When you’re a relatively young startup and in a weaker position than the bigger businesses, it can be difficult to see how you’re going to compete against them. They’ve been around for many years already, after all, they’ve proven their worth and won the customers’ trust – so how can you offer them something that’s even better?
While startups definitely have a tougher time than the bigger businesses, there are still ways to become a bit stronger and eventually grow to a decent size. Here is a handful of ways to make it happen so that you can feel a bit more confident in the race.
First: Offer a loyalty program
Let’s start with the simple stuff first; a customer reward program is an excellent way to not only maintain your existing customers but also to make sure that the new ones stick with you.
You may want to offer them a month or two of services for free if they refer another customer, for example, or allow them a few freebies as a package once they have been with you for a while.
That way, you will be able to provide something exciting for your customers who have been there for a while and might even be able to lure others to invite their friends and family members as long as the reward is tempting enough.
Consider your business and how it operates before you decide on the best strategy and have a look at this article to get started right away. Undeniably, a loyalty program like this will benefit both your business and your customers, in the end.
Next: Improve your customer service
You know that the bigger businesses may be able to beat you on price and even selection but you still have a slight advantage over them; your business is small, intimate, and can offer a much stronger focus on the customers.
They’ll be able to get to know your business, in other words, and might come to trust your small team over time. In order to boost your customer service, it’s important that you have employees on your side that knows what it takes to deliver exceptional service to the customers.
Start by setting up a virtual reception in case you’re an online business and continue to find more ways to attend to your customers’ needs. They’ll definitely thank your business for it.
Keep an eye on your competitors
When you’d like to grow a bit bigger and stronger, it’s important that you know your competitors rather well. With as much information about them as possible, you might be able to offer your potential customers something extra – and even beat them in certain areas.
Uncover their advertising strategy, read up on what their customers like and dislike about the business, and give your growing company that competitive edge that they’re missing.
Without this taken care of, it will be impossible for you to grow at the pace you had in mind and it will certainly not be easy to survive in a new market. Identify new opportunities wherever you go and continue to keep those existing customers loyal – it will all be worth it, in the end.
Being a young business is not always easy but at least you have a lot of opportunities for growth. Remember to keep your eyes open for them, though, as you can’t really blame your business for not growing at the pace you had in mind when you’re not taking advantage of new opportunities.
The best kind of business owners know how to identify them and when to strike; while it’s not an easy game, you should still keep your eyes open for something that could be really profitable.
*This is a contributed post