Published on November 14th, 2017 | by Jose Vasquez0
5 Easy Ways to Trounce Startup Tech Company Competition
Your company is going to face stiff competition, but fortunately, there are some key ways to defeat it.
Startup tech entrepreneurs often like to believe they’re immune from competition. They have an incredibly original idea, or are entering a market that doesn’t yet exist, so why would they worry about a competitor?
The truth is, you probably have some competition already that you don’t know about, and if you don’t, you’re bound to face some soon. How you handle that competition is what really counts, however, and there are several different strategies you can choose to handle that competition:
- Price. First, and most obviously, you can try to undercut your competition’s prices. Price is a major deciding factor for almost any customer purchasing decision, so if you can offer customers a better price, a good portion of them will gravitate toward you.
- Branding. You can also give customers a better experience just by differentiating and emphasizing your branding. If you’re a company that better fits with your customers’ needs, values, and expectations (even if it’s strictly through your brand image and voice), you’ll get more customers than your competitors.
- Features. It’s hard to beat the logic of opting for a competitor who simply has more to offer. If you can’t come down on price, consider stepping up what you can give your customers for the same price. Add more or better features to stand out.
- Customer service. Next, you can beat the competition if you give better customer service, consistently throughout every stage of the buying process. Many startups make the mistake of neglecting customer service in favor of building a better product. You need both if you want to be successful, and a stellar customer service team can give you the edge.
- Perks and bonuses. Finally, consider offering unique perks and bonuses that your competition doesn’t. For example, you might have a customer loyalty program that helps customers earn rewards over time.
These are just five of the ways you can differentiate yourself from the competition, and ensure people keep choosing your company over any other in your niche. If you’re looking for more tips on how to beat startup tech company competitors, be sure to contact me today!