How Startups Can Stay Ahead of Competitors

How Startups Can Stay Ahead of Competitors

Running a startup in 2022 is challenging; while your projects may have great potential for growth, you must foster innovation and stay ahead of competitors to thrive. Some resilient startups have successfully proven their worth and acquired funding from venture capitals, while many others are still struggling financially and seeking stability. As more startups emerge and enter the market in Southeast Asia, you cannot afford to be left behind. Here is how your startup can stay ahead of competitors.

 

Statistically Speaking

Startups often struggle to stay competitive due to a major lack of funding and innovation. In fact, not many new business projects made it. In 2019, the failure rate of startups was estimated to be about 90%. According to Investopedia research, 21.5% of startups fail in their first year, 30% fail in their second year, 50% fail in their fifth year, and 70% fail in their tenth year. On the bright side, startups today can minimize the effects of their competitors to gain a competitive advantage in market share. 41% of business leaders “strongly think” that competitive intelligence is important to the success of their business.

 

Competitiveness exists in every industry, and smart businesses will lessen the impact of competition in order to scale up quickly. To do so, you must adopt methods to stay one step ahead of your competitors.  

 

1 . List Down Your Competitors

The first thing to do before winning against your competitors is to know who your startup is competing against. If you offer a product or service online, you are probably competing against dozens, if not hundreds, of other startups for the same group of target customers. Start with listing at least 10 competitors. Simply Google for the type of service or product you provide will almost probably bring up a number of your main competitors. Examine and analyze the content of your startup’s competitors. After you’ve identified your competitors, you can begin your market analysis and dig a little deeper to understand more about the type of content they’re providing. After that, keep an eye on your competitors’ title tag structures, use of keyword-optimized headers, and other SEO actions. All of this information, and much more, can be accessed by using free softwares too!

 

Read Also: 6 Steps to Be Super Efficient 

 

2 . Revamp Your Strategy

Your competitors may have the same financial situation as your startup, but why are they getting more market share? Now this is the question you can answer by analyzing your current strategy and making improvements whenever needed. Better adapting to the demands of your shared target market is one of the most likely strategies to outperform your competition. Conduct a survey with open-ended questions to learn exactly what your potential clients want when they use your products or services. After identifying a client’s pain points, you may seek to resolve them by addressing their issues in ways that the customer understands. Building and nurturing customer connections allow you to attract more clients and grow more quickly.

 

3 . Evaluate Your Internal Team

Other than evaluating what your competitors are doing, see if your internal team needs an evaluation too. This stresses the importance of hiring the right people, so you need to start as early as your recruitment process to get the best talents. Recruit individuals who are well-versed in your company’s business, services, and branding. This is a simple option that may be the most effective way to exceed the competition. Other than recruitment, pay attention to your retention strategies to make the best out of your team’s quality and deliverables. Make an effort to increase employee morale by making them feel like they are a part of the company and recognizing them for their accomplishments. This keeps them motivated and working hard. Encourage them to be professional and courteous at all times, while responding quickly and gracefully to client demands. 

 

There are many steps to achieving success and the best balance of it can be examined from both external and internal factors. Pay attention to your competitors’ strategies and adapt to what your target customers really need. Additionally, make sure that your team is helping you towards your startup success. For this one, Startup Jobs Asia can help you in sourcing people from the best talent pool, so hit us up if you need any assistance!
Read Also: Startup Story: Carsome Malaysia

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