Trying to compete with big business can seem overwhelming. However, learning to capitalize on your strengths as a small business can lead to a big payoff. Consider these tips when competing with bigger businesses:
Focus on Customer Service: Big businesses can afford to lose a customer here and there; in fact, it might actually be profitable for them to do so. However, as a smaller business, developing and nurturing your customer service skills is key to your success. Your clientele will value the personal treatment they're given and potential customers will look for this attribute when shopping for a product or service vendor. Remember that customers often make decisions based, in part, on their emotions. Harness this avenue of possibility by fostering quality customer service-based relationships that clients are willing to pay for.
Find your Niche: Large corporations might have the ability to offer a wide variety of products or services. But, offering such a selection means these businesses often sacrifice their credibility as the expert of a specific product or service. Consumers, especially when making a costly or long-term purchases, want to be assured that they're selecting a product that will meet or exceed their expectations. Clinch the sale by offering peace of mind. Prove you're the authority of a niche product or service.
Act Quickly: The bigger the business, the more channels an idea must pass through before it can be approved and executed. Take advantage of this window of opportunity by making decisions and implementing new plans swiftly. But, do take time to think the plan through completely before putting it into action.
Take Calculated Risks: Many industry leaders can identify their first "big break," and it's not usually the result of pure chance. Thriving businesses first became successful by making the right moves at the right time. Build your business by making calculated decisions and executing relatively risky plans, but be smart about it.
Network: As it becomes easier to connect, consumers continue to seek input from thought leaders prior to making a purchase. Take advantage of opportunities to spread your marketing message through word of mouth. It can be more effective than paid advertising, and you don't have to have a massive marketing budget to make word of mouth marketing work.
Capitalize on your Size: The current consumer trend is leaning toward making sustainable purchases and shopping locally. Make the most of this trend by highlighting the positive social and environmental impacts that are generated by smaller businesses like your own.
Being a small business in an industry full of giants can be daunting, but don't let your size determine your level of success. Take advantage of the business growth opportunities that your business size presents.
Labels: Business Tips