Most people who start small businesses get discouraged in the beginning, mainly because of the nature and intensity of competition that they get from the bigger and more established corporations. If you have a startup and you have been wondering what you can do to make sure that the big players do not crush you in the marketplace, think about using the following competition techniques.
When you are working with a limited budget, there are things that you simply will not be able to do. These include organizing massive PR campaigns, running endless advertisements on traditional media, and generally having unlimited marketing budgets. The best way to attract customers is creating that little unique or extra factor that the big companies cannot copy. Think about anything from the raw materials used in making the product to the process and the customer service. When you have a product differentiation strategy locked down, you are on your way to favorable competition. (ref)
One thing that often kills small businesses is the lack of economic muscle that is needed to pay workers and spreading your labor force too thin across the different areas and aspects of business development. If you find yourself facing this challenge, think about technology and how different software can take the place of human functions in your business. You can manage orders and invoices better when you have a point of sale system. While it can be hard to find the right kind of POS systems, you have to look at the goals you want to achieve and see the software whose features make it easy to reach these goals. (ref)
Blow Your Own Trumpet
We are in an era where digital marketing and PR are more impactful than traditional advertising. Instead of becoming discouraged because your opinion editorial did not get press, think about getting onto digital platforms such as Facebook, Twitter, and others. If you have small CSI and CSR initiatives, showcase them on your social media. Also:
- Be responsive to your customers’ complaints and compliments.
- Tell your customers and potential buyers the benefits of buying from you as opposed to other brands.
- Offer extras such as free shipping and discounts.
These are the small steps that will endear you to your customers and help your small enterprise grow. With the right plans and strategies, it is possible to thrive in the marketplace no matter how fierce the competition is. For a free audit of your business’ SEO and for help with your digital marketing efforts, contact us! You’ll be glad you did!