The business world is one of the real worlds, and it is necessary that you learn how to start small business in competitive environment such as the current world we live in now. Checking back at the history of American capitalism, about the competition that built the men who in turn built today’s America, you will get to understand what I meant by the business world being one of the toughest and realest worlds there are.
This competition may seem very consuming and deadly but in the business world at least with big businesses and seasoned entrepreneurs, it has its own positive influence on the development and growth of the capitalist world. How then can small businesses survive the hurdles of this competition which is often life-seizing or breathtaking if due care is not taken.
Every small and local business owner knows that their competition isn’t limited to fellow small businesses. There are giant brands represented in cities and towns across the country, meaning you’re left to compete with other local shops plus the corporations with big marketing budgets and even bigger name recognition.
How to Start Small Business in Competitive Environment
It is true that larger businesses can easily overshadow small ones, both in the physical and in the digital world. However, while it may seem like one is aiming at or struggling through an uphill battle, there are plenty of advantages that small businesses may have over their larger competitors if they are been well-groomed on how to start small business in competitive environment:
Delve into the Minds of Your Target Audience
While bigger businesses focus on reaching a broad range of demographics, being a small business gives you the opportunity to reach specific markets more effectively.
The competition may be making purchases and investments based on national or regional sales trends. You, however, have the advantage of knowing what your local customers want most.
Think about different ways you can segment your target audience and the best ways to market to them effectively. This might help you attract even more new customers and grow your audience online.
Read Also: How to Start a Successful Digital Marketing
Sustain Strong Digital Presence
With digital marketing, it’s easier than ever for small businesses to create an oversized presence. Getting your name out there used to involve expensive traditional advertising. Today, though, there are many free or low-cost ways to get more customers.
Organic social media marketing is a tremendous way to increase your footprint online, meet consumers where they are on various platforms, and share your business’s unique voice and personality.
Digital marketing approaches like Facebook advertising and pay per click ads provide you the opportunity to reach new audiences for a minimal investment compared to traditional television and radio advertising.
Plus, you can take advantage of those tried and true avenues of marketing, like print ads and direct mail, while using modern data and analytics techniques to find the best audience for these conventional channels.
Most consumers need to see a brand’s name seven times before they even think about doing business with them. So, the more you can get your name out there with local customers, the better shot you have at standing up against the big brand that already has name recognition.
Develop a Fantastic Unique Selling Point
The kind of USP you create or develop for your business will determine the chances you may have over others. It is the one thing that helps your business stand out. It’s a specific benefit your customers receive that they can’t get from any of your competitors.
Your USP should play to your company’s strengths and speak to something your audience cares about.
Amazon’s USP is its mission to be entirely customer-centric. Customers can visit Amazon and find nearly anything they want to buy at an affordable price. This is what makes it stand out from other e-commerce sites.
Be the Solution to Uncommon Customers’ Needs
You’re in business to solve a problem for consumers. Now to strive and beat the anacondas in the room, you need to hold a competitive angle and flaunt it.
Winning customers over is all about effective storytelling. Your competitive angle (which will be your story) can be the reason you started your business (origin story), the value attached to your products/service or the difference between your products/service (product story).
Your job as the founder is to find your angle and turn it into a story which can be shown to customers in your marketing campaigns and website.
Your uniqueness may be in these areas:
- Responsiveness to customer complaints, inquiries. How long do you take? Let them know.
- Business A uses cheap packaging and yours is more alluring? Tell your target customers.
- Business B products are not totally safe and yours is eco-friendly? Tell your customers.
- Got a celebrity on your team or some smart-ass on the team? Tell your customers.
- Offer better courier service than business B. Make it into a video for your customers.
Activate Superior Customer Service
As a small business owner, you have the ability to develop a deeper, stronger, more personal relationship with your customers. Customer service has just as much value as any product or service you offer.
In fact, 90% of people use customer service as a factor when deciding whether or not to do business with a company.
Customers appreciate and pursue relationships and experiences, not just end results. If your customers know you provide a relationship they can’t get at that big business, they’ll come to you first — even if it costs them a little extra.
Train Yourself to Be Thoughtful
Thought leadership marketing is one of the best ways to differentiate your company from others in that same space. You can create thought leadership content by guest posting, publishing articles on LinkedIn or Medium, and doing speaking events.
Thought leadership content is usually created by the business owner or an executive at the company. And it’s especially effective for B2B companies, though it can also be helpful for B2C companies.
People want to do business with companies they trust. By focusing on thought leadership, you’re sharing your knowledge for free and building a relationship with your audience.
