5 Ways Small Businesses Can Compete With Big Companies

Any modern business owner would know that simply having a good idea and some money to support it is not enough to launch a business off the ground. There are many other things that you need to do, principle among which is studying your competition.

During this phase, you’re bound to find a major corporation already having a steady footing in the sector. How do you go about opening and finding success in the presence of such a big competitor? Even if the big company enters the market after you’ve established, it has the ability to cut the ground from under your feet. How do survive against that? Let’s find out.

Find or Create Your Niche

Big corporations have the ability to offer an extremely wide range of products thanks to the scale of their operations. If you have a specific product or service in mind relevant to a big company, chances are you’ll find it easily. But you can use your competitor’s size against themself.

How? By not trying to offer everything, and instead of specializing in a particular pocket of the industry. So stop trying to stretch your resources thin to meet the standards of a big corporation; gain expertise and establish authority to gain a foothold and grow from there.

For example, if a customer decides to buy new running shoes, they can head to Amazon and find almost any model they want. But they won’t be able to find there are expertise and guidance. If you have a small, yet specialised shoe store, you can help them find a pair of shoes that won’t only meet their needs but will satisfy them later.

Build Personal Relationships with Customers

Here’s how big brands get so big — they generate a high volume of sales with fairly marginal profits. Providing a quality customer service is simply not a necessity for them, and is, therefore, a secondary objective. This is where your small business can gain an upper hand.

You need to understand that people aren’t just looking at the products and prices when they’re spending their money. Well, actually they are; consciously at least. However, subconsciously, they want the best experience. You can strengthen customer relationships by going out of your way to help your customers find the right product or service, exchanging pleasantries, and, if possible, remembering their names. 

These steps are sure to create an unforgettable customer experience and make returning to your business a no-brainer. For example, a small or medium-sized casino in UK can offer free alcoholic drinks to its customers or give promotional codes from time to time.

Don’t Hide Your Personality

As much as big corporations try to create a personality on Twitter and Instagram, they can never keep it consistent. This is because the person behind the company’s latest tweet is different from the one who’s handling the customer care call. In fact, there are bound to be slip-ups due to this difference. However, as a small business owner, your face is the only one behind everything your business does.

When customers are able to relate business with a face, they’re likely to form an emotional connection. You can lend a personality to your business by sharing your business story or telling why your service is unique. Bottom line is you need to reinforce the emotional side of things.

Collaborate with Other Small Businesses

Collaboration in a business context usually means individuals working together to achieve a defined and common business purpose. However, this doesn’t always have to the case. You can collaborate with other business owners like you to boost your business in several ways.

Working with other businesses can give you some much-needed inspiration by bringing to light new operations, tools, and outcomes. It can create learning opportunities that may give you new skills and ideas. It may also help you grow your network and give unique solutions to chronic problems. Thus, you can become each other’s strength in your combined fight the big bad.