Hold your slice of the spotlight
These five techniques can help your small business retain its part of the spotlight, summarized from this become.co article.
Study the Competition
Understanding how your big competition operates can provide you with valuable information on industry trends and standards. Learn from their pricing, marketing techniques, and strategies. Also note their gaps in success to use to your advantage. These five strategies can give you an edge.
Top 5 Small Business Competition Strategies
- Develop personal relationships with your customers. Quality, personalized service is a critical sales component. It is rarely provided by companies focusing on the volume of sales, not quality of service. Keep in mind that sales decisions are not purely rational. Sales decisions are based on emotion and are more likely to happen when caring and trust are established. The method is quite simple: be helpful, listen, smile, say ‘thank you’, and ask them questions. Getting to know your customers on a personal level is the goal. If they like you, they’ll be back!
- Find your niche—two of them. Firstly, focus on a specific product set and become the expert. Your best customers don’t just need a product; they need your expertise and advice to choose best. Secondly, determine your customer niche. Marketing is most effective if you are targeting a specific category of customers and speak directly to them. Specific target markets and product lines are where smaller companies have the advantage.
- Team up with other small businesses. Forming partnerships is one of the most effective ways to get an edge on the big competitors. Arrange promotions and deals that help both companies and the community as well. These arrangements increase exposure, build your reputation, improve community engagement and develop new incentives for your clientele. Your community relationship makes you a neighbor, not a big box. Customers shopping with you will know they are also supporting the community.
- Be Uniquely You. Customers want to shop with real people. Show your personality. Give them a personal experience that does not happen with big companies. Share your history and stories to build an emotional connection.
- Take Risks. The big competition is not flexible or responsive. This obstacle does not apply to small businesses. It’s easier for small companies to change things up in response to trends, changing demands, or new opportunities. Keep your ear to the ground and creatively offer solutions to the evolving customer needs.
