Let’s face it, small business owners can often feel like David fighting Goliath as they battle larger foes with greater name recognition and financial resources. But you should take comfort in knowing that small businesses may have certain competitive advantages over big businesses.
Here are four strategies that your small business can put to use in order to conquer the giants.
1. Focus on customer service
“There are areas where a small business holds an advantage over bigger brands, and customer service is the most notable. It can be challenging for a large organization to handle customers, but for a small company, it is easier to manage customer service and to form a bond with your existing customers. Make sure that your customer service is excellent, and it will help you to develop a positive reputation while attracting and retaining customers.”
Source: LocaliQ
2. Niche down
“Small businesses need to go laser-focused on a chosen market segment. I am talking hyper-focused, zeroed down to the barest minimum then expand from there as they grow. To compete and beat bigger rivals in the industry, SMB’s need to focus on their basic consumers. Basic consumers can range from college students to a particular demographic. Recognizing and marketing to the basic consumers allow for quick sales, more revenue for marketing, and the ability to grow a following.”
Source: Entrepreneur
3. Experiment with your marketing strategy
“Although larger businesses have entire teams to analyze their marketing strategies, changes can still take months or years to take effect. Small businesses can experiment with new marketing strategies every month if they want to.
This agility is an advantage to a small business over the power of a larger business. Small businesses can quickly design an ad, put it on Facebook, and do several rounds of A/B testing before a large corporation has even obtained approval to design a new ad.”
Source: Constant Contact
4. Communicate your value proposition
“Small business owners need to clearly communicate their value proposition. What is it that they offer to a client that a larger competitor does not? Why would a client choose them over someone more established? Without a clear differentiator, the smaller business will almost always lose out.” – Theodora Jean, Coldwater Communications
Source: Forbes
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