Small businesses are usually unable to compete with the big brands when it comes to media spend and advertising. Fortunately, big brands are losing their unique advantage because of mobile search and social media – it has levelled the playing field.
In today’s world, great brands are co-created with online consumers – which provides small businesses and entrepreneurs with an opportunity to compete with larger brands based on delivery, customer experience and merits.
6 Tips To Help Small Businesses Compete With Large Brands
Use Tech Tools
Small businesses can take advantage of technological tools available to make their business seem larger. Some of these tools include accounting software and business intelligence platforms — these tools can help the entrepreneur with overseeing the business operates operations
Make Pricing Competitive
Larger businesses often win with customers by being cheaper. What this means for you as a small business owner is that you have to stay current with the going rate of services and goods you are providing and put your price point below or just at the average points. Pricing comparison can be done online especially since most brands publish pricing on the websites for customers to view.
Monitor the Competition
If you are in a competitive industry, you may be tempted to ignore your competitors. However, you should study them. Although you may not want to copy what they do directly, it is still good practice to keep track of what they are doing in their online promotion so you can find ways to better implement elements that work in your business.
Work With Other Small Businesses
Forming partnerships with similar small businesses is a great way to gain an edge over the larger brands for a couple of reasons. It is possible for you to offer joint promotion and deals that would benefit your business and its partners. Other benefits of working with similar small businesses include getting to increase your business exposure by getting in front of new audiences and increasing engagement to help build your reputation.
Find A Niche
The size of your small business can be an advantage, so do not spend all your resources trying to match the larger brands. Offering a couple of unique and value-adding niche services will make your brand seem larger and competitive. In addition, servicing a small segment of your target market is a great way to quickly brand your business in the minds of your target audience. As long as you and your team are skilled and experienced in that niche offering and you also ensure your business provides rewards and incentives to keep everyone on the team healthy, energised and motivated, your business would thrive.
Build Good Customer Relationship
Small businesses which compete with larger multinationals need to employ strategies that would give them an advantage, and building a great personal relationship with your customers is an effective method.
A lot of small business owners fall into the trap of assuming that their customers are simply rational and focus on calculating and comparing costs. This, however, isn’t always the case, as your target audience is not just looking for the cheapest products; they are also willing to spend money with a business they connect with.