Competition is what business is all about. In fact, it may well be why you became a small business owner in the first place! If you’re a small business owner, however, you may sometimes feel like you can’t go toe-to-toe with those big, established companies that are competing for the same customers as you.
While it’s certainly the case that small businesses have fewer resources than their larger competitors, it’s worth noting that small businesses also have a few tools at their disposal that big corporations can’t offer. Below, we look at some of the advantages that small businesses have over their larger competitors.
1. A more personalised customer experience
Small businesses can offer a more intimate relationship with their customers. With less standardization in place and a familiar face across the desk or behind the counter, customers often feel like a small business is devoting a greater share of its resources to their individual needs. A more personal approach often translates to increased customer satisfaction. Big businesses, however, are often forced to rely on remote call centres to manage all their incoming queries and requests, and staff their physical locations with part-time, high-turnover employees with little incentive to go above and beyond. Small businesses that recognise this advantage often win over the type of customer that values experience over the price tag. Learn your customers’ names, make them feel appreciated, and deliver products and services with a personal touch.
2. Settle into a niche market
Larger brands try to profit by targeting the biggest markets available and appealing to customers in the broadest possible strokes. You don’t need to do the same. You can narrow your search, tapping into more specific markets where your resources will cover more ground. In these smaller markets, competition is lower, and a small business can establish itself as a big fish in a small pond.
3. Well-founded partnerships
One way to compete with established brands is to team up with your fellow local businesses. Collaborating with other local businesses can help spread brand awareness like wildfire. Customers choose local providers due to word-of-mouth marketing and when you participate in helpful business networking, you reach new markets and provide them with access to your brand. You can organise special deals that will benefit both your companies and your community as well. These exciting incentives will help grow our customer base and increase brand exposure.
4. Solid reputation
No matter how big or small your company is, a solid reputation gets you to the top. Big businesses often garner so many online reviews with such conflicting messages that customers don’t know what to think. What’s more, people tend to naturally distrust big corporations. For a smaller business, your reach may be smaller, but the impact of a positive reputation is much more significant.
5. Motivated employees
Your people make your business. One of the ways you can compete with larger business is to invest in the right people. Though larger corporations have more employees, your small business can compete by hiring well. Making your staff feel valued and involved will motivate them to add value to your customers and business. Quality always trumps quantity, and great employees will meaningfully elevate your business’s performance and boost revenue.
Take advantage of your strengths
Every company, no matter how big, has a weakness. The biggest weakness for big businesses? They’re not small! Your business may be small, but you can offer a more unique, local, and personal experience. Focus on these strengths and you can build a business that triumphs over its competitors!
Use the tools at your disposal such as Bartercard. By becoming a member, you get access to thousands of local and international businesses you can trade with to gain new customers, expand your reach, and increase sales. Become a Bartercard member today!
