4 tips to become a formidable corporate competitor
By BuildMyBiz on November 16th, 2015
Starting a small business can be stressful enough, but competing with with major brands in your industry takes hard work and innovative small business marketing strategies. Here are some tips for entrepreneurs facing competition from large companies:
1. Use creative marketing
According to Practical Ecommerce, many retailers use the same tools to advertise. If business owners can find a better and more creative way to market themselves than their competitors, their ventures can come out on top. The source suggested that instead of just posting online advertisements, a company can hold events such as a contest with an appealing grand prize to attract attention and potential new business. Owners can also encourage current customers to participate with friends, which can make for a great opportunity to gain more customers.
Shepard Presentations added that creating relationships with happy customers helps form a group of people who are willing to advertise the business through word of mouth. The best techniques of communication are through the Internet and the U.S. mail, where entrepreneurs can send newsletters. In addition, Small Business Trends encouraged entrepreneurs to take advantage of the customers they already have rather than trying to focus on finding new ones.
2. Think about the product and audience
A company’s marketing strategies should revolve around what’s being sold. Products are the glue that keeps the business together; if they’re not in demand, the business may fail. Shepard Presentations recommended owners focus on selling something the competition doesn’t. This doesn’t necessarily mean providing an entirely different product – it could be offering better customer service, a unique environment, or an overall different experience.
Branding is also important. Pam Moore, a marketing expert, wrote in her blog how crucial it is to connect the brand to the target audience. It needs to be built up to be unique so the product and business are recognizable and capable of being seen as innovative compared to the competition.
3. Be active and passionate
Another way small business marketing can prosper is by becoming involved with the community. Shepard Presentations suggested becoming visible to locals by being involved with schools and fundraising opportunities. When a business forms close relationships with its customers, it becomes a worthy competitor.
Being a part of the community is crucial for prosperity against other businesses, especially if they haven’t yet utilized it as a resource. This is especially true when going up against bigger competitors. A small business is less intimidating that the Wal-Mart down the street. Its image is a great opportunity to invite new customers in and provide excellent and attentive customer service.
4. Continuously innovate and differentiate
According to Pam Moore, innovation is key to adapt to ever-evolving competition. To be agile in the corporate world, business owners have to regularly incorporate new ideas and techniques. Moore insisted that entrepreneurs shouldn’t hold on to any new ideas for long and instead strive to implement them as soon as possible.
It may take a lot of creativity to beat bigger companies, but if entrepreneurs are lacking in ideas, they can always turn to their loyal employees for brainstorming sessions. Keeping on top of customers and new innovations in the industry can make any small business a formidable competitor. Owners must go the extra mile in both regards to give themselves an edge.
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