Managing a start-up is a task that is continuous, challenging and one that demands innovation at every point.
Moreover, upping the ante in the playing field are your rival companies, the presence of which might make it difficult for you to make your mark. Luckily, competition is not always a negative, particularly in the dynamic world of start-ups.
Here are a few tips on how you can manage your competition, and possibly benefit from them:
Observe their activity
The best way to stay ahead or at least at par with the competition is to keep an eye on the activities of your competitors. Attempt to study their practices, their advertising strategy, marketing techniques, and possible potential ventures.
Viewing all this alongside your own strategy, determine if you can take a leaf out of their book, or if something different will give you an edge over them. Keeping an eye on your competitors will also make for interesting learning experiences, be it their success stories or their errors in business.
Find your USP and concentrate on it
To stand apart from your rival in the customer’s eyes, the key is not to copy what they are doing, or to try and do it better. The solution is to find out what makes your brand, your products or services unique: and work on selling that to the consumers.
Do not make it your ambition to do whatever the rivals are doing, without thinking of whether it’ll benefit your brand. Advertising and selling your products based on your one of a kind strength will bring you much more customer loyalty and brand image.
Be attentive to consumers
Always remember that your customer segment is a major determinant of your success or failure in the industry. If the customers like your brand and your work, they will probably be regular purchasers. But if you show them that you are listening to them, addressing their grievances and acting upon their suggestions, your brand will truly win them over.
If you think a competitor is communicating particularly well with its customers, feel free to take inspiration, but ultimately it is up to you to establish a strong relationship with your customers. Take care of your existing customers, no matter how small the number, and watch your start-up grow.
Track all relevant data
The use of data analytics tools will help you access important stats like your market share, virtual footfalls on your website, precise sales, and so on. Knowing where you stand in comparison with the rivals is an excellent way of managing your competition.
Doing this analysis will also help you in gaining insight into your strengths, and guide you on how you can work on your weaknesses.
Finally, when considering your competition in the ever-evolving start-up environment, keep in mind that every business operates uniquely, and you must remain true to your brand and what it represents, to really stand out from competition.
Remember the above tips and use them, your business will be sure to manage competition very efficiently!
For every start-up looking to make a mark, there will be competition, which is not at all a negative thing. By being consumer-centric, observing the activities of the competitors and learning from them, and using data analytics tools to the best advantage, start-ups can successfully deal with competition especially in Nigeria, and emerge as winners. Thanks for reading!