One major challenge for a startup is when established companies start putting out FUD to slow the upstart down. FUD, an acronym for Fear, Uncertainty, and Doubt, is painful for scrappy startups that are working hard and doing what’s right for the customer, yet it’s a normal part of business.
Here are a few thoughts on addressing competitor FUD:
- Don’t ignore the FUD — talk about it head-on with the potential customers, and make sure every issue is discussed (too small, will go out of business, not proven, about to be eclipsed by a new in-house product, etc.)
- Engage with the potential customer on a level where it’s abundantly clear how the product or service will be better, faster, and/or cheaper than how they’re doing it now, and tie that directly to a hard ROI (the solution needs to be a must-have and in the path of revenue)
- Reach out to the competitor spreading the FUD and look to build a bridge, or at least the start of a relationship
- Finally, ensure that you’re controlling what you can control
Competitor FUD is one of the more annoying aspects of being an entrepreneur but it still needs to addressed, just like everything else. Don’t ignore it or shy away from it and build the case for why it it’s a non-issue.
What else? What are some more thoughts on addressing competitor FUD?