Startup entrepreneurs often face tough and direct competition from big billion dollar companies whom they cannot compete with in terms of revenue or company strength. Most of the time when startup enterprises clash with giants, the giants wins. This is not because the startup lacks in providing quality products and services but because the big brands already have a fleet of employees and a large customer base at their disposal. But just because startups are likely to get overthrown by the giants when push comes to shove, it shouldn't stop budding entrepreneurs from fulfilling their business dreams. Here are five ways in which startups can beat big companies:
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Don't give in to fear
When you see your corporate giant rival spending millions of rupees behind research and development as well as 360 degree marketing campaigns, don't cower in fear for your small business. Instead, hire the best talent there is and create fantastic products that your consumers will be compelled to buy. If you truly believe that larger organisations don't stand a chance against you, one day your self-fulfilling prophecy will come true.
Use speed to your advantage
Sure, big businesses have vast resources, but they also have a big bureaucracy that consists of several layers of hierarchy which slows down their decision-making process. This is where startups can use their small size to their advantage. Clients hate slow service. Startups can satisfy big clients by responding to mails and providing sample work in record time.
Be prepared to toil
Don't give up if your first 10-15 marketing strategies generate negligible results. You can't face competition from big giants if you're not even willing to compete with yourself. Strive to better yourself with each fresh effort and you'll get your break sooner or later. Successful entrepreneurs will tell you that it takes only one big break to change the face of a business. And once that break happens, work relentlessly to make your dreams a success.
Listen to what your clients want
Multimillion dollar companies rarely care what their clients want. As a startup, you should do just the opposite. All you have to do is listen to your client's problems and deliver solutions. Create and breed a client-centric ideology in your company. If you take a step towards fulfilling your client's needs by customising your products and services, they too will take a step in your direction.
Be determined to succeed
As a startup entrepreneur, you will hear a lot of no's from your clients in the beginning. Don't be dejected just yet. Keep looking for excuses to mail and meet potential clients. If you're determined to have a client on board, go after him with all you have. Many big companies take their clients for granted. Use this window to make the client see that you're a better option.
Don't let failures and lost opportunities bog you down. Use the above mentioned five tips to make your startup a raging success even in the face of tough competition.