How to Start a Successful Business in a Competitive Industry
Have you ever wondered how people get their small businesses kickstarted in certain online markets or industries—especially popular platforms like Etsy, for example? There are some unique challenges when it comes to writing a business plan that is the first of its kind—you already have an essence of uniqueness built into your brand. With small businesses in very competitive industries, those challenges may require an entirely different set of marketing solutions.
When you are looking to start a business in a competitive industry, especially one that involves managing an online eCommerce store, it is pivotal to outline characteristics that will help distinguish your business from existing competitors. Keep reading and learn some light tips for beginning a successful business in a competitive market!
Things to Consider Before Launching (or Refreshing) Your Business:
Define Your Target Demographic
What age, income level, or geographic location could your products or services appeal to? Is there a distinctive niche your specialties would better serve and receive responses from? It’s crucial to delegate demographic factors like these to make sure you are reaching the most receptive audience—the right audience.
Use Distinctions as Part of Your Competitive Advantage (this is also good for strengthening your brand)
What competitive advantage does your business have? In other words, even if you are selling two similar services, what distinct advantages do your services offer from other competitors? Are your offers more streamlined than leading competitors? Results-oriented? More importantly, how will your offers make a positive impact on the lives of your customers in a way that your competitors’ products cannot? This factor requires a lot of external research. Make sure you put in a lot of effort to define your specialty, your abundance, and your distinguishing features. This will play a huge role in helping you refine your brand strategy, highlight your brand’s visibility, and build the connections that turn site visitors into customers.
Maximize the Value Your Business Adds
Add peripheral services as a bundle or extra add-on to go along with your core products and services. Whether that gets allocated to your customer service interactions or online user experience, add value with high consideration and in a strategic way that benefits your audience.
Remain Consistent with Your Branding
This applies to most if not all businesses: it’s crucial to invest in solid digital marketing. Not only do you want to make sure customers understand your brand, but you also want your brand to spark a connection with your audience. This is an important segue if you want prospective customers to find your brand and stick with it.
Build Brand Familiarity and Trust
Use social media and ongoing customer engagement (social proof) strategies to make your brand voice heard, build your following, and nurture relationships with your potential prospects. As you begin building your business’s reputation, understand that awareness, consistency, and familiarity will naturally foster trust. Remember to keep your authentic values at the core of your brand.
What is My Unique Selling Point?
Your uniqueness defines you in relation to your competitors, and it will ultimately define your business. What do you want to be known for?
Blue Zenith is an award-winning marketing agency that can help you build a stronger brand, both by helping you identify what unique selling points set your business apart and by exploring the images, words, and visions that reflect the character of your brand. Helping small businesses like yours gain visibility and grow is our priority. Tell us about your business and what makes it unique; we can help you uncover your full digital potential. Contact us today to learn more about what Blue Zenith’s branding expertise can do to elevate your business!
