3 ways small businesses can beat bigger sharks
Launching a small business in a market full of big corporate companies can seem like a daunting task. It's very much like an individual shifting to a new city in search of a job. Moving to a new city involves the hassle of finding decent accommodation within one's budget and the stress of shifting one's personal belongings. The same applies to small businesses that are trying to find their footing in an industry ridden with bigger competitors. There are several factors small businesses need to consider if they want to compete against the major competitors. Here are three effective marketing strategies that small businesses put into use for long-term sustenance in the industry.
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Find a niche
Small businesses need to start by zeroing in on a small market segment and then expand from there as they grow. One of the simplest ways to compete against and beat bigger rivals is to focus on the basic consumers. Basic consumers can be any particular demographic like college students, housewives, working women in their 20s, and the like. Identifying and marketing to the basic consumers leads to quick sales, more capital for advertising, and the ability to grow a following. Small businesses that are trying to find their foothold in a market full of established competitors need to niche down to survive. If they dig deeper and find untapped subcategories in their market, they'll be able to sell to core customers and then expand from there.
Pick your USP and flaunt it
Big or small, every business's main aim should be to solve a problem that the majority of their customers face. Small businesses, especially, should stick to their Unique Selling Point (USP) instead of striving to beat the anacondas in the room. Effective storytelling can win over even the hardest of customers. As a founder, your job is to find your competitive angle and turn it into a story that can be shown to consumers in your marketing efforts and advertising campaigns. When you have an entire list of things that differentiates you from your competitors, you'll be able to craft an effective story for your customers.
Make customer service your top priority
One major advantage that small businesses have over the bigger giants is the ability to interact with their customers directly and provide excellent customer service. Close customer interaction can help founders deliver better user experiences and exceed customer expectations. Small companies should employ a team dedicated to responding to emails and inquiries that consumers send in. When a small company becomes famous for its amazing customer experience, it is only a matter of time before they get more customers through word-of-mouth and online reviews. This is why small businesses should not hesitate in investing in quality CRM and customer service tools.
Small companies should make use of the above mentioned strategies if they want to strive in their industry and beat bigger competition. Setting aside a budget to see these strategies reach fruition can help these companies extensively in the long run.
