Starting a business usually comes with several challenges attached. However, those concerns become more relevant when trying to take the company abroad. The US market is vast, and the competition for people's attention is fierce. New companies, business ideas, and concepts come up every day.
Breaking through the clutter to engage the audience is not easy. Therefore, entrepreneurs who look to scale their businesses internationally will land in a crowded marketplace regardless of the industry.
In this context, how do you face the crowds and set yourself apart to get the attention of your target market? Well, there are ways to become the go-to option in the market, positioning your business a step ahead of the competition.
Tips to Stand Out And Grow In A Crowded Market
Positioning your product in a new market is not only about being different, but also about being better. Why is this so important? Because most entrepreneurs mistakenly think that the best way to succeed is to mimic what other established and successful businesses do. But, they end up having the opposite effect on their company.
So, how do you position your startup in a market with so many competitors within your industry?
Market Research Must Be A Priority
This should be the first step on your list before taking your business abroad. You have to outline a competitive landscape map to get valuable insights into your competitors’ and consumer needs.
In fact, this is an excellent strategy for detecting the aspects where they fall short and determining what your target audience is not getting from them. Moreover, by conducting a market audit, you'll evaluate whether there's an actual need for your product or service.
Results will help you make the necessary adjustments to successfully position in the market, saving you time and money. If you want to learn more about conducting market research, don't miss Base Miami's article below.
Related Read: How to Do Market Research for Your Startup?
Work on Your Customer Value Proposition
In a crowded market like the one in the US, you have to provide value from the very first day. You have to dare to be different and better to gain traction over your competitors. In fact, you should be able to answer a fundamental question, why should the audience choose your products?
With a Value Proposition, you should explain how your product fills a need and what makes it better than your competitors' products. Grab the consumers' attention with a Point of Difference (POD), create a unique spin to convince them that you are the brand they are looking for. To develop your value proposition, you can start asking yourself some basic questions like:
- Who's the biggest competitor in your industry?
- What do they do that you're not doing?
- What do you do better than anyone else?
- What's something you can offer customers that no one else can?
Be More Convenient
People these days value simplicity more than anything else when interacting with brands. As a result, they don't want to deal with companies that make the processes difficult. So, the challenge here is to make things simpler for your customers.
If you have conducted proper market research and know who your competitors are, you can understand how customers interact with those brands. Then, you can analyze in which processes you can differentiate and offer a more convenient experience to your customers.
Focus on Customer Retention
Customer retention is key to position in the market. Unfortunately, most companies put their efforts only on getting new customers, which is necessary for startups. Still, it doesn't have to end there. Your business needs happy clients that buy from you again. In fact, studies show that it's easier to sell to existing customers than to sell to a new one.
For that reason, you should use metrics to track customer retention rates. Therefore, show your customers you care about them, allowing feedback and rewarding loyalty. Go above and beyond with customer service in your company. You'll strengthen the client's experience, creating a loyal customer database.
Encourage Word-of-Mouth Referrals
Word of mouth and referral marketing are powerful tools to help your business stand out from the crowd. Encourage people to talk about your products online. This is a smart move to sell your products because, in fact, you're not selling them; your customers are!
On the other hand, recommendations also make your business more trustworthy. People these days trust recommendations from friends or family over any other type of advertising.
Moreover, they research the internet for reviews and details about the product before making a purchase. So, encourage user-generated content, share customer testimonials, ask for reviews and ratings, generate a buzz about your brand. Then, let your customers do the selling for you.
Step Up And Rise Above The Competition
You can't avoid landing in a crowded market. But you can use these tips to cut through the noise in the extensive and competitive US market. Positioning will make you set apart from competitors and also be worthy of recommendation. However, scaling a startup internationally requires exploring these points in depth.
That's why, at Base Miami, we provide advice and support for companies that look to take their companies into the US. With our Market Fit program, we help you build your initial ecosystem and understand how your business will develop in the US, where your product fits, and how to sell it.
Get in touch with us today and plan a smooth landing in a new market full of opportunities. LET'S CHAT!