How to stand out from your competition?
Technology industry is getting crowed as more and more start-ups emerge in Hong Kong. This is the age of the start-up but also comes as plenty of start-ups are known to fail. Have you ever heard about the statistics around business failure rates? Only 50% of business make it past the first five years and one-third make it past the 10-year mark. In order to survive in this booming industry, you have to differentiate your business from competitors.
However, being different is never easy especially with so many competitions. So how do start-ups stand out from the crowd? Here are the 3 simple steps to build your own identity.
Step 1: Understand your competitors
There are plenty of other companies who provide the same products and services I do. It is always good to know who your competitors are and what they are really offering. Take some time to do market research and study the competition will prepare you well for choosing the right marketing strategies and taking advantages from your competitors’ weaknesses.
Step 2: Identify your competitive advantages
There is a saying, “Profit in business comes from repeat customers, customers that boast about your project or service and that bring friends with them.” Have you ever thought about “why they buy from you but not someone else”? You should figure out what makes your business unique once you understand your competitions. Use your difference to show potential customers why your product or service is the best among all.
Step 3: Connect value proposition to customers
Again, “why they buy from you but not someone else?” After you figured out what makes your business unique, you still need to create a strong connection between your value proposition and your customers to win their loyalty. So just let your customers determine the best way of interaction such as personal assistance, automated or co-creation etc. Another way to say, you should focus on what users really need as opposed to decide what you offer.
We all know it is a huge challenge for start-ups to get and grow their customers. Start to boost your business today with these simple steps and share with us about your ways to beat the competition!