Launching a new business is a tough challenge, even for experienced entrepreneurs. Despite offering a fresh approach to an industry, you likely need to compete with large, popular brands.
Your rivals will not only have built strong customer bases, but your business might have fewer resources and a much smaller budget. Rather than giving up at the first hurdle, look for ways to increase your competitive edge and take a share of the market.
Continue reading to find out how to compete with established brands.
Embrace New Platforms
Rather than settling for a popular platform that your competitors are using, research solutions that could provide a competitive advantage.
For example, while your industry rivals might be using Slack to improve communications within their teams, you might need to look for self-hosted options. Fortunately, you can find a more efficient, flexible, and private alternative to Slack, such as Mattermost or Microsoft Teams.
A little research could help your brand to identify the technologies your competitors are using each day. You can then find a reliable, innovative alternative that levels the playing field.
Grow Your Email List ASAP
Forming relationships with potential customers isn’t easy, especially if you’re going up against many large, established rivals. It’s for this reason why you must aim to engage your target market from day one of launching your business.
To do so, you must aim to secure as many email subscribers as possible. Next, you’ll need to develop attractive, compelling email newsletters that you’ll send straight to your subscribers’ inboxes. Look for ways to grab their attention through discounts, fresh content, high-quality products, and exclusive deals. It could lure your subscribers away from your competitors.
Research Your Rivals’ Weaknesses
The biggest businesses in the world will have weaknesses you can exploit. For example, they might target a general population over a niche audience, or they may run poorly optimized marketing campaigns. Thoroughly research your direct competitors to discover where they are struggling, which could provide your new company with a competitor advantage.
Develop an Effective SEO Campaign
New companies must improve their organic presence to succeed online. Unfortunately, many established brands often dominate the first page of Google for many major keywords due to their website’s high domain authority. Improving your ranking might require both hard work and effort, but it isn’t impossible with the right tactics.
For example, you could compete with them in the search engines by focusing on long-tail keywords. Think of phrases your target audience is most likely to type into Google. If you can provide the best match for their searches, you could overtake your rivals on the first page.
Spread the Word
Big brands often struggle to remain relevant to their target audiences. However, the media loves to promote the newest brands, forward-thinking products, or upcoming entrepreneurs.
Rather than hoping journalists and bloggers start covering your brand and its goods or services, reach out to them to increase your company’s exposure. Clever PR tactics could attract many new customers, boost your brand recognition, and increase your annual revenue.