Ways a Startup Can Compete with Industry Leaders
Starting a new business is tough. There are many aspects you have to consider – raising the funds to get started, researching the market, effectively promoting your business, etc. There’s also a point that further compounds these elements: the competition.
The big boys in your industry already have a significant advantage over your startup. They’ve been around for years, built their reputation, and have a considerable client base. Add in the vast resources they possess, and it can be difficult for your business to gain a foothold.
Yet it’s not impossible.
With some savvy planning, it’s possible for a new business to go toe to toe with industry leaders from the start. Here are a few smart ways a startup can compete.
Incorporate cloud computing
Cloud computing has several major benefits. That said, when it comes to competing against the major players, the notable advantages are the inexpensive startup costs and ability to scale up effortlessly.
You can put together an entire virtual cloud data center, where there’s no need to purchase expensive equipment or software. You gain access to what you need when you need it, and this means you can instantly compete with larger organizations in terms of IT infrastructure.
Win at social media
Digital marketing is a highly competitive field. For instance, many big businesses plunge a lot of money, time, and resources into search engine optimization (SEO) as they attempt to reach the first page of Google. However, there are certain marketing avenues that are more of an even playing field regardless of budget and resources – social media is one of them.
With the right approach, it’s entirely possible for you to outperform the social media output of larger organizations. This can be done by understanding your audience and the content they crave, and by staying up to date with trends. Combine this knowledge with creative posts and tweets, and there’s every chance your small business can pull in big numbers on the likes of Instagram, Facebook, and Twitter.
As a startup, resources are going to be stretched. There’s generally not much money to spread across your business – and this includes hiring employees. Fortunately, there is a suitable solution available: freelancers and agencies.
Rather than bringing staff members on board – and covering their wages and other expenses – you can enlist the services of freelancers as and when they’re required. Not only is this more cost-effective, but you also get to benefit from experts in their field.
This helps when competing against industry leaders because it means you don’t have to sacrifice quality, even though you’re spending less on hires.
A personalized touch
Those large organizations have a lot of advantages over your startup. That’s obvious. However, with so many customers already on the books, there’s one element where they are noticeably lacking: personalization. Simply put, they cannot deliver that personal touch to all of their customers.
Yet this is an area where your business can excel. With fewer customers to deal with, you can place a greater emphasis on each one and provide them with a more impressive service-oriented approach.