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Be the domain expert

Stepping into a marketplace without any base knowledge could be troublesome. Many aspiring youngsters invest their money in a business without having prior experience or knowledge in the domain. The competition could be brutal and your lack of knowledge could be the strength of the competitor. It is wise to work in the same domain for few years and gain experience and expertise before venturing on your own.

Customer oriented product/service

Yes! It is difficult! Catering to different customers and their requirements could be tough! The best selling strategy should be the product itself. Build a product or a service that satisfies the demands of customers. If your product wins its customers then they become the best marketing channel for your business. Also, keep on upgrading your service and make it customer focussed as there is a possibility you might lose them if someone better arrives in the market!

Pick your customer segment

Identify the group of customers you want to focus on initially. Who will use your product? What age group? Any location preference? etc. Many such questions should be answered and based on that you will be able to narrow down the most competent segment to target. It is important to know the perks of using your product/service and who will benefit the most. This definitely will save time and money and provide only quality leads for your business

Develop strong relationship

Customer retention is crucial to continue doing business. Building and maintaining a strong relationship with customers will help to gain their loyalty. Most of the credit-based business is built on relationship and loyalty. Keep providing good support service, reward timely payment, provide discounts to loyal customers, keep in touch with them and you will hardly lose any of them. Once they love your service and become loyal to your brand/business it would be difficult for them to jump to another easily.

Give Customers a channel to communicate

How would customers communicate with your brand? Create a platform or a portal where they can share feedback or raise queries. This will also help you create a community around the product/brand. Keeping your customers close is vital while competing. Try to put in your imagination while implementing it. A different approach can yield a different outcome.

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