How To Survive Competition For Any Startup Company
Competition are the one which are giving some startup company some hard times, and that is very true since any startup companies will be very likely to suffer some decline and lack of customer due to the massive choices the startup can face. Things are getting only worse since the customer in any startup company will never have the loyalty, unlike the basic and conventional companies such as culinary or services.
This is due to the fact that many people will simply search for the better deals and cheaper services cost. Take the fierce competition between uber and lyft, where both of the company are struggling fiercely to secure their place in a certain market share. The people in US has no loyalty whatsoever and will be going from lyft to uber back and forth in searching for a cheaper and better startup company. This will make every startup company need to flex their muscle and struggle hard amidst the competition.
Make A Better Deal
Indonesia is one of the country in which are having a fierce competition between startup, such as gojek and grab in the ride hailing services, and a bunch of startup such as shopee, tokopedia and so on in the commercial startup company. Those companies are fierce and also very creative in the terms of promoting their own business and make the competition entertaining. Here are some of the maneuver you can take to increase your presence.
- Promotion and cutting prices
Cutting price and making some promotional advertisement are one of the basic thing you can do, and that is very understandable. The period of burning money is one of the thing you need to acknowledge as a startup company, and the more money you spend on the promotion, the more people you can attract, and once they have become dependent on your services, only then you can reap your reward.
- Brand ambassador
Establishing a brand ambassador is also one of the most used tactic in the term of any startup company, and hence you can appoint one. If you are unable to hire the world class star, then you can go to the national level or the regional level. This will make some attribution in the term such ambassador, and hence people will become more familiar with your product.
- Inventing a new tech
Technology is in fact what makes any startup survives, and hence you need to keep on inventing new things so that people are having some easy times to access and use your features. This is very important as the people who are using your app will be more or less familiar, and applying some good tech will help them understand your business.
Don’t Be Afraid Of Losing Money
Losing money in starting a business is almost just like any rite of passage, and thus you cannot avoid this kind of occurrence. You still need to make sure that any losses are required in order to make a long term investment, and hence you can start getting more money later from your startup company.