Some small startups are afraid of big competitors in the market, and it can be difficult to know how to deal with competition, and therefore gain potential customers. Here are a few solutions:
Competance and knowledge
Know your market and your customers to develop personal customer information. Next, perform a product-market fit to test your product attractiveness. Determine the status of your market, products and services, and business model.
Conduct analysis to determine what's required to improve marketing, sales, and products or services. Check whether the business model needs to be adjusted to improve these objectives.
For example, you have a business that trades building materials. Therefore, your USPs (unique selling prepositions) should be focused on these areas:
- Quality advising on what materials are best for your customers.
- Ensuring timely delivery of supplies.
- Proposing alternate material to overcome customers' urgent needs or to meet their budget. How you bundle your services (if you trade the material), has the potential to create synergy and add value to customers.
- Understand your customer personas so that you can understand whether your products and services can add real value for them.
Use the basic 4Ps marketing mix to determine your pricing and strategies for your products or services. You can further improve your competitiveness by modifying your business model to improve the servicing of customers, and adopt relevant technology to upgrade your CRM functions.