If you’re a startup, getting ahead of your competition might feel impossible. Perhaps they already have thousands of followers and engagement on socials, or something else going for them that you’re just not sure if you can emulate. Whatever it is that’s worrying you, you’ll find 10 ways your startup can get ahead of the competition this year:
1. Know Exactly Who Your Competition Is
If you’re going to get ahead of your competition, then you need to know exactly who your competition is. Make sure you research them thoroughly, what their offerings are, their pricing, what they do differently to you, what they do well, and perhaps what they don’t do so well. When you have a good profile on your competition you can begin to figure out how you’re going to become the business that people want to work with.
2. Know Who Your Customers Are
As well as knowing exactly who your competition is, you need to know who your customers are, too. Make sure you know who you’re targeting and then create your advertising campaigns to target them. Creating consumer profiles can be a huge help when you’re trying to figure out who they are, what they want, and who you’re talking to. Working out the finer details of who they are might seem tedious, but it will help you to get ahead in the long run when you know exactly who you’re talking to.
3. Figure Out What Makes You Different
Knowing what makes you different is very important, too. You might have similar offerings to your competition, but what is it that is going to make you stand out? Do you put a bigger, better focus on customer experience? Perhaps your product is superior in some way? Whatever it is, you not only need to figure it out, but make it as clear as possible.
4. Step Up Your Marketing Plan
You might think that marketing isn’t that important in the beginning, but stepping up your marketing plan is key if you’re going to get ahead of your competition and do it fast. You don’t necessarily need to spend a fortune. There are many free ways you can market your business, such as by getting more active on social media and making sure you engage your audience.
That being said, it all depends on what sort of business you are trying to run and what you would like to achieve. If you can afford to allocate a decent amount to your marketing budget, then you should. Having a team take over your marketing plan will ensure that it’s as streamlined as possible and they will focus on getting results while you focus on running your business and doing what you do.
5. Create Videos
Videos are perhaps the most lucrative way to garner attention for your business. With platforms like TikTok, creating videos to market your business and show off your service or products has never been smarter. Even animated videos from platforms like Viddyoze can be beneficial. People are far more likely to watch a video than read a blog post, for example, as they can take in the information with less hassle and in a shorter amount of time.
6. Keep An Eye On Your Numbers
If you don’t monitor your numbers carefully, then you won’t have any idea if you’re getting your share of the pie or not. Business, whether you like it or not, is all about numbers. Costs, sales, revenue, prices, and market shares all matter. Keeping track of your movement is essential! Whether you believe you’ve made a gain or a loss, start tracking your numbers now.
7. Show Your Customers That You Truly Value Them
Who is your business for, if not your customers? You need to show them that you want to help them make their lives easier by keeping customer experience and care your top priority. Solve their problems easily and deal with them quickly and you should develop a great relationship with them. Always listen to their suggestions, consider their ideas, and let them know that you are paying attention.
You should aim to set the bar with your customer experience. Your customer will likely have a set of clear expectations around the quality of the product offerings, so make sure you meet them.
8. Have A Plan To Grow
You should have a plan for your growth. If you’re not growing, then you could be dying while your competitors are increasing their market share. Make sure you have a clear idea of where you want to be in three to five years and then outline the action that you need to take to get to where you want to be. Figure out how you’ll scale your business, as well as how you’ll introduce products and services that you don’t currently sell.
9. Innovate To Stay Ahead
If you want to stay ahead, then you need to innovate. Gather ideas on ways you can improve your business and what new offerings you can come up with. You can get these ideas from staff, competitors, suppliers – just about anywhere. You can figure out how to improve when you receive suggestions, complaints, and make mistakes. How can you enhance the process? Is there a better way to achieve the outcomes you want, that your customers expect?
10. Be Flexible And Ready For Change
Things change over time. Everything changes, whether you want it to or not. Customer needs, expectations, processes, materials, channels, and other things will change and evolve. You will be expected to change along with it. Staying ahead of what is happening will help you to keep your edge. Don’t get stuck in the past, even if something worked for you for a while.
Providing you have a plan and monitor your business closely, you will be more likely to build a strong and successful business. Getting ahead of your competition won’t be easy, but with focus and determination you should be able to make it closer to where you need to be.