Connect with us

How A New Business Can Compete With Established Brands

Business

How A New Business Can Compete With Established Brands

One of the biggest challenges that a new business faces when launching is competing with the more established brands. Consumers tend to be loyal which means that they will tend to use the same company for a product/service provided that it is high-quality and good value for money. So, how can a new business penetrate the industry and build its own customer base? This has been a hurdle that every successful entrepreneur has faced which means that there are also a few effective tips and tricks to use to find success out of the gate. Try any of the following to start competing with the established brands immediately.

Promotions & Deals

Consumers tend to be loyal, but nothing will turn their attention quicker than a good deal or promotion. These are always a good idea to raise awareness about your brand from the start, and they can be an effective way to acquire customers from the get-go. It is then a case of retaining these customers by providing an excellent product/service at a competitive price. A few good deals to consider include:

  • X% off your first order
  • Buy one get one free
  • Three for the price of two
  • Free shipping when you spend £X

Marketing

You could have the best products available, but you will never compete if people do not know about your brand. Marketing, particularly digital marketing, is an absolute necessity and worth investing heavily in as it can level the playing field.

Find a reputable digital marketing agency that are experts in the fundamentals of search engine optimisation (SEO) to increase your visibility on search engine results lists. This will help you to compete, direct more traffic to your company website and show you as an authoritative name in your particular industry.

In addition to digital marketing, offline marketing remains important particularly if you are providing a service to people in your local area. An effective way to do this is to form a strategic alliance with a complimentary business in your area which will help you to tap into an entirely new market and boost brand awareness.

Make Customer Satisfaction A Priority

The bigger, more established brands with large customer bases often struggle when it comes to customer service and satisfaction because their operation is so large. This is where a new, smaller brand excels because you can take the time to get to know each customer, forge important connections and go the extra mile to make sure that everyone feels appreciated. A few tips include:

  • Interacting with customers on social media
  • Calling customers by name
  • Recommending products/services to existing customers
  • Updating customers with business/industry news
  • Thank you notes with each order
  • Mentions in a newsletter

Launching a new business is daunting, particularly when you have a number of established businesses to compete against. It can be a huge challenge to acquire customers in these early stages, but the above strategies can be effective for getting customers early on, and it is then a case of retaining them through a superior product/service and customer satisfaction.

I am the founder of Startup Today. I am the main writer and have put in many hours of work into creating this blog. If you want to find out more about me then lets get in contact.

More in Business

To Top
Read previous post:
Creating the perfect working environment for your small business

Having a small business can be incredibly gratifying. Handling a workforce and having total control over your day-to-day activities allows...

Close