Every year, there are plenty of startups that try to make it big in the already saturated market. In 2020 alone, despite the impact of the global pandemic, the United States recorded a whopping 24% increase in new businesses that opened.
However, although there were more entrepreneurs in the past few years, it was certainly not easy for these businesses to weather the challenges brought on by the coronavirus. In fact, they were more vulnerable to risks and failures than their bigger competitors.
But despite the uncertainty brought by the pandemic, there were still a number of startups that survived and thrived. Their resilience and drive to pursue opportunities helped bring them to success. More than that, the showcase of their unique brand identity and value helped these startups capture their own audience and solidify their space in the market.
For any new startup, the idea of competing with well-established companies is daunting. However, you don’t always have to go head to head with the more popular and bigger brands.
According to a study, lack of research and targeting of the wrong market is one of the biggest reasons why most startups fail. Instead of focusing your efforts on competing with larger rivals, you should concentrate on identifying and understanding your own niche.
Rather than trying to get a share of the market from the bigger brands, there’s a greater potential for growth when you look into the untapped audience. Once you’ve determined your target consumers, the next step to launching your startup is to establish a clear brand identity.
Not all businesses are the same, and startups have their own unique attributes that allow them to hold their own against their rivals. Here are some of the qualities that give startups a competitive edge over bigger businesses:
Most startups have their own personal narratives and humble beginnings, and it is one of the things that consumers love about them. According to a report, about 64% of customers today value brands that are real and authentic.
Nowadays, people are overwhelmed with the different ads and content from bigger brands that they’ve become more conscious of what they see and read. But if your marketing strategy is focused on promoting your story, identity, and purpose, you’ll be easily able to cut through the clutter, draw attention, and build a strong connection with your customers.
Another thing that people love about startups is that they’re more customer-focused. A report by Zendesk shows that at least 73% of consumers prefer to support smaller businesses because they offer better convenience and excellent customer service.
Bigger brands target a generalized population, while startups focus more on their niche which allows them to give their undivided attention to the needs and wants of their customers. Most startups also have a dedicated team who can swiftly address the concerns of their consumers to ensure that they have a great overall experience.
Startups are dedicated to keeping their consumers happy, even if that means they’ll be pricing their products and services a little higher than their competitors. In fact, Zendesk’s study also shows that 77% are willing to pay a premium as long as they get the value for their money and receive great customer service.
Many small entrepreneurs also emphasize the need for flexibility and adaptability to change as the key to sustaining their growth in the cutthroat landscape. Startups need to be agile in offering innovative solutions to the problems that arise in the market. Compared to big brands which are tied to their traditions, startups aren’t afraid to take risks and they’re willing to develop new ideas for their customers.
Having a unique brand identity is what separates your startup from other businesses in the market. Your overall identity is more than just a logo that represents your company. It's the sum of your goals, vision, and values that you want to communicate to your customers. Ultimately, a good brand identity helps you make a lasting impression on the right audience.
Here are some of the benefits of having a strong brand identity:
One way to increase awareness for your startup is by going online. There’s an estimated 97% of consumers who are going on the web to discover local businesses and learn more about their products and services. If you establish your digital presence, you’re more likely to successfully reach your target audience.
Here are some effective strategies that can help in attracting your customers online:
Content marketing is a great way to pique the interests of your consumers and establish your startup’s image. But for your content to be effective, you need to identify what your audience is always searching for online. Do quick keyword research and make sure your content is not only high-quality but also optimized for search engines.
You should also develop a strong messaging strategy that includes what you want to communicate about your brand. This can include setting the brand voice and tone and sharing your positioning statement.
The beauty of content marketing is that you can tell your story in various ways. You’re not limited to only publishing articles, press releases, and blog posts. High-quality content can also come in the form of social media posts, videos, infographics, and podcasts. If you utilize different types of content, you can increase your social engagement and establish your credibility.
Startups also thrive in building their own communities, and you can do this by creating trust by showing customer reviews. A survey shows that 77% of people are likely to read and believe online feedback just as much as recommendations from their friends and family. If you want to grow your customer base, don’t hesitate to make the testimonials about your startup visible on your website.
If you know how to use it well, link building can be a game-changer for your startup in the long run. Essentially, backlinking is the practice of getting websites to link to your page’s content with the goal of improving SEO visibility. It can help increase your organic site traffic and widen your overall audience reach. Some of the common practices for link building are:
Startup success isn’t something that comes easy but with a good content strategy, you can keep up with the competitive market and establish your position as an authority and thought leader. Let Writrly help you tell your story and build the foundation that will fuel your business’s growth. Contact us today to learn more about our services and get started with your content journey.