn into white noise. However, if all of the competitors in the industry are saying message X and a new company is offering message Y, that is often enough to get attention and encourage people to tune in.

  • Approach a different target demographic: When the rest of the industry is going after women 25-54, consider approaching teens, older women, or men. There is probably not enough business in that small demographic to support three different companies, but other demographics can turn into valuable clients.

  • Have a clear marketing message: If an entrepreneur does not know what they are hoping to achieve with their company, then it is likely that they will not convey a strong marketing message to potential customers. Prior to doing any advertising for the business, it is important to figure out exactly what the company stands for, together with long-term and immediate goals.

 

When an entrepreneur takes the time to research the competitive environment in which they will be vying for business, the chances of building a position and share in that market is significantly increased.

 

 

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