In this modern world of technology, it is becoming easier to copy other companies’ products and ideas. When you are starting up your new company and come up with an innovative and excellent plan which can be the next best thing that this world is going to have when the words are going to spread about your product and ideas, it is going to start attracting big names from the industry who are quickly going to steal your idea with the assistance of their technology and their reach in the right places.
For them copying others is easy because they have all the money in the world, and they have been into the market for so long that they know how to copy other company ideas and products without facing the lawsuit from the real startup business owner, which makes everything much easier for them. Hence, your company’s downfall starts without you getting a footing in this business world.
For many startups, such companies are a considerable threat, and that is why inexperienced new entrepreneurs get scared before even launching that product. They don’t want to risk putting so many hours and a massive amount of money into a product and idea that can be stolen easily without any consequence for the competitors. Now the biggest question is how Can a startup survive in the era of giant tech?
How Can a Startup Survive In the Era of Giant Tech?
Today I am going to talk about such companies whose ideas got stolen, and still, they were to make a name for themselves and how your business can even thrive if you face such issues? Continue following this article till the end to get an answer to all of your questions.
#1. Snapchat stories ideas stolen by Instagram, Facebook, and Whatsapp
Now, I know. You must have read so many articles on this topic, and I am pretty sure the Snapchat stories part must have been mentioned in all of them. But the thing is that this represents how easily someone can steal your ideas and do a million and billion-dollar business from it out in the open. Instagram was bought by Mark Zuckerberg back in 2012 for one billion dollars.
But where Snapchat launched the stories program where the user is going to upload their pictures and videos, which is automatically going to be erased from their account after twenty-four hours. Now not only Mark Zuckerberg used this program for Facebook and Instagram right after that Whatsapp also adopted this idea. This could’ve been the downfall for the Snapchat, but still, it survived this tremendous obstacle. Wants to know why to read the conclusion of this story
Conclusion of Snapchat Success
In the beginning, Snapchat only had 100 users. But the founder’s luck worked in their favour one of the founders’ young teen family members told their friends about this app which helps you share pictures and videos, and they will disappear from their account after 24 hours. Such an idea appealed to the young audience. With the help of these youngsters, words got spread like wildfire, and that is also in the right places and in between the right audience. It massively helped them, and that’s how their numbers of users started increasing. Before the big companies noticed this, Snapchat already had a high number of trusted users.
Facebook or Instagram wasn’t able to snatch those trusted users from them. But that’s the reason that Snapchat is thriving today. With the time you need to improve and launch new features, which Snapchat did with their face changing elements and so many others. So for startups, two things work massively first finding the right targeted audience and impress them and let them spread words about you before big companies even notice you. But to stay on top of the business to improve and evaluate with time. You can’t stay at the top of this social media market if you are not improving and updating your apps with new features.
#2. Amazon tricks to stay on top
Every company in the market, which is launching a new product, their biggest competitor is Amazon. The reason why Amazon is on top is that you can find from your daily necessity like food and other stuff like furniture, clothes, and pre-order high tech gadgets from this place at reasonable and cheap prices. That’s why they are able to steal customers from other companies easily.
Not only are they delivering everything to your doorstep, but they are providing their customers everything at reasonable prices. Amazon is always quick enough to steal a new idea from the competition and make a duplicate product at low prices. So how can somebody stay afloat in the market when Amazon takes their business without any worry in the world.
Conclusion About How to Beat the Amazon in this Game:-
The reason Amazon sells the products at low prices. Either they have a deal with the company which sells the products to Amazon at lower rates, which enables them to sell the product in a meager amount from the marketplaces or they have their workplaces to prepare the exact product with cheap quality material. A plus point for you is where Amazon adapts this idea to sell the product at affordable prices; they cheapen the quality of equipment and lower the product cost from the market. You can do precisely the opposite of that and use high-quality material and stick to your original prices.
Amazon, this trick might attract a certain and decent amount of customers who can’t afford high priced merchandise, so they buy a cheaper quality product, which won’t last for very long. But today, customers are getting smarter. Instead of spending their 500 rupees on a product that is only going to last one month, they instead pay 1000 rupees for a product that is going to stay in good condition for three to four years. The person who is looking for long term investment is never going to buy anything from Amazon. So if you promise the client merchandise longevity, they will always come back to you.
Read: These startups are going to fill your jobs next year know which companies
#3. Apple gadgets designs and ideas getting stolen by Chinese companies
This truth is not hidden from anyone that whenever Apple company comes up with a new feature in their phone or new gadgets. These designs and features are easily stolen by the other Chinese corporations who are making phones. In the Indian market, these Android and Smartphones are in high demand. Because they are not only ten times cheaper than Apple but also give you the same feature.
Conclusion about Apple’s Success:-
You may want to know why, after getting almost every idea stolen, Apple is still on the top when it comes to Smartphones and ipads and such gadgets. Even their prices are high compared to other phones. The reason is that from the very beginning, Apple created unique transparent designs for computers, and they did it with their product.
Today Apple became a class now if you want to show off your wealth and from which class you belong to you must have Apple iPhone. So be unique enough and keep on launching a unique design and introduce the world to new gadgets as Apple introduced us to smartphones. If you can become class, then no matter what other companies will do, no one is going to be able to take you down even after stealing your ideas and copying your product.
Read: These women-led startups raised funding during the Corona era
Few factors in engaging your customer for the long term
#1. Target the right audience
If you are in the tech world, find the right audience, and target them, especially youngsters. Because they want new things every day and whoever manages to provide them first, they will stick with you, and if they end up liking your app or anything tech-related, you don’t even need to spend the money on marketing. These youngsters will spread the words themselves.
#2. Keep on improving
To keep your audience engaged with your company. You need to understand that you have to be one step ahead of your competition and keep on updating the features of your apps from time to time throughout the year. Otherwise, you are going to be the talk of history. It is like the cycle of our life as we are growing up, our height upheaval, our personality alternate, and our level of intellectual progress with the time. So we need to start accepting this truth and formulate alterations to stay on the top of the game.
Read: UTI AMC launched the IPO for Rs. 3,000 crores. SBI, LIC, Bank of Baroda to sell their stake
#3. Provide what others are failing to do
As I mentioned above, amazon might give their consumers a product at a meager price, but they fail to provide quality. That’s where you should focus on delivering your customers the quality product. Your customers will never go anywhere after that getting such excellent quality merchandise.
#4. Discounts for those consumers whose budget is low
I have seen this in so many places like Shein and also in Pantaloons. The owners know that not everyone can afford high priced clothes. So from time to time, they start this discount offer at festivals. But the thing that I like the most about them is when they have some product leftover in their stores for more than one year. They make this clearance sale in which they sell the clothes from 199 to 399 rupees, which makes it easier for those customers to buy high-quality dresses at affordable prices. For this, shoppers might have to wait, but it is always worth it.
Also Read: This EdTech startup prepares students for jobs by upskilling through projects
By using such tricks, you might not become a millionaire the next day. But winning your consumer’s trust throughout the time will definitely help you stay in the market, and you will be able to give those giant tech fierce competition even when they steal your ideas, and you can’t do anything about it. So don’t let these copycats scare you to start your venture. Just stay true to your morals and give your best by implying these tricks into your business.
Idea to start EdTech Startup Springboard, thinking about your own problems
