Should small business compete with large business?
It is important to remember that pretty much every business started small and grew to where they are today. Perhaps your goals are the same and you would like your small business to be large as well. Or like me (Kelly) you wish to keep your business small and offer your clients more of a boutique service.
Either way, once you know your goals it is far easier to be in business, market your business and target your ideal clients accordingly. You can plan the resources you need and employ the right staff to help you to grow your business and achieve your goals. It is important to know that while larger businesses may have more resources, small business also has its advantages.
Small business advantages
Customer Service – Often when you are dealing with a small business or micro business you are dealing directly with the owner. It is this customer service that can help you to stand out from larger competitors. Customers are not passed around like a parcel to different people. With this, you are able to develop strong relationships with your customers. As we all know good customer service will keep you coming back for more and telling the people you know what great service you received. Many customers look for this personal service and deliberately choose a small business to gain this experience.
Partnerships – Small business can also partner with larger business to achieve their goals. A strategic partnership can be beneficial for both of you in making your products and services more valuable for your customers.
Prices – Small business should never be on a race to the bottom with prices. The lowest prices can actually hurt your business as you are attracting the wrong sort of customers. Customers who are price-driven are not loyal and they will not help you grow your business. Instead, focus on reasonable prices and amazing value.
Innovation – It is far easier for small business to be innovative and gain a competitive edge in the marketplace. A large firm trying to innovate can cost a lot and risk even more. Plus there are a whole lot of staff implications when large business is trying to change the way they do things. Small business can innovate much faster and at less cost.
Sharing your you – What makes your business unique? Often for a small business, it is the business owner but you will also have values and features that make your business unique. Using tools within digital marketing you can share just how unique you are. Create your unique online presence and find your tribe of ideal clients.
Happy staff – It is far easier for a small business to have and keep happy staff. Hiring right and making your employees feel good and appreciated will lead to increased productivity and employee retention. After all small business employs a lot of people within the Australian economy.
Niche – Small business can reach specific markets or niche markets very effectively. This may be a product niche or a local niche.
Should you compete
Now it is important to be smart. If you are just starting out with your activewear brand there is little point in trying to compete with Nike, they are not your direct competition. Instead, use the advantages above to carve out your own space. This way your clients may wear Nike shoes along with your sports tights and a Nike top. Eventually, they will be 100% in your activewear when they are a raving fan of your products.
Regardless of your business type, they are ways to carve out a space for your business and have a strategy that works.
Need help with your Digital Marketing? Contact Kelly at My Sassy Business.
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