Getting your small business noticed in a world full of large established companies can be a challenge. While small businesses and large companies might operate in the same market, they have many differences that can have a major impact on business operations.
While your business may not be a corporate giant with a million dollar marketing budget, there are a few business practices you can implement to make your brand stand out. Here are three ways your small business can compete against large companies:
1. Provide first class customer service
Large companies may have a large team and marketing budget but they may not always have the best customer service. As a small business owner, you have the ability to concentrate on small details such as delivering a great customer experience.
A larger company can afford to lose clients if they complain and they typically want to get through every request and question as quickly as possible because they have so many customers. Providing your customers with great personalized customer service will keep them coming back to you over the larger competition.
2. Focus on niche markets
Small businesses need to focus on niche markets so they can be the leader in that specific niche. Look at what your competition is doing (or isn’t doing) to find a niche that is missing from the marketplace. Make a list of all your competitors and inspect what they do well and what they are failing to do.
Determine what it is that sets you apart from the larger companies. Do you provide a service, feature or product that can’t be found with the competition? Are your prices cheaper? Do their customers repeatedly complain about the same issues?
You can research the competition by looking at their social media, reading online reviews, attending a trade show, or even shopping their location. See if you can find a unique angle that no one else is focusing on to see how you can improve what the current competition is doing. If you have something that your customers won’t find with any other company, you just found your niche.
3. Be flexible
Large companies tend to standardize their products and services and they typically cannot customize what they offer to the client. Small businesses are much more flexible and can easily customize products and services to meet their clients’ needs.
For example, small companies have the great advantage of being able to be flexible on prices. With a much lower headcount than a large company and lower bills to pay, small firms end up having lower overhead costs than larger firms. This typically allows the smaller companies to offer quality services for a much lower price than a larger company would be able to.
For more information about how your business can compete against larger companies, please contact a Corporate Service Center Representative today at 1- 866-411-2002, Monday thru Friday, 8 am – 5 pm PST.