Getting into the glittering world of Startups and entrepreneurship is not a big deal at this moment. Rather, there are new Startups coming up everyday with most of the founders doing it just for the sake of not being indulged in a regular 9-6 job. But, the main task is to carrying on with your Startup.
So we have a very important startup tip for you. According to a survey, almost 53% of the startups fail due to some reason or other. So the need of the hour is to make sure that you plan out in a way that you always have the required resources and plans with you. And, the most important thing which could help you in sustaining is to keep an eye over the competitors. One must always have a deep look at what your competitors are doing.
I had a word with one of the well-established startups of India (identity concealed as per request) and her co-founder(an IIM alumnus) said
We have a team of around 120 people at this moment and out of this, we have three teams of 4 members each just to have an ‘always open’ eye on our competitors.
I was really amazed by their strategy and therefore decided to up-bring this topic as a useful startup tip. She also said that you don’t have the right to survive in the market if you don’t know it well. At first thought, I was having a perception that may be she was too aggressive while saying so but later on I realized that she was in fact right because most of the startups fail because they lack competitor visualization in their strategy.
I have seen successful startups closely watching their competitors. In fact, almost everyone in India remember the cold-war of e-commerce startups with their madness of advertising. Flipkart earlier this year started an ad campaign with slogan Acha kiya nahi kharida (Meaning : Great that you didn’t buy). Snapdeal in response created a campaign saying Acha kiya bata diya #IdharSeKhareedo (Meaning : Great that you told it, buy it from us).
The giant Amazon also didn’t loose opportunity and said Kahi nahi Mila #YahanDekhLo (Meaning : Didn’t find it anywhere? Get it here!)
