TIPS TO STAND OUT IN A CROWDED STARTUP MARKETPLACE
It wasn’t easy for Uber when it entered the crowded world of on-demand food delivery considering that the competitors Seamless, Grubhub, and Postmates are already in the space and doing well. It is surprising how UberEats now dominates after just three years with 120 markets around the world and even earning more than their ride sharing platform. What did they do?
Standing out in an already saturated industry is difficult even for well-known companies, conglomerates, or brand-new startups. Positioning yourself in a crowded industry requires flexibility and the need to prove to customers you are different from the rest and offer something that others do not, in a different way, in a faster time, in an easier manner.
If you’re a startup eager to stand out in a crowded industry, here are some tips:
- Create a need where one doesn’t yet exist
- Creating a new idea and improving an existing idea are two different things and this is where a lot of businesses go wrong. As a tip, you should recognise what type of service or product you will be offering to the market. Think outside of the box and think from a customer’s perspective and find out what will make them give you their loyalty.
- Admit mistakes and build stronger relationships
- When you fail to provide quality service or product, you should be quick to admit fault (whether you are at fault or not) and open to creating solutions. You need to be on the top of your game to improve the customer experience. In fact, if problems are handled well, customer relationships can be stronger, and the customers can feel valued, and show loyalty.
- Offer a guarantee
- Nothing beats a business that is true to its word. Giving assurance to your market is a 100% effective strategy that shows customers and prospects how dedicated you are to meeting their needs. Being confident in the product or service you provide could earn you not just financial credit but reputational credit too.
It is already difficult to stand out in a crowd of competitors and, with more and more start ups every month, it is only going to get harder. Choose one of these strategies to create an edge to your venture, so you will succeed.
Fortune Favours The Brave
