There goes a bitter truth “me-too product doesn’t run in the market”. We are living in an oversaturated business ecosystem. If you want to stand out in the industry, then you have to think out of the box so that it can create a long lasting impression in the minds of your targeted customers. Innovation and uniqueness are the two aspects that you can implement in your startup. In order to stand out in the market, you have to formulate clutter breaking ideas that will drive your customer’s mind. Competition is inevitable. It can come in the form of direct or indirect to your company.
Following are the few ways that will help your startup stand out in the industry.
- Be unique and original: As an entrepreneur, you must pitch unique business idea to the market by pointing the usefulness of your product to your potential customers. If your startup idea is unique, then there will be a standout attribute, which the competition will lack.
- Avoid mislead information: Always remember that your customer like real information about you. Share your success stories, unique ideas, real and honest information to your customers. If your story is real, transparent and inspiring, then it will attract a larger audience to your startup.
- Choosing right strategy: It is always safe to choose the right strategy such as Blue Ocean Strategy, product differentiation, etc. You have to focus on your customers and create new value for them. It will help in creating an advantage over your competitors in the market.
- Be persistent: Don’t try to reinvent the wheel. You have to be persistent in promoting your business idea. Your idea must knock hundreds of new startups in the market. Sometimes, your idea may not be accepted by your customers. At that point of time, you have to be persistent and cool to accept the negative feedback.
- Identify the white space: In spite of having high competition in the market, you have to identify the white space. Even though your competitors have dominant presence in their market, you have to identify the area that they haven’t focused much. For instance, business strategy of HP and Kodak, etc.
- Use market trends as a growth strategy: With the use of latest technologies in machine learning and big data, you can make your startup stand out of the industry. If you can implement the market trends, then you can satisfy your customer’s needs.