7 ways your small business has an advantage over bigger competitorsJordan
As a small business you need to understand your advantages over larger businesses in order to succeed. Often, small businesses try to look big and the bigger businesses try to look small and personal. It’s important for you to embrace your strengths in being small. Here are some tips for taking advantage of being one of the little guys.
Be Flexible – Sometimes watching what bigger businesses can do is scary, but they are usually focused on large volume products and not those for smaller markets. As a small business you can concentrate on those smaller markets for success. You have more room to spot trends, try them out, anticipate the needs of your target market and then establish yourself as an innovator.
Give Personal Attention – Small businesses should focus on engaging their customers as human beings. Bigger businesses are always trying to create special offers to make their customers feel more important – but that is really an illusion. Being smaller, you have the opportunity to know your customers by name, what their favourite products are and what their needs are. Develop those relationships authentically in a way big businesses couldn’t even dream of.
Take Action Quickly – Listen and talk to your customers. Make a process for taking feedback and suggestions. If you hear something that will add more value to your products/ services and you can implement it easily, make it happen. Similarly, make sure complaints go straight to those who can correct them quickly without going through endless channels.
Target a Niche – It’s hard to please everybody, and where super companies try to attract everybody, you can specialise in products and services for niche markets that the big guys can’t afford to pinpoint.
Think Outside the Box – You have the opportunity to be creative in the way you attract customers with your limited marketing funds.
Manage your Costs – Small businesses generally require less funds to invest, market and innovate, making them more cost efficient. You do need to stay on top of your finances though, so make sure you invest in easy small business accounting software like Cashflow Manager to stay ahead.
Maintain Passion – For most small business owners, their business is their life. When a business is run by a smaller number of people that passion often shines through. People are hungry for something to connect with beyond just products and services, and you can deliver a story that has passion and meaning.
When you take some time to evaluate where your competition fall short, and focus on satisfying those consumers you are well on your way to leveraging your advantages and developing loyal customers.