The days of big business holding its grip on the world are finally coming to its end; small businesses round the world now have the opportunity to thrive and survive even amongst the toughest of competition. What in the world am I talking about you may ask? Well, through the use of the internet, smart business practices, social interaction and carving out your own niche, your business can now compete even in a big business world – to the extent that you’ll be leaving the big business shaking in their shoes.
If you’re ready to learn what it takes to be competitive in today’s market, read on and you’ll discover the secrets held by those small businesses that have made their success.
Step 1: Find your unique selling point
Every business needs a unique selling point.
In the simplest of terms, a unique selling point is what makes your business different than your competition. It can be such things as prices, customer support, your products or services, location, company culture or any number of small elements of your business that others don’t do.
A USP creates a unique angle for customers to become attached to and help understand and distinguish your brand. Find your own unique selling point, use it in your branding and you’ll be able to build your business in its own marketplace instead of trying to compete with the big companies.
Step 2: Carve out your niche
Secondary, and much like a USP, your business needs a niche.
Big business does have the competitive advantage because they are able to sell such a mass of items at their locations but the flipside is that they’re only able to offer mainstream products. In today’s society, people have begun to seek out those products, services and businesses which offer a unique experience which can’t be found at big businesses.
Looking through what you have to offer, figure out what you determine to be your market niche. It can be as simple as the products you offer or the type of service you handle, you want to dig down into the sub-markets where big business dares not to go. Even though a niche has a smaller marketplace, customers are more passionate and are likely to stay with your business for years to come.
Step 3: Find your true customers
Third, you need to do the research to find your true customers. Not customers which you believe you’re attempting to market to but the ones that are actually apart of your niche and truly want your products or services.
It’s almost shocking to see many businesses completely miss their target market. Assuming they know best, businesses will market their products to a market segment only to find no response. Instead of throwing darts at a board, dig through your documents and find that’s currently buying from your business, use online tools and internet research to find communities which would buy your products and ask existing customers what they think so you can accurately gauge who your true market is.
Once you have your idea of the true market, you’ll be able to craft your marketing message toward these people to receive a greater response and, hopefully, sales!
Step 4: Go above-and-beyond
Simply entering a marketplace with a general idea, expecting to find customers and compete with big businesses isn’t the way to go which is why it comes in as fourth on this list.
Very much like your unique selling point, you’ll need to do everything it takes to create your products and services that much better than what big businesses have to offer. Most big businesses will be contempt with offering the generic item but in order to compete with even the driest big business you’ll need to make everything you offer just that much better.
Instead of spending all of your money on marketing campaigns and fancy offices, spend that money to develop a better product. Create it fool-proof, intriguing and something which emanates value to those that wish to purchase from your business. Going above-and-beyond is your sure-fire bet to compete in a big business world.
Step 5: Provide legendary support
Finally, the factor which determines the success of every modern business is the support and experience they offer these customers.
In old times, big businesses could get away with offering a mediocre product but create the illusion it was so much better due to their marketing campaigns. Now that consumers have wisen up, they have found that lack of support and experience from a business is a driving factor of why they make their buying decisions.
Develop elements of legendary support and experience within your business culture and everything you do. Go the extra mile to create every transaction as if it were between friends; be there for your customers and they’ll be there for you.