There are tons of products and solutions that provide [add your value] to [your audience], so why would they choose you?
What differentiates you from the rest and highlights WTF your startup does and what your added value is beyond what your competitors provide?
Sometimes companies can compete heads-on with an insane amount of marketing budget, buying users to grow their reach, or even purchase the other (or smaller) startup, but usually, they need to highlight their value, the pain being alleviated, and the end gain attained.
Still, there are many startups that besides the name and design or color schemes are practically the same solution, and the only thing to differentiate the two (or more) is price, speed, or time-to-market.
While in some cases that may be sufficient, users need a better understanding of why they should choose one over the other; why your solution better caters to their specific need; and why they should overlook price due to your value blowing the rest out of the water.
This isn’t necessarily an easy task, especially if your competitors are very similar, but there are always things that place you in a different position.
List your features, benefits, and values and compare yourself to alternatives out in the market. Does anything stand out (for them or you)?
Talk to your devoted userbase, and ask them for their thoughts and feedback, perhaps they will shed some light on the matter. It could even be that your support, customer service, attention to errors and more is the tipping point of what makes you better.
…and then look beyond the plain black/white list of features and assess whether your users could use something else that isn’t visible on the surface, yet along with the rest of the capabilities will simply give you the edge.
This is a time when being different is absolutely to your advantage. Instead of getting lost in a crowd, it is your time to shine, stand out, and become much more visible…to your target audience and beyond.