What should a start up do to distinguish itself from the host of competitors? Basically to stay a step ahead, one golden rule is to not compete directly but to provide complementary services or pursue a different business model altogether. But all said and done, there is no single formula to deal with the competition. It is common that many start ups opt for partnering with their direct competitors so that both companies benefit from the tie up. Some businesses prefer to pitch in for direct competition. Then there are others who don’t care about the competition and collaborate with non competing companies to establish their own market. Here are some tips to kelp you tackle your rivals and create your own unassailable niche.
Look at your competitors not with prejudice, but with a camaraderie as members of one particular sector of industry. After all, you would be working towards the same goal of providing good quality, that will elevate the status of the industry as a whole. So compare notes with competitors and maintain friendly relations. The act of being nice doesn’t cost you anything. On the other hand it can bring you good ideas and opportunities for growth.
Dare to Do
You may be competing in a field which is already jam packed and ruled by big brands. No matter. If you think your product is exclusive and unique to find its place in the market, be bold enough to enter. You might think how can a start up compete with retail giants? It takes guts , audacity and belief in your innovating and bit of luck too, but it has every chance to win. Be confident and build on your unique point. If you are afraid to take the risk, there are others who may just beat you to it.
Hold your Ground
Competition may be fierce and maybe daunting at times. Its no time for you to baulk. Its time to fight back. Come up with something different, incorporate something new in the existing product or service. If it doesn’t work, try another approach, but never buckle down. Do it again and again. If your product involves innovation, patents, intellectual property issues, you are free to take legal steps to combat knock offs. Also a creative marketing strategy to highlight your product features will also help you stay in the fray.
Worrying about the competition is not a solution. The minute you do that, you are heading towards self destruct. It is you and your business strategies that will ensure whether you sink or swim in the rough waters. Competition provides the inspiration for you to keep going, using every method possible to keep abreast or even surge ahead.