Okay! So you are a startup and trying to cope with your competitors in the market. Marketing is an area where small firms can outsmart larger competitors through campaigns and promotions. Effective marketing doesn't have to be expensive, it only needs a great idea and a unique concept to get started. Larger firms lack attention to details. They are slower innovators than the new ones in the market.
When we say better, we mean considerably better. It’s about tiny details that come together. For example: If you have opened a new restaurant you can choose to garnish your drink, use a different shaped ice, an attractive crockery etc. Try to offer extra value to your customer and it will pay you dividends.
Small firms can have more personal attention to their customers, as the owner has the time to spend time and explain about their products or services to the potential customers. They have the expertise to share and acknowledge your customer. On the contrary, larger firms might have an expert staff to tackle their customers but doing that is not feasible at every store and thus lack consistency. When it comes to small firms, you can develop a deeper, stronger and a more personal relationship with your customer.
Although large firms are well known in the market, they might have mediocre presence across the community. Small firms can build strong names in their community. An appreciation by a customer or a word-of-mouth, can do wonders for a small firm.
A small business gives you the opportunity to reach a targeted niche more effectively. You have the advantage of knowing what your local customer wants. Larger firms may be targeting demographics but they lack in understanding the customers’ needs as compared to small firms. Specialisation leads to scalable and successful businesses. The customer retention rate in niche markets is also good.
The better the employees, the better your business. Try to attract talented employees as they are the resources who run your business. Larger firms may have more employees but you can have specialised employees. Something that is of utmost importance to satisfy your clients.
Gaining market share from a successful brand name can be challenging. Taking an innovative approach on marketing collateral and making the best use of your knowledge and ideas can help you potentially compete with the big players in the market. Lastly, do not forget to improve your customer service. A delightful customer can be a great advantage.