Startup companies are disappearing thick and fast. Let’s look at the facts. Since 2001, Google has reportedly over 200 startup companies at a rate of around 12-per-year. Likewise, Facebook, the social media giant, is renowned for its purchases of startup companies such as WhatsApp and Instagram.
Today, we’re going to explore five ways you can minimise the risk of acquisition from similar business giants, avoiding any implications and maximising your benefits.
Many startup companies these days will start off by buying and selling their products on a small-scale and then, over time, will set about building up their customer base with the hopes of expanding rapidly.
However, this turns your company into a prime acquisition target. When launching your startup company, you want to be an authoritative company in your industry from the word ‘Go’. By starting off strong, it acts as a kind of shield from these bigger companies since they can’t see what you’re up to until it’s too late.
Creating the Perfect Content
As mentioned above, the best way to draw in and maintain your customer base, minimising the risk of your being taken over, is providing your customers with a perfect service. This means you’ll need to pay attention to the details in everything that you do; from the ease-of-use of your website to content itself.
One study shows that up to 59% of customers are ‘scared away’ by businesses that have poor grammar in their content. This is a shocking number of customers which is why you need to consider this when you’re creating new content and editing any existing pieces.
Mary Baker, a content manager for Academized, states, “Getting the details of your content right, such as grammar, is such a big aspect of business that you shouldn’t overlook. Having poor quality content on your website develops an untrustworthy connection, an aspect that’s sure to lose your precious customers.”
Go through your content and thoroughly check everything. From your page copy to your blog posts. Using online resources, such as Via Writing and State of Writing, you can find the most effective ways to complete this process, ensuring that you carry it out properly and correctly. The more customers you hold onto, the less likely acquisition will be.
Communicate with Your Customers
By far the most important part of saving your business from acquisition is by communicating with your customers. Fortunately, there are many ways you can approach this. From talking to them through your social media channels to creating press releases about your products and services, making your customers become part of your business’s community will help them to connect with your business; boosting your success.
Delegate this task to marketing professionals who can create messages to connect with your customers’ emotions. You can use other services to help you create these products. For example, Ox Essays can talk you through the process of creating press releases using the right texts and format. Alternatively, services such as Paper Fellows can help you to style your content in such a way that matches your business’s individual personality and brand. Startups with personal stories beyond their launching tend to be more successful. Share this story with your customers to create more personal relationships with them. Also, share news and inside information to build their trust.
Continuously Innovate Your Company
The culture of your company is such a vital part of your business and one that you should overlook. Once you’ve started to develop your brand, always remember that this is a never-ending process and you should always be innovating your business as long as it exists.
Take Big Assignments. This startup company shot to become one of the leading companies in its industry and continuously innovative itself and its services, so it’s always 2x bigger than its competitors.
Fighting Off Companies for Your Ideas
Companies copying on another is rife in today’s modern world. Take Apple and Samsung; two companies that are constantly competing against one another, releasing similar features to try and win over their customer base.
Another example is Facebook and Instagram, both using similar features to Snapchat, mimicking them at every turn in the hopes of driving their competition out of business. So how can you protect yourself from this danger?
Firstly, you’ll need to come to terms with the fact that this is going to happen. There’s no point being wary and trying to hide your features from your customers because you’ll end up losing them anyway. Just continuously innovate your business to stay one step ahead.
Secondly, pay attention to the trends in the market. The market will twist and turn as it grows and develops. As long as you’re monitoring this market and your business is catering to it, you’ll be able to stay in business.
Finally, release your products with strength. Similar to the first point in this article, don’t release prototypes and your business’s secrets until they’re strong enough for release. If you can release a fully-featured service or product, you’ll already be the authoritative business in your market, and your competition will be chasing you to keep up.