It may be the way of the world that the bigger the company, the more likely it is to steamroll over the smaller brands, but that’s not to say that your SME can’t compete with the big brands. There are a number of key strategies to consider when you decide to tackle the competition, and they’re all a lot more basic than you’d originally think. With the use of these simple tips, you could be growing your business easily, naturally and it won’t even matter who your competition is. No matter how daunting it may appear, competition always provides options for creativity and will become a natural part of your business strategy.
The Need for Speed
The bigger a company, the slower it moves. There are few quick decisions made in the day to day running of a large brand, with every discussion needing multiple levels of input, discussions, meetings and the occasional change of mind. For the smaller company, the entire decision-making process is more streamlined, and so it becomes much easier to react to changing trends and breaking news. While the big brands are discussing yesterday’s trending topics, you’re already drafting your up-to-the-minute copy and sending it directly to your customers. Whether it’s a Facebook advert about Pokémon Go or a newsletter sent directly to your customers’ emails telling them about the #motivationmonday promotion, the smaller company will always be able to react faster, and speed is an integral part of your successful branding.
Use the available resources
Technology has helped the big companies and brands get to where they are now, and there is no reason why you can’t use those same advantages. Whether your advertising campaigns need inbound call tracking to work out if they’re worth the cost, or you need to consider hiring a computer forensic company to make sure an employee isn’t leaking your secrets to the competition, the same tools that the big boys use are available to you as well. Tech has become the great leveler for businesses, and when everyone has the same tools, it’s all boils down to who has the better product, and who can provide the best service.
Relationships with customers
The largest corporations hire social media managers to respond to Facebook comments and Tweets, and a secretary or helpdesk to tackle phone queries. If you can’t afford these tools, then it’s really not a problem, as what customers want more than anything is a trusted relationship with you. They want to feel confident that they are getting the best value for money, and the most ideal way to make them feel like that is exactly the case, is to personalize your relationship to them. A bland autoreply message is about as comforting as a brick wall when your delivery hasn’t arrived, but a personal message from someone you know is far more likely to set your mind at ease. It all comes down to trust, and people are far more likely to trust a smaller, family-owned local company than a huge public company with more staff than sense.
Just think of what you can accomplish if you take advantage of the best things about you and your company, and tackle those big issues that will propel you into a better market position.