All startups, at some point in their journey, will face competition. The competition sometimes involves significant players within the industry. However, you cannot hold back your goals for fear from a bigger player, especially if you’re innovating and believe in your vision as well as execution. Cited from The Entrepreneur, these 3 ways help a startup to compete with established brands.
Changing the marketing game
Bigger competitors may have a budget that your startup may not able to compete with. If you force to copy doing the same thing, it would only increase your marketing costs. Besides, it could turn into a game of who spends more to win.
Yet, you can do another thing to beat that big competitor. For instance, you can make an excellent product that fits the market need. Once you have it, you will need minimal promotional spends, while witness your product spread like wildfire.
Once your product meets market demand, people will talk about it. Unconsciously, they become your brand ambassadors.
Read also: 3 Principles for Growing Startup into Promising Business
Changing the hiring game
Great minds make great startups. You need the best talent, yet you might not have the budget for it.
However, there are like-minded people out there who prefer working for a start-up, instead of an established company. There are people out there who will believe in your startup vision. No one will find them for you, and only you can do that. Find these people, address their pain points, and only bring the best onboard.
Read also: Corporate Training to Grow Startup
Changing technology games
Your budget will not allow you to dream of using the same technology stack or development processes owned by bigger competitors.
Understand the weaknesses and process footprint of your competitors. If you could innovate, truly innovate, it will set you apart from the crowd.
