How to deal with competition as tech startup

How to deal with competition as tech startup

A tech startup can spend dollars on innovation and research and plan wonderful marketing strategies to make a business out of it. But if it fails to have a strategy that would help them survive the market competition, then it can lead to huge losses. Needless to say, tech is going to be the future of the coming years.

And who wouldn’t want to come up with a product that makes them the next big brand and sustains at the top for a good amount of time? Well, going big and sustaining big can be two different nuts to crack, but once you do, there is no going back.

But all of this is possible only if tech startups realise how difficult it could be to get into this space where already existing market leaders rule and yet come up with something that no one ever has, and can catalyse your growth process.

Why is it crucial to strategize survival in the competition?

It is said that ‘ when you know what you are bringing to the table, you worry less about what others have to offer.’ But well, it is not significantly relevant to the tech startups industry in its absolute manner. Because sometimes, keeping a track of the competition is all a tech startup company would require to maintain the good numbers on the company’s balance sheet.

A strong brand differentiation strategy can help you stand out and help you create a presence that would help to not just survive but also win in the competitive startup market.

7 ways to survive competition as a tech startup

Surviving strong competition for a tech startup company can be done in a comparatively easier manner if you spend your time and energy wisely strategizing in the ways we suggest.

1. Keep an eye on the competitors

It is funny how most people take this notion negatively and think that it is rather to promote copying the ideas or the technology of your competitor’s tech startup. Just keeping up with what they are up to or what is the next problem that they are willing to share with their next innovation is something that will always help you sustain in the competition.

A little change of perspective towards your competitor can be a game-changer for your tech startup if you look in the right direction.

The most simplistic example could be of the Tech giants like Apple and Samsung, with the launch of a new Ipad, there is always an upcoming new Tablet release with features that give a tough fight to the other brand. Of course, both will have their pros and cons, but they would always be a new product coming up with a similar price front and features.
Thus, knowing what the other tech leaders or tech startups are up to, will be a great place for you to start your brand differentiation strategy.

2. The uniqueness of the product

One of the key ways you can probably convert a customer from the competitor brand to your tech company’s product is by deliberately showcasing what difference you are bringing to the game. This is where the marketing team can sneak in and turn the tables.

The only way the consumer would be curious to know more about your product is when you feed the USP of your tech company in their head in a psychologically smart manner.

For example, alter the tagline of the product and add your USP to it. Or perhaps, package your product in a way that very clearly showcases the ‘best’ aspect of it and would urge the consumer to rethink their loyalty to the existing brand they use and switch to the product that your tech startup has developed.

3. Price

While you chase the other elements of startup competition survival, do not overlook the simple yet very powerful tool of correct pricing. Based on the USP of the product, decide the segment of consumer you’re targeting and try to offer it at the minimal possible price with the equivalent of more features that leads to more conversion at the beginning of the journey of your tech startup company in Canada

4. Target consumer pain point for conversion

Thus, if you have a tech startup company, then look into the pain points that the others are not paying attention to. And if your product solves the issue, then a perfect marketing strategy will be designed as the path for conversion.

A perfect example of this will be the sudden shift of users of Whatsapp to Signal app, (a company by Elon Musk) when the rumours of data theft suddenly started capturing the market. Here, a single tweet of Elon Musk shifted a big number from one company to another. And it is the perfect example of targeting the pain point of the consumer at the right TIME for conversion.

5. Aim to fill the gap

While one cannot deny that luxury is something people seek, it is also a fact that the larger segment of people first focuses on fulfilling their primary needs then perhaps think of getting closer to their luxury needs.

This should be the indicator for you to double-check the fact that whatever product or service you are selling, makes the lives of your consumer easy and does the job effortlessly keeping a tab on the problems a common man in Canada could be suffering from, and then plan a tech startup product around it.

6. Focus on feedback to sustain and grow

When you know that the number of your company’s revenue will be the greatest reflection of your consumer and client, what better than making them feel satisfied and important? And the best way to do that is to work your way through their feedback, constantly.

When you will resolve their problems through the feedback received, you will automatically improvise on the existing product or service of your tech startup company in Canada and it will itself help you to sustain on the top and open new doors of opportunities.

7. Build hype by muti brand tie-ups

Sometimes a lot of hard work can beat a lesser amount of smart work! Collaborating and making a multi-brand tie-up can be the best example of it. No matter how good your product or service is, if it fails on the grounds of creating that hype for the company, then it can bring down the fruits of the efforts you’ve put in.

Thus, look for collaboration opportunities with already established brands that align with your tech startup and create an exclusivity hype of your product or service.

The best example to look up to could be the excellent collaboration of Beats by Dre with Apple where Beats has created the image of its royalty by collaborating exclusively with a high-end brand like Apple.

Thus, now that you know the most relevant do’s and dont’s of the startup competition especially for tech startups in Canada, we hope that it will now be a comparatively easier code to crack of how you would bring that unique element and design your brand differentiation strategy most efficiently.

However, if you still find it difficult to deal with the pressure of dealing with competition and sustaining the revenue numbers, then seeking help from our expert team can be the best option to choose. The best part? You can have a free 1:1 consultation call before even availing your service and get the best tips and tricks to deal with competition from us.

Recent Posts

Financial Documentation: A Key to Business Continuity and Success

Financial Documentation: A Key to Business Continuity and Success

Financial documentation is vital for business continuity and stability. Effective record-keeping ena

Read More
How Regular Bookkeeping Can Save Your Business Significant Money

How Regular Bookkeeping Can Save Your Business Significant Money

In today's competitive business landscape, maintaining clear and accurate financial records is cruci

Read More
Enhancing Accuracy with Cloud Bookkeeping <br>Solutions

Enhancing Accuracy with Cloud Bookkeeping

In today's fast-paced business world, maintaining accurate financial records is crucial for complian

Read More

Working with the world's best tools to streamline your business

Subscribe to our newsletter

Enter your details to receive regular news and updates from the team