How can you have an edge over your competition when they have more money and experience to their advantage?
By offering your users the same product as your competition and undercutting them on price, you will start attracting more customers towards your brand.
You can also maximize results by leveraging on latest technology and APIs which are much cheaper instead of using the old, archaic technology, For e.g.: While big companies like ‘Moz’ are spending a lot on SEO tools you can use free APIs available online and do the same thing at much cheaper rates. So taking advantage of technology will surely help in saving you some money.
Big companies often have investors, board team, executive teams, etc. So making any decisions and executing it is a mostly a long process. This is when you take advantage of your relatively small but swift team. Making decisions and acting on it quickly will definitely give you an edge over your competition.
When competing with big companies with more marketing budget and experience, try and do what these companies are not focusing on, for instance, you can do content marketing, make some podcasts, talk on events as a guest or even release free tools. With all this, you will surely have more engagement and reach.
And for that matter, you can even use your existing customers and get them to promote your company for some reward in return, such as a free e-book.
Talking about going an extra mile, you can even translate your product or service in other languages and promote it abroad. Since you will get much less competition there, you can reach out to potential customers and expand your reach.
Lastly, when starting out, it’s better to niche down. Start small, spend some time in your niche and then expand your domain.