The biggest challenge that most startups face is competing with established brands. How do you compete with big businesses which have defined marketing, distribution channels and their cost of production is also low. The following are the sure tips to compete with large businesses.
- Be Innovative
The business world is very dynamic, and you should be ready to apply your imagination. Being different in delivery and how you handle customers is wise. Trying, evaluating and implementing new ideas boost the customer’s confidence in your firm. Come up with a product that can solve multiple problems. Small businesses have several advantages over their established counterparts. You can thus change product line if you note that the current one does not work well for you.
- Invest in Customer Service
You have to create an emotional connection with your clients. There may be hundreds of businesses offering similar services with your startups. How do you convince customers that you are the best? Offer exceptional customer experience and make them feel like part of a community. Act fast on complaints and engage customers through forums and related blog posts.
- Be Patient
Building a brand takes time and hard work. To some, it may take one year while others may take even ten years. Offering high-quality products and treating your customers right will surely pay off in the long run. You can pick successful entrepreneurs to be your mentors.
Some of the multinationals do not take customers complaints seriously. Such businesses have many customers and thus cannot feel the effect of one customer leaving. A small business will give you the chance to customize products for your customers. Ask your customers what they like or do not like about your business. Analyze customer’s feedback and develop a strategic plan on how to improve your products. Following these tips ensures that you offer products that are not only acceptable but also relevant.
- Be Relentless
Most people fear rejection and will give up when the second potential customer says no. Send emails to potential clients and partners even if you do not get replies in the first few months. If you get a client, give them your best and tell them to refer friends.
Competing with established businesses is possible when you understand your niche. Ensure that you give the customers a reason to come back to your business by offering them the best services.