Small businesses sometimes look at entering a market, only to be intimidated out of it by big players with long-standing and huge brand presences. Assuming weakness upon confrontation with stronger marketing programs is a mistake!
All small businesses can the chance to grow with the right research, approach and work ethic. In fact, small businesses have many advantages over big businesses if they look for the right opportunities.
After years of experience helping small companies enter markets and gain advantages over competitors, we have a plethora of insight to share with you to grow your brand.
Here are 6 Ways Businesses can Compete with Big Players:
Use every competitive encounter as an opportunity to grow. If your competitors outpace you in product development, consider ways to improve your product development. If they respond more quickly to customers, reduce your response time, too. If your competitor is introducing a new technological advancement, great! Let them use the marketing resources and budget to educate and familiarize consumers with the new product technology while you prepare to bring a product with the same or similar technology to market. Whatever your competitors do, allow it to push you to your potential, finding comparisons, loopholes or sometimes, facing errors you’ve made that need to be corrected.
Optimize your Smallness
Embrace being small, there’s so much to do without the weight and restriction of corporate surveillance. Consider the following advantages to utilize at play:
Your company is small, making it particularly flexible. If the market takes a sudden turn or consumer develop a sudden interest, you have the parameter-free flexibility to make impetuous changes and accommodate consumer market demands.
Be quirky! Be funny! Take a client out to lunch. Having fewer consumers means you can spend more time with consumers. Get to them, let them get to know you and build a rapport that cannot possibly be replaced by an automated online system.
Be a Treasure
This sounds like a quote card, but what if you actually sought to be the kind of company that a consumer stumbled upon and thought to themselves, “I feel so lucky to have found this gem of a brand and bring their products and services into my life!” Consumers might not use these exact words, but you can incite this sentiment within their thoughts be going above and beyond in the aspects you’ve chosen to make a part of your brand identity.
As a small company, you can offer benefits like work culture and flexible time off to keep the best talent as a part of your time. Take advantage of the perks you can offer to your small team.
Small brands are agile. Without as much on the table, there isn’t as much to lose. Without gambling the entirety of your company, take marketing and brand risks to see how consumers respond. If a tactic or strategy is amiss, you’re still small; you can rebuild and rebrand without everyone noticing. Take advantage of your agility while you have it.
Embrace your niche
As a small company, you do not need (nor can you) service everyone in the world, let alone everyone in your marketing scope. You can, however, be a prominent player in your niche. Embracing your niche is a luxury to be savored by small companies, as it one dearly missed by big companies. What is it that you do that betters your consumer’s life, and how do you do it so much better than others? Once you have answers to these questions, embrace your niche as your identity.
Brand identity is as important to your company as your own personal character is important in your waking life. A distinct identity can be big, even if your brand is small. Let consumers know what you stand for, what you fight for, what you work toward and what you provide by first identifying these elements yourself.
As a small company, you have a ton of leeway in how you define your objectives and act on them, which is not a luxury enjoyed by bigger brands. The bigger and more corporate your company grows, the stricter parameters it must operate within and the less flexibility you have to create a unique brand identity you believe in.
Superior products and services
Whatever you do, do it better. No matter what size your company is, if you offer a superior product and service, customers will choose you time and time again. Channel your energy and resources into perfecting what your brand provides.
Prepare for scalability
One of the biggest disservices you can do to yourself and your brand is not preparing for potential growth. You are small now, sure, but what if you catch consumers’ attention and loyalty more quickly than anticipated? If this happens and you do not have the bandwidth for expansion, you will lose all the momentum gained at this exact moment. Help your future self and prepare for scalability early on.
Compete Online (last page)
As an expert digital marketing firm, let us be the first to tell you there is plenty you can do online to win the advantage over your competitors.
Optimize your SEO with the long-tail keywords that the bigger brands are not using.
Gain an authoritative industry voice by publishing content related to one niche subject or a subject that big brands cannot transparent comment on.
Make one-on-one online relationships more meaningful and memorable that entering in consumer data to an automated submission form.
Go deeper with your content, you have the time. As content length and depth picks up its prominence, you will prosper in search rankings, as well.
Healthy competition is a good thing
When you look at competition in your market, let it give you fuel for your brand’s fire. Health competition is a good thing. It gives you context and structure within a market, pushes you to better your products and services and ultimately, stamps your presence in the race toward the top.
At Executive Digital, we specialize in helping medium to enterprise businesses reach their potential through brand identity and superior digital and online marketing strategy. To learn more about our services and how we can help you grow into the brand you always dreamed you would become, reach out to our team, today.