You need to be sufficiently differentiated from the incumbents so you're the first-best solution for a group of potential customers (not 6th-best, which you will be if you try and compete head to head with the Hootsuites of the world).

As an example, Buffer came along several years after Hootsuite was founded. It was a simpler, faster way to post content to multiple social media channels. They focused on consumers or small businesses, where Hootsuite couldn't / wouldn't compete. By differentiating well, Buffer was playing a different game than HS, and gained significant traction.

In terms of how to differentiate, you may get lucky, but odds are you'll figure this out by talking to customers to learn what problems they have when managing their social media accounts (start locally and always ask for a referral to new people).

Happy to chat further on a call.