How Your Start-up Differentiate with Competition

Competition is an integral and natural part of doing business. How thriving you become at competing depends on how you locate your business relative to your competitors.

Differentiating your startup business means defining your firm in relationship to the competition. It means that you know and are capable to discuss your points or points of difference and why you are different, or better, than your competitors. It means continuously making advancements to sustain a leadership position. 

If you want to differentiate your startup, you need to look at your business from your present and your prospective customer’s perspective. Then, perform a competitive analysis, and determine where your business fits in the mix. Identify and discuss specifically how you meet your clients need in a way that no one else can.

General points of differentiation include: customer support, durability, superior service, time delivery, leadership, technology, product availability, performance, quality and cost. Making a differentiation plan is referred to as developing a Unique selling proposition.

The USP is your largest promotional weapon and is the key to differentiating your business from your challenger. What is a USP? It an easy statement that sums up the special advantages, features and worth that you give that no other player can.

A competitive analysis list your most important competitors; branding, prices, offerings, locations, weaknesses/strengths, distribution methods, promotional strategies, product/services and determines whether the business is declining, stabilizing or growing.

A competitive analysis also outsides plans for gaining a competitive benefit, exploiting the challenger weakness, keeping competitors out of your market, and showing their areas of vulnerability. With this detail, you can craft marketing and competitive strategies for your startup, thus perfect tuning your message and your brand.

To identify the distinguishing features that set you apart from the player, begin by analyzing your firm. Then, match your firm workforce, products, processes, and marketing activities with those of your challengers by pinpointing the weakness and power of your firm and those of your players.

Delivering worth and advantages that no one else can deliver in the marketplace is the principal of your USP. Your unique selling proposition becomes the cornerstone of your marketing and sales massage. It is the message that reinforces and builds your brand, attracts fresh customers and sustains your player edge.

So match your startup with an established firm perfectly and get your results very fast without any hard job.

CA Hemant Gupta
hemant@neusourceindia.com

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