Small, local businesses are struggling to compete on a multinational scale. Large marketing budgets, cheaper prices and an established brand are what make it difficult for family-owned or mom and pop operations to compete.
But being a small fish in a pond filled with sharks means that you have the wiggle room to do things differently.
Businesses across the world are competing with multinationals, getting the attention of customers and finding ways to gain market share. It’s often the little things that count the most, and over time, a small business can build their brand.
1. Focus on the Customer Service Aspect of Business
Customer service is lacking. Big businesses have forgotten the saying: the customer’s always right. A lot of retailers that have recently went out of business may still be in operation today if they focused more on customer service.
Toys “R” Us is a prime example.
The once thriving toy store that kids across the United States loved is closing shop. If you’ve walked into one of their stores in the last few years, you know the pain of trying to find someone, anyone to help you find what you’re looking to buy.
Small businesses are focusing on customer service as a way to lure customers in and keep them coming back.
If you go to most small service businesses, you’ll find:
- Closer owner-customer relationships
- Better customer service
- Workers that are more attentive
You can even go on many business websites, such as Affordable Plumbing, and have a live chat with a customer service representative immediately. Being attentive to customer needs and concerns can help push a small business above the multinational competition.
2. Offer Customized Products or Services
Local businesses have a pulse on what the local community’s consumers need. Preferences by city, region and income level are easily discerned by local businesses, offering an advantage that the larger entitles don’t have.
Smaller businesses can fill in the gap by offering customized products or services that aren’t filled by larger companies.
Local companies can capture market share through offering:
- Service or product variety
- Customized packages to meet local needs
Multinationals may persist on a dozen key products, but small businesses may need several dozen products to fill the needs of the consumers that want a customized solution. Tap into the underserved niche markets to boost sales.
3. Find Your Competitive Angle and Make It Known
Competitive business angles help businesses win over customers. Your product or service should beat the offer of larger entities, or it should fill a void that no one else is serving. Sit down and find what your competitive edge or angle is in your business.
You can have a unique story, you may be the only one offering responsiveness, or you may have packaging that the competitors have failed to use despite high levels of product breakage.
Safe or eco-friendly products?
When a business has a competitive angle, it’s essential that they display it with pride to the public. Nike didn’t hide the fact that Michael Jordan was endorsing their products – they flaunted it for the world to see.
Small businesses can do the same to gain recognition.