When you think about thriving, fast-paced commercial powerhouses, a few cities automatically come to mind; London, New York, Paris, San Francisco, etc. Images or footage of them will ordinarily show streets buzzing with traffic, both human and vehicular. It will also contain glistening skyscrapers housing the offices of some of the world’s most profitable corporations.
What makes these cities so attractive for both well-established global brands and startups seeking to make their mark? Competitive as they are, entrepreneurs still flock there, hoping to carve out a niche for themselves among the leading lights in global business. Why? Several reasons include:
- They can provide the modern infrastructure businesses need to maintain high production and get their products to the market.
- The authorities have put in place and enforce policies that create a conducive environment for businesses to thrive.
- They offer a high level of security, giving business owners peace of mind regarding the safety of their assets.
- They attract a large pool of highly qualified talent.
- They offer inhabitants a good quality of life, including healthcare, amenities and good entertainment options.
Overcoming Big City Competition
Before you plant your tent in the Big Apple, the Big Smoke, or any other of those attractive international business hubs, you need to have a plan to deal with the competition. One of the first elements in this plan should be determining if there is enough slice of the pie for you to strive for.
Calculate how much of the market share the existing businesses in your line of business in that city take up. It could be that the market is already over-saturated with supply, significantly outstripping demand. Or it could be that there is still enough of the pie to go around. If your market analysis reveals a highly saturated market, you might want to review your plan to relocate or start your business there.
If your research shows that you have a fighting chance, you can use strategies to muscle your way in and even become a major player in the industry. You can start by looking for ways to differentiate your products from what your competitors are offering. This can involve a simple tweak to your branding message or coming up with entirely new features.
Another clever way of making your products stand out is to offer enticing value-adds. These can include free trials or stocking up on complimentary products. If you’re an online shoe store, you can come up with a combo package featuring discounted matching socks. Entrepreneurs hoping to venture into the NYC market can get help from digital marketing services in New York to craft such campaigns.
The Best Decision For Your Business
Yes, you will probably have to fight harder to get noticed in the big city. You will not only have to fight to make your offerings stand out, but you will also have to fight to attract the best talent and for the best locations if you’re doing brick-and-mortar. But you can still make it in the big city against these odds.
Much as global cities present challenges to established and budding enterprises, they offer huge opportunities to those willing to tough it out. The very process of striving to differentiate your product can lead you to great innovations that will give your brand an edge for the years to come. You can end up discovering unserved or underserved customer needs and be the first to develop a solution that addresses them.
Being similarly forced to enhance customer loyalty will lead you to discover ways to deepen your connection with existing customers and enforce your brand messaging to them. Having a business in a global hub, needless to say, will provide opportunities for networking and access to markets that other locations can’t. Such cities usually host seminars and symposiums that bring together the leading lights in various industries from around the globe. These are just some of the forums such cities offer to help you know what’s trending and discover new ideas in your line of business.
Stand Out in the Crowd
Don’t let a little competition scare you from venturing into the big city. The reward often outshines the risk. Ensure you have a strong marketing plan and products that satisfy a need to reach your niche market. Continue to adapt and stand out among the crowd.