Startup owners enter an over saturated and quite competitive market with bright new ideas that will allow them to prosper. In most cases, startup businesses perceive industry giants as their main competitors. Large enterprises and corporate giants that hold most of the market share are certainly someone who’s to be looked upon in awe.
However, even startup businesses can learn from such giants, not to copy them but to be inspired to create something new. That’s how even the underdogs on the market can manage to compete against well-developed and better-funded enterprises. The road to success is long and paved with various obstacles, as well as challenges. As a startup owner, you might as well take pointers from giants that managed to get and remain on the top for quite a long time. With that in mind, here are a few things startups can learn from industry giants.
Invest in your employees early on
It’s no secret that employees are the backbone of every modern business. Without them, your startup has no way of growing or developing further. That’s why it’s important to invest in employees early on, in order to build a strong team that will allow you to thrive. Today, people who are looking for employment prefer startups in general. The main reason is that they can grow and hone their skills alongside an aspiring new company.
If you want to attract and retain good employees, you will have to allow them to show off their true potential and involve them in the important business-related decision-making process. You can start by developing a unique company culture that will foster collaboration, communication and an exceptional work environment. Every industry giant has a similar culture that allows them to attract and retain top talent so that they can remain on top of their game in the market.
Leverage modern technology
Technology has evolved to aid businesses in every way possible. Every company, no matter how big or small it may be, leverages technology in one way or another. It’s even safe to say that technology pretty much shapes how you operate in the digital world. Take oil and gas industry giants for example. In order to maintain their positioning on the market, as well as their competitive edge, they’ve developed a unique approach to sell oilfield equipment in the digital world.
As a matter of fact, e-commerce has become an integral part of their supply chains and logistics strategies. As a startup business that’s just entering the market, leveraging modern technology that will allow you to develop a unique approach of your own may be the competitive advantage you’ve been looking for. That’s why it’s important to embrace every opportunity presented to you, in order to make a name for your business in the crowded market.
Develop a brand for your business
Every industry giant stands behind a trademark that’s widely known across the entire market and oftentimes across various industries as well. The main reason is that these giants spent time, effort and resources into developing their own brands. Branding a business is one of the most effective marketing strategies today. It allows you to become unique in a way that’s not only appealing to consumers but also compelling. In other words, a brand can make your business stand out from other business on the market and even help it differentiate itself from other brands, as well.
However, you can’t just design a logo and call your business a brand. The key takeaway you can learn from industry giants is that you must build your brand around your company mission, core values and a brand promise that has consumer best interest in mind. More importantly, you must offer something unique and remain consistent with your branding efforts at all times so that you can build and maintain a more personal relationship with your customers.
Focus on your customers
The fact of the matter is that even the industry giants rely on their reputation. Reputation is vital for business success and consumers are the ones that have the last say in what your reputation is going to be. In other words, no matter how strong or powerful you might be as an individual company, you can’t succeed without customers. That’s why it’s of the utmost importance to focus on your customers and ensure their satisfaction.
Happy customers contribute to the overall reputation your business will favor in the online world and even a single angry customer can ruin what took years to build. Therefore, focus on providing not just top-quality products or services but also exceptional customer service, support and overall experience. Listen to what customers have to say and improve upon their feedback. That way, customer satisfaction will help your business prosper and eventually reach success in the market.
Starting a business is not an easy task. What’s more, running a business is even more challenging. However, competing in a crowded market where industry giants dominate doesn’t mean you’ll eventually fail. In fact, if you take the time to learn from their success, you may reach the success of your own and perhaps even outrun those giants in some way.