When you launch a startup, you have a long list of challenges. However, the biggest (and perhaps the toughest) challenge is to cope up with the competition. When there are many other players in the field, you must outshine and outperform. Here are some effective and simple tips to overcome competition.
Speed of delivery
If you think about the aspects that keep you ahead of others, then you should be the first one to deliver. Yes, the speed of delivery is the differentiating element that pushes the customers to bet on you. When all other parameters are at par, customers prefer a service provider that is fast.
Don’t worry about inferior copycat businesses
When you are competing in an open market, anyone and everyone can enter anytime. Do not get frustrated by looking at the similar-looking products of poor quality. They are not going to stay in the market, for sure.
Poor quality copycat businesses do not have a long life. They will always be far behind than you. However, it is highly important that you put the standards at such heights that they find impossible to reach.
A battle of features is endless
When you are a startup business, you need to understand that matching every feature offered by the competition is meaningless. You would put yourself in immense stress, and there is no end to it. Decide about your USPs first, and stick to them. Blow the trumpet about features that YOU offer, and don’t worry about others.
Don’t indulge into the price war
Just as the battle of features, you should not indulge into the price war. Every day, new competitors will come and offer products and services at throwaway prices. If you also lower down the price, it will eventually kill the profitability. Keep a threshold limit and do not go below it.
Scale up the business regularly
Scale it up in every aspect; the customer base, reach, product range and features. When you start the business, launch it moderately. As you get established in the market, enhance it gradually. It is important to keep enough cash in hand because scaling up is not possible without it.
Keep competing with yourself
You are the biggest competitor of yourself. Raise the bar higher and higher to achieve new heights. Think something different and out-of-the-box. It is guaranteed that you will beat others and march ahead on the path of success.