Businesses have a prevalent strategy of mimicking and adapting existing concepts to drive innovation. And if you’re looking for some inspiration, there are many things you can emulate from big companies for fast growth.
While every entrepreneur’s aim and objective is to grow their business, getting to the target customers can be challenging, especially for new and small businesses.
This is because the large corporations have split their market shares, leaving little or no room for new businesses to get into the client base.
Since it’s just business and all is fair in war and love, here are things you can steal from big companies to ensure rapid growth for your business.
Leverage their Twitter followers
Unless you are disruptive and creating something entirely new for a new market, there is a 70% probability that some successful companies are doing what you are trying to do.
This does not mean that the market is over-saturated but that your competitors have the list of target customers you need. This is the point you utilise open social media platforms strategies for your business.
For instance, on a Twitter account, go to your competitor’s followers list, and you’ll find a list of Twitter accounts to follow. You can use it to get detailed information on your competitors’ followers and those who are top influencers.
When you get the data, establish a connection with the influencers so that they can act as your brand ambassadors.
Keep an eye out for their feature requests
To ensure your product does not experience the same challenges as your competitors, peruse their feature requests and previous and current FAQs to see what your target customers are having trouble with.
You can use the information to ensure you avoid those pitfalls in your own business.
Win over detractors
This is also an excellent approach to finding out what aspects customers dislike, like, and desire. This will help you know what to incorporate into your business. You can take note of their Twitter username and provide them with your service. However, make sure you don’t end up as their next enemy.
Leverage their inability to be omnipresent
Due to demographics, some products can not penetrate certain societies and areas. For instance, in Africa and Asia, a product tailored to that particular area tends to make more profits than a foreign product. Even if the product is a near-copycat service delivered in the local language.
For instance, Tuenti was created in Spain as the Spanish social network. This was when Facebook in the United States only allowed 13-year-old school pupils to join the platform. Spain has about 50 million people, which is more than enough for the founders to make a decent living. This demonstrates that, if nothing else, language may be used as a niche.
Get their demographic information
Massive amounts of data about customers are generated every day. Apart from online data, some are generated through advanced technologies like trackers.
Although much of this information is concealed by the law, pieces are still available online. This information can provide you with some insight into your target customers. If you’re targeting women, for instance, you need to be on Pinterest. This is because the platform has an 80% female readership.