One of the most difficult part of starting a new venture is trying to beat the competition. Entrepreneurs get great ideas and then put significant effort in getting them implemented. However most of the plans that entrepreneur make lack one very important point.
It is quite impossible to fight an entrenched competitor. For example, if one is planning to start an online store to sell goods, it is very hard to compete against existing online retailers, some of which are giants. It is simply impossible to cut the price and make the product attractive. Entrepreneurs will be out of cash in a few months in this scenario .
What big competitors however cannot do is cultivate customer interests ( there are examples to the contrary though). Entrepreneur often have a closer interaction with their audience and can use this interaction to cultivate audience interest. Trust increases with passage of time and people who like the entrepreneur;s venture will also become potential customers. Modern tools such as Facebook pages are excellent places to generate user interest for example by sharing interesting stories, articles and other items of interest.
The best part about such a process is that it is unique to every entrepreneur or his venture. It may be really hard to compete with big business directly but it is also hard for them to come down to levels of individual customer and give them attention that a small more connected entrepreneur can provide.
- Create a differentiating point
- Cultivate your customer’s interest