How Do a New Startup Stand Out From the Competitors?
Do you know exactly how many companies there are in your country? Or exactly how many new companies are set up each day? I would say, ‘countless and infinite’.
As Long as You Have a Good Strategy, You Can Win, Even in a Saturated Market
Take a look around and you may have already realised the market saturation for each product. How many food outlets, mobile phone shops, salons, restaurants, fashion apparel shops, and business companies are there? When everyone is competing for the share of the cake, what can you do to stand out from the rest and become the most talked about brand in your country such as McDonalds’, NIKE and so on?
Here are 8 Tips That You Can look Into:
#1 Think Long Term
Think Long…. Plan Ahead and Take Action
If your goals are only to make some profit and making ends meet, it is very hard for your brand to grow because your business is no different from others. Business owners should look beyond that. Think long term; you should constantly think of the ways and strategies on how to change your company into a renowned brand in your country and work on them.
#2 Have a Converting Website
5 out of 10 companies today may still do not have their own website today. This is not that good because the new age consumers today go online and mobile almost every single day of their lives. On top of that, consumers have the freedom to choose which brand or company they want to buy from. If your company has no website, it will be difficult for your prospects to know more about or even locate your company. Companies with websites will therefore have relatively better business than those that don’t.
Your Website is Your Identity on the World Wide Web
Having a website is not good enough. The business owner needs to have a website that converts. This is because smart consumers think. They can see right through the meaning behind the words in your website, whether they are hard-sell and interrupting, or something better that make them buy your brand willingly. Hence, invest some time, money and effort on creating a good quality and user-friendly website.
In today’s context, a company should also be actively involved in social media by having its own Facebook page or Twitter so as to engage their clients and targeted audience. Social media gives businesses a personal touch to interact with their prospective clients closely.
#3 Don’t Save on Marketing
Everything will be Just a Dream, If You Don’t Do Marketing
New start ups tend to scrimp on marketing efforts due to a limited business budget. However, by doing this way, nobody will know about the brand? No one would wake up one day and say, “I want to buy your products today.” It will never happen if your company is not made known through your marketing efforts; whether the marketing efforts are big or small, it doesn’t matter; so long you take action consistently.
Companies with low business budget can focus on low budget marketing strategies with high impact. One great example is search engine marketing. This is the fastest and most effective way to get to your warmest prospects. Good marketing strategies help to bring in revenue, therefore bosses shouldn’t scrimp and save on marketing.
#4 Customer Service Excellences
Over “Deliver” is the Easiest Way Towards Customer Excellence
Good word will spread if you do everything right. Treat your customers and even those who don’t buy from you well with respect and great service. They will pass the word around. And especially with the internet, the word would be passed around very fast in split seconds. Likewise for the opposite, bad word of mouth will also be spreading fast as well.
Just remember these words, “Under-promise and Over-Deliver”, and your business will definitely soar by leaps and bounds.
#5Franchise Your Brand
Multiply Your Businesses With Franchises
Create your unique business system, franchise it and make it easy for your potential franchisees to operate. The more franchisees you have, the more prominent your brand will be. With profits from your franchisees, business owners can have more funds to expand its brand locally and beyond.
The World is at Your Fingertip. Everything is Possible
Before digital marketing, it was very expensive to expand your business globally. However, today with digital marketing, business owners can literally go global, marketing their business to any client around the world with a click of the mouse and low cost marketing. Business can then grow rapidly and brands established even faster.
#7 Be Unique
You need to be certain that you are not just selling a commodity or providing a service that many people can also do, your products and services should be unique from others. Take ice cream for example, some popular ice cream parlors in Singapore have flavors that are out of the norm such as Chengdol (a popular cold dessert that is made up of coconut mike, malt, beans and ice) , Peanut Butter, Apple Pie and many strange exotic flavors.
What’s Your Unique Selling Proposition? You Got to Find It Quickly
These somehow attracts customers, especially the younger generation to buy, because everyone is curious about what’s the taste going to be like. Hence, such unique ice cream flavors from these new ice cream parlors give them a strong playing ground in their own industry without fearing the Big Boys who are already established in the industry for many years.
Hence, be a little bit different from your mass competitors, and you will definitely stand out uniquely from them.
#8 Enjoy the Process
Come What May, Just Enjoy the Journey
The journey from being an unknown new setup to becoming a renowned brand in your industry is long and tiring. Most times, you may not be able to see results immediately. However, do not give up. Enjoy the process. Do something productive each day to make sure that you are closer to your goal each day.
Living in an age of high speed internet and the smart consumer era today, it is no longer the case of big companies winning small companies or big advertising budgets controlling the entire market. Instead faster companies outrun slower companies, creativity edge outrun the boring, and customer-focused companies win the race against those who don‘t care about their customers.
I will leave you with an inspiring quote from Dr Ron Sim, the CEO of Singapore’s homegrown OSIM’s brand, on the importance of branding.
““A brand as such must have a clearly defined DNA. A brand must have personality. Whatever characteristics, whatever spirit, they must be clearly defined.”
Define Your Brand DNA and You Will Reach Your Goals Soon!