4 Ways Small Start-ups Can Take On Established Competitors

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

Starting a business means you’ll be in competition with other companies that already exist. It’s actually a good thing if you have competition to go up against. Competition pushes you to be innovative. It also means there’s an established market for your goods or services.

The key to benefiting from competition is knowing how to effectively take on competitors so your company earns a profit. Here are some ways to get ahead of established companies and grow your business.

1. Respond to customer needs

Large businesses have weaknesses. The bigger they are, the less personalised and responsive their service is. They market themselves to a wider audience and, because their overhead is higher, they have to bring in more clients to cover their costs.

In this respect, your size is an advantage. Fewer customers means more personal service. That opportunity for relationship building will entice customers who are looking for extra attention.

Examine what people love about your competitors but also what frustrates them. Build your business to address those gaps. If you find early on that something isn’t working with your customers, don’t be afraid to shift. Be innovative in responding to market changes and customer demands. You’ll have an easier time making that change early than once you’re more fully established.

Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts ([email protected])