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How to Stand Out as a Small Business: 6 Strategies for Competing with Larger Competitors
July 29, 2022
In today's economy, small businesses are more important than ever. According to the Small Business Administration, small businesses make up 99.7% of all businesses in the United States and create two out of every three new jobs. That's a lot of power for small businesses! However, small businesses often have a difficult time competing with larger businesses. Larger businesses have more resources and can often offer lower prices or better deals. How can small businesses stand out and compete against these larger competitors?
TABLE OF CONTENTS:
Know Your Strengths and Weaknesses
Create a Unique Selling Proposition
Offer Excellent Customer Service
Stay Up to Date With Industry Trends
Know Your Strengths and Weaknesses as a Small Business
You must know what you're good at and not so good at. You can't be everything to everyone, so focus on your strengths and make them work for you. For example, if you have a small boutique shop, focus on customer service and make sure each customer has a great experience.
On the other hand, if you're not so good at customer service, focus on another area of your business, like marketing. Let people know about your business through ads, social media, or word-of-mouth.
No matter what your strengths are, make sure you use them to your advantage!
Research Your Competition
It's important to know who your competition is, what they're offering, and how they're doing it. This way, you can adjust your strategies accordingly.
For example, if you're a small restaurant competing against a large chain restaurant, find out what the chain restaurant is doing that's working and try to do something similar. If they're offering a discount for specific days or times, see if you can provide an equal discount.
Competition research is a never-ending process, so ensure you're always looking for new information about your competitors.
Create a Unique Selling Proposition
What makes your small business different from the competition? This is your unique selling proposition (USP).
For example, if you're a small bookshop, your USP could be that you offer a more personal experience than the large chain bookstores. Or, if you're a small restaurant, your USP could be that you use local ingredients.
Whatever it is, make sure your USP is clear and that you're promoting it to your potential customers.
Develop a Marketing Strategy for a Small Business
Once you know your USP, you can start developing a marketing strategy. There are many ways to market your small business, so it's essential to find the right mix of strategies that work for you.
Some common marketing strategies include:
- Advertising
- Social media
- Public relations
- Word-of-mouth
Again, there's no one-size-fits-all approach, so experiment with different marketing strategies and see what works best for your small business.
Offer Excellent Customer Service
One of the best ways to compete with larger businesses is to offer excellent customer service. Small businesses often have an advantage over large businesses regarding customer service. This is because small businesses can offer a more personal touch that larger businesses can't always provide.
Ensure your customers have a positive experience when interacting with your small business. Whether they're visiting your store, calling your customer service line, or interacting with you on social media, always go the extra mile to ensure they have a positive experience.
It's also important to resolve any issues that may arise. If a customer is unhappy with their purchase, do whatever you can to make it right. This way, you can turn a negative experience into a positive one and keep your customers returning.
Stay Up to Date with Industry Trends
Another way to compete with larger businesses is to stay updated with industry trends. This way, you can offer your customers the latest products or services.
Larger businesses may be slower to adopt new trends, so this is an opportunity for small businesses to gain a competitive edge.
Make sure you're regularly researching new industry trends. This way, you can be one of the first to offer your customers the latest products or services.
Small businesses can compete with larger businesses by staying up to date with industry trends and offering their customers the latest products and services. Additionally, small businesses can offer a more personal touch that large businesses often cannot provide. Finally, small businesses can differentiate themselves from their competition by developing a unique selling proposition. These strategies allow small businesses to stand out in the marketplace and attract new customers.
To help you more, I need you to check this eBook I've created about the 10 things that I'VE WISHED I had known when I started marketing. If you are or are not in the same place, you need to read this. Get the eBook here.
If you want more marketing strategies, advice, or an overhaul of your marketing structure, visit us on our website and email us at zack@roimf.com or schedule a call with Zack now.
