When launching or growing a startup, founders will often find themselves operating in highly competitive markets. From day one startups must identify their target audience, find their unique selling point and develop strategies to stand out in the market.
According to the Zyen group’s seventh edition of the Smart Centres Index, London has recently been ranked as the most high-tech city in the world, stealing the top spot from New York. Oxford also ranked in the top 10. With this recent success for the City, it is important that London based startups continue to differentiate their offering from competitors.
Below are a few ways in which startups can stay ahead of their competitors and stand out in the tech crowd.
1- Create a unique selling point
Startup founders need to ensure they come up with a unique selling point (USP) so that their product or service stands out. Identifying what the problem the tech solution will solve can carve out the gap they are trying to fill in the market.
2- Use of innovative technology
To ensure the product or service stands out, the startup may need to focus on what can help differentiate them from the others, such as by using innovative technology or exploring newer branches of AI and patenting their solutions.
3- Define and revise ideal client profile
Developing a clear USP helps attract the attention of the target market, or ideal client profile (ICP), and sets a tech startup apart from the competition.
Understanding a client's unique pain points helps add value to a startup and the service it is providing. Once a startup knows who they are targeting, their products and campaigns are more likely to resonate with their customer profile.
However, it is important to be aware that as the business evolves, the profile of the ideal customer will likely change with it. Founders may have to revise their ICP to ensure they are still satisfying customers' needs, and revise it accordingly.
4- Build brand awareness through marketing strategies
Startups can build brand awareness and recognition through social media campaigns, producing content on the website’s blog and sharing it across various channels. There are important considerations when allocating a budget for marketing to ensure the needs of a startup and its potential returns are aligned.
Content marketing is an effective way to build thought leadership for a tech startup. By creating high-quality content that educates and informs readers, can help position a startup as a trusted authority in the industry. This can also help attract more attention from potential customers, investors and partners.
5- Attend relevant events and conferences
Attending tech conferences with other startups allows founders to establish connections, meet experts, attract potential investors, and collaborate with tech partners. This opens up a space for knowledge sharing and gaining vital insight into trends and best practices.
By staying informed of industry updates allows businesses to be ahead of the curve and continue driving their startup to success.
6- Attract and retain talented people to the team
Attracting top talent to a startup can help bring a founder’s vision to life. It is important for a startup to hire people who are passionate about the product/service and possess vital skills and experience to contribute to its success.
The marketing team who work behind the scenes producing high quality content or the sales team responsible for drawing in new customers could be what sets one company aside.
Retaining talent is also crucial for startups to help them thrive in a competitive environment. Possible strategies may include employee engagement activities, opportunities for learning and development, a suitable work-life balance, amongst others.
When hiring for a startup, it is important to have all the legals in place from day one, such as having employment contracts in place to protect the employers and employees. With Legislate, employers can easily create and manage their contracts, and easily extract relevant data from these agreements. Book a demo or sign up today.
The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.