Starting a new business? If so, we are sure you already know how tightly competitive the market is. No matter how innovative your company is, or how unique its niche is, there is always competition to think of. In many cases, the competition is much bigger, has deeper pockets and years of experience coupled with an already established system. That makes you the underdog and the odds are automatically stacked against you. But, being the underdog can be an advantage if you know how to keep your head in the game. In this article, we will show you five ways you can turn the odds in your favor. 

Know the competition

What do they offer? What are their marketing strategies? What market share do they hold? What are they doing wrong? What are they doing right? How do their products or services stack up against yours? What makes their customers loyal? These are some of the questions you must answer when researching the competition. Armed with this knowledge, you can tailor your product or service to target the underrepresented customers, unsatisfied customers, or unclaimed market share. 

Take Apple and Samsung for instance. The battle for which is the better smartphone manufacturer has been raging on for years. Some users claim Apple is better than Samsung and others beg the differ. Both companies hold the biggest market shares and yet, startups like Oneplus, Nothing Phone, etc are still able to steal the show. There is always an unmet need, exploit it. 

Play the long game: Rome wasn’t built in a day

As a founder, it would be tempting to ride the ways of the latest and trendy for fear of missing out. This is not a bad idea, but trends change, quickly. Their “short-term nature” makes them a risky investment. So instead of doing this, you should follow the advice of one of the richest men on earth with a company that has been valued at up to a trillion dollars, Jeff Bezos. Bezos the founder of Amazon has one strategy for predicting the future by thinking long-term. This may sound like common advice if that was all there is to it. 

Together with working with a 10-year vision in mind, Bezos always tries to answer the question “what won’t change?”. No matter the niche you are going into, there are constants and these are the things you should chase after. The story of Canon and Xerox is a typical example of unchanging market demands. Both companies were well known for their office equipment mainly the photocopier. But Canon had an edge over Xerox, its products were priced very low and yet still great. Although Xerox equally made great machines, all things being equal, consumers will always go for products with the lowest price. 

This shows us two things, first, in 10, 20, or even 30 years' time, the price will always influence consumer behavior. Secondly, you should leverage opportunities that help you develop good products at a competitive price. 

Leverage on the latest technological innovations

In 2020, we saw one of the biggest upheavals in recent times caused by the Coronavirus pandemic. The onslaught of the pandemic had forced the governments to implement compulsory lockdown in every country in the world. Health-wise, this was a great strategy but economic-wise, it was a disaster. Many companies went bankrupt during this period because they were not prepared. But companies that were prepared for such an event made a fortune. The difference between the companies that fared well during the pandemic and those that didn’t is innovation. 

Technology is growing at a very fast pace. A few years ago, nobody would have thought of working from a remote location. But this became quite common in recent times. Some companies were quick to adapt and put in place the technology that will allow their employees to do their work from any location in the world. These companies never know that one day, they would have to depend completely on such innovations, until the day arrived. Because they had the technology and structure to support remote work, these companies found themselves in a better position compared to the companies that failed to innovate and adapt to the changing work environment. 

A startup should be ready to embrace change as it could be the one thing that guarantees its survival. Startups have the advantage of being flexible because they do not have an already established system of operation. Founders can use this strength to their advantage to stay relevant in any industry.

Customer service

In business, customer service is everything. The idea is simple, the customers are the reason why you are making products or providing services. Yes, you want to make profits but without customers, that won’t be possible. That is why businesses spend a great deal on advertising, marketing, and branding. It is all to get the target customers, but many businesses stop there. Once they get the customers, they do not consider the next option, which is customer retention. 

According to the management and consulting firm Brain & Company, a “5% increase in customer retention produces more than 25% increase in profit”. Outlining the benefits of forming loyal relationships, the firm affirmed that the longer a customer stays with a company, the more profit they generate. These happen for three reasons; returning customers buy more, they also refer others to the company and they are willing to opt-in for premium services. 

Startups can become strong competitors in any market if they put as much effort into understanding the customers as they put into developing a new product. One satisfied customer is worth more to the company than many unsatisfied customers, in the long run. 

Enter into a partnership 

Empires are hardly built by one man. Few companies ever make it all by themselves without the help of others. Sometimes, beating the odds could mean partnering with the right people. Regardless of the nature of your business, the right partnership can accelerate the timeline of your company. With the right connections, resources, and experience, a 10-year goal can be achieved in 5 years. 

So why not improve your odds by finding a partner who can give your business the extra push it needs? That is what we do at Epirus Venture. Whether you are in need of finances, connection, experience, research, branding or you are just trying to build the right team, we have you covered. We pride ourselves in empowering you with what you need at every stage of your business. Partnering with us is easy, all you have to do is reach out to us via our website and we would do the rest. With Epirus Ventures, you are never alone.

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