Cutthroat competition is everywhere and in every field. If you are a startup owner, you will know what it takes to stand out from the crowd and be unique as a company. However, it is not something that should demotivate you in any way. You should be proud that you have an opportunity to compete with others in the market and since it’s a startup no one would even care your existence (if you fail, in any scenario). That is a very big advantage. Bigger companies have their own way of working because they have too much of resources whereas smaller companies and mainly startups need to be quick on their feet so that no one is able to copy what they are doing. So, here are few ways on how to protect startup idea from theft by your competitors:
1. Innovation is Your Only Resource
At a time when there are bigger sharks around to take a swipe at your ideas, it would be best to have innovation as your weapon. Any startup becomes a successful company with its innovation and ability to keep their customers happy. Yes, there will be challenges at the very beginning and customer base will be low, but you need to work with that base and make sure those customers are bringing new customers.
This can only happen if you are innovative enough to try new ideas. You can sell a specific product year after year, but it is the way you present it to the customers that can change the whole perspective of the product.
2. Patent Your Idea
Startups often suffer from lack of recognition. This happens because customers already have various alternative companies to buy the same product or service from. However, if your product or service is unique, the best thing to do would be to patent it.
This is quite a lengthy process, but it will throw copycats away as soon as the words “Patented” or “Patent Pending” appears. In fact, there will be no other way to copy your product and you will be able to stay safe from copycats.
3. Be Quick to Build Your Brand
There is nothing better than building your brand to ensure safety from copycats. This is almost as important as patenting products. The easiest thing to do when building your brand is to have a backstory of the company. These days, customers love to know the details about the respective brand.
Once you have a backstory and it connects with the customers, you can rest assured that those customers will be for life.
That is why you need to do everything you can to build your brand fast. In addition to the backstory, you also need to showcase to customers what your company stands for. Needless to say, that a website will be needed at this juncture. The website will have all the information about your company, its story, how you work and so on. This not only helps build your brand but also creates a good impression on customers.
4. Have a Stable Customer Support
Customers want to feel valued every time they buy a product or service. To ensure that your company stays ahead and not let copycats claim your ideas, you should have an excellent customer support management. This will also give a personal touch that will work wonders for your business.
Coming up with a strong customer support is not difficult. You need to explain customer service how to keep your valued customers happy and that’s all. Repeating this over and over again would help have a good customer base.