By Dania Mahmoud
We know that bigger is not always better-- just look at David and Goliath. We also know that it’s easy to be intimidated by size, which is why you might start sweating when facing big competition. Take a deep breath; there are so many advantages to owning a small business, and as an innovative entrepreneur, you’ll be able to tap into these strengths once you identify them.
So how do you get ahead of your big business competition? Building a brand is the first step. The next is building loyalty to that brand. When you have a base of customers coming back to you (and bringing their friends!), you’ll be able to cater your business to their specific needs. That means your brand will be more personal to them, which is something big businesses struggle with.
Your tight-knit community also extends to inside operations. When employees feel a personal connection to their boss and their brand, their enthusiasm-- and the quality of their work-- soars.
Here are 5 more tips for competing with big business:
1. Understand what matters to your customer.
Bigger corporations struggle when it comes to giving their business a personal feel. Small businesses, on the other hand, have the resources to form a real connection with their customers. That doesn’t just mean talking about the weather; move past small talk and show your customers you’re devoted to service by taking the time to really understand their needs.
One way to do this is by checking in with past customers on a regular basis. Are you still meeting their needs? What do they feel could be improved? Developing a survey system that allows you to understand and meet your customers’ needs will make you a stand-out among less flexible corporate structures. And when you’re customers are happy, chances are they’re recommending you to their friends, which means a larger, loyal following for your brand.
2. Develop a mobile marketing plan.
Connecting with your target audience through a variety of channels is extremely important in today’s hyper-social culture. That means interacting with your target market through online methods can be just as important as in-person communication. Having a comprehensive web presence is key to staying connected with your current customers, and it can help you make valuable new connections, as well.
However, a lot of companies have a digital component these days. How do you make yourself stand out? One way is to figure out where your target market is going. Do your customers like sending tweets, or do they prefer posting pictures on Instagram? Do they check their email frequently, or do they like to receive Facebook updates? Understanding your demographic’s online habits can help you reach it more effectively and personalize your posts to peak its interest.
3. Provide employees with a great work culture.
How many of your friends who work for a big corporation can say they’ve met the CEO? How many know the names of their manager’s kids? For the most part, big businesses do not have the resources to connect with their employees on a personal level. A small business, on the other hand, often becomes its own family, a community that includes both customers and employees.
Never underestimate the power of bonding with your employees. When you have workers who are loyal to your company, you have a lower turnover rate and a higher standard of quality. Take the time to understand your employees’ strengths and goals; this will help you determine the best motivation strategies.
Dedication to a brand starts from the inside. When you foster a work environment that is supportive and inviting, you are creating a culture of dedication. Employees who love their job will work harder to maximize quality and efficiency, which will ultimately bring your customers back every time.
4. Stay ahead of industry trends.
In today’s world, industries change, and industries change fast. If you can keep up with the pace, you’ll become known for your innovative approach to business-- that’s a quality all entrepreneurs should have the advantage in.
If you subscribe to an industry-specific magazine, valuable articles about the latest trends in your market will be delivered right to your mailbox. And if you don’t want to shell out the bucks for a glossy magazine, you can always join an online forum and communicate with industry experts in real-time.
Don’t forget to listen to your network, as well; keeping your ears open when talking to industry leaders could clue you in to the trends you need to be on top of. And if you find a helpful article, share it with your friend or mentor. Spreading knowledge means spreading a sense of community, and the closer your community is, the more valuable it becomes to you as you climb to the top of the trending topics list.
5. Be confident in what you offer-- including the price.
What does your business offer that no other business can? Pinpointing your greatest strength is crucial to staying on top of your big competition.
Chances are, that greatest strength is not price, and that’s okay. As a small business, you might not have the ability to match the prices bigger corporations can offer. Don’t sweat this; if you’re confident that the quality of your product or service is top-notch, or that your customer service is unbeatable, then you know you’re worth the price on the tag. And when you’re confident in yourself, your customers will be, too. Almost everyone is already willing to pay a little more for something that meets their standards of excellence; all that’s left for you to do is brand yourself as excellent.
Don’t forget that speaking with a business consultant can take your brand to new levels, which means stronger brand loyalty, too. Fill out our contact form to let us know how we can help you stay competitive with big businesses!
Sources
Small Business Trends
We know that bigger is not always better-- just look at David and Goliath. We also know that it’s easy to be intimidated by size, which is why you might start sweating when facing big competition. Take a deep breath; there are so many advantages to owning a small business, and as an innovative entrepreneur, you’ll be able to tap into these strengths once you identify them.
So how do you get ahead of your big business competition? Building a brand is the first step. The next is building loyalty to that brand. When you have a base of customers coming back to you (and bringing their friends!), you’ll be able to cater your business to their specific needs. That means your brand will be more personal to them, which is something big businesses struggle with.
Your tight-knit community also extends to inside operations. When employees feel a personal connection to their boss and their brand, their enthusiasm-- and the quality of their work-- soars.
Here are 5 more tips for competing with big business:
1. Understand what matters to your customer.
Bigger corporations struggle when it comes to giving their business a personal feel. Small businesses, on the other hand, have the resources to form a real connection with their customers. That doesn’t just mean talking about the weather; move past small talk and show your customers you’re devoted to service by taking the time to really understand their needs.
One way to do this is by checking in with past customers on a regular basis. Are you still meeting their needs? What do they feel could be improved? Developing a survey system that allows you to understand and meet your customers’ needs will make you a stand-out among less flexible corporate structures. And when you’re customers are happy, chances are they’re recommending you to their friends, which means a larger, loyal following for your brand.
2. Develop a mobile marketing plan.
Connecting with your target audience through a variety of channels is extremely important in today’s hyper-social culture. That means interacting with your target market through online methods can be just as important as in-person communication. Having a comprehensive web presence is key to staying connected with your current customers, and it can help you make valuable new connections, as well.
However, a lot of companies have a digital component these days. How do you make yourself stand out? One way is to figure out where your target market is going. Do your customers like sending tweets, or do they prefer posting pictures on Instagram? Do they check their email frequently, or do they like to receive Facebook updates? Understanding your demographic’s online habits can help you reach it more effectively and personalize your posts to peak its interest.
3. Provide employees with a great work culture.
How many of your friends who work for a big corporation can say they’ve met the CEO? How many know the names of their manager’s kids? For the most part, big businesses do not have the resources to connect with their employees on a personal level. A small business, on the other hand, often becomes its own family, a community that includes both customers and employees.
Never underestimate the power of bonding with your employees. When you have workers who are loyal to your company, you have a lower turnover rate and a higher standard of quality. Take the time to understand your employees’ strengths and goals; this will help you determine the best motivation strategies.
Dedication to a brand starts from the inside. When you foster a work environment that is supportive and inviting, you are creating a culture of dedication. Employees who love their job will work harder to maximize quality and efficiency, which will ultimately bring your customers back every time.
4. Stay ahead of industry trends.
In today’s world, industries change, and industries change fast. If you can keep up with the pace, you’ll become known for your innovative approach to business-- that’s a quality all entrepreneurs should have the advantage in.
If you subscribe to an industry-specific magazine, valuable articles about the latest trends in your market will be delivered right to your mailbox. And if you don’t want to shell out the bucks for a glossy magazine, you can always join an online forum and communicate with industry experts in real-time.
Don’t forget to listen to your network, as well; keeping your ears open when talking to industry leaders could clue you in to the trends you need to be on top of. And if you find a helpful article, share it with your friend or mentor. Spreading knowledge means spreading a sense of community, and the closer your community is, the more valuable it becomes to you as you climb to the top of the trending topics list.
5. Be confident in what you offer-- including the price.
What does your business offer that no other business can? Pinpointing your greatest strength is crucial to staying on top of your big competition.
Chances are, that greatest strength is not price, and that’s okay. As a small business, you might not have the ability to match the prices bigger corporations can offer. Don’t sweat this; if you’re confident that the quality of your product or service is top-notch, or that your customer service is unbeatable, then you know you’re worth the price on the tag. And when you’re confident in yourself, your customers will be, too. Almost everyone is already willing to pay a little more for something that meets their standards of excellence; all that’s left for you to do is brand yourself as excellent.
Don’t forget that speaking with a business consultant can take your brand to new levels, which means stronger brand loyalty, too. Fill out our contact form to let us know how we can help you stay competitive with big businesses!
Sources
Small Business Trends