6 Ways Small Businesses Can Compete Against Industry Titans
If you’re running a small business, you probably have some huge competition. Giants like Google and Facebook rule the tech industry, while retail is dominated by the likes of Walmart and Amazon. It may seem overwhelming, but no matter what your industry, there’s always room for competition. Small businesses often can’t compete with the major players head-to-head, but by sticking to your strengths and finding your niche, you stand to build a thriving empire. Below are several tips for surviving in the face of industry titans.
Know Your Competition
What are your competitors offering? Is there something you could offer that they don’t? Are they leaving out a key demographic that you could target? These are the questions that will allow you to tap into the unmet demand in the marketplace.
Know Your Niche
Your resources are limited, so your marketing should be ultra focused. By choosing a narrow segment of the market, you can tailor your campaign to appeal to your audience’s specific needs and concerns. Remember, you can always broaden your scope later. Don’t spread yourself too thin at the start.
As a small company, you can be more nimble than a large, entrenched brand with many interconnected products and services. Best of all, you can use analytics to help level the playing field. No longer do companies need costly analysts to understand market trends. Keep looking to the future so you can get in on the ground floor when new opportunities arise. If you don’t jump on new trends until they’re popular, it may be too late.
Listen to Your Customers
Another thing smaller players have over the giants is a personal touch. Use that to your advantage by providing superior customer service. Positive reviews can go a long way toward improving your bottom line. Engage your customers whenever possible, whether on social media or elsewhere. If they want something other than what you’re offering, don’t ignore them. They may lead you to success.
This is the most obvious point: Be frugal. Remember the dot-com crash? Companies were buying $400 office chairs, then going out of business. Even if you’re making a solid profit, spend wisely. You never know what tomorrow will bring.
Efficiency Can Save You Money
Is there a part of your workflow that can be automated? Are there redundancies in your process? Extra hours of labour quickly add up and can cost a company big time. Make an effort to streamline operations so the company can run as lean as possible. Expense management software, project management tools, and other online services can save you time and money to help you stay competitive.