Use These Strategies To Compete With The Bigger Names In The Game
July 4, 2017
Article Overview10min read
When small businesses are launching a product or service in an industry with bigger names and competitors it is easy to feel intimidated. It can be time consuming to find a niche, however, it will reward your business in the long run.
Small businesses need to be laser focused on a particular market segment. You have to start from zero level because you can only go up from there. It is not easy to compete with the bigger guys. Small businesses need to look at your basic customers. You need to zero in on your specific demographic. Recognizing your basic customers and marketing for them will lead to quick sales and increased revenue. When Red Bull was first introduced, it was in no particular zone. People didn’t know whether it was a soft drink or energy drink. The market and demographic seemed vague. Co-founder Dietrich Mateschitz saw sales slumping and decided to go back and analyze the market segment. He picked students and relentlessly pursued and targeted them by hosting campaigns, events and competitions.
It worked. The demographic exploded and Red Bull sales skyrocketed. It is an energy drink that can now be found at any sporting or athletic event. If you are starting a new business, it is all to do with how you niche your group. Sell to your core customers first, then be ready to expand.
Once you feel like you’ve got your consumers, it is time to throw in a little competition. Flaunt your angle whenever you can. Effective storytelling will do the job. There is nothing more interesting than listening to a story which captures the imagination and pulls at the heartstrings. What is your story? Why did you start your business? What is the value behind your product or service? An amazing marketing story can have an equally amazing response. Use innovation in your story. Be competitive at every point. Do not let up or let go, there are a hundred more fish in the sea waiting to catch up.
A recent study indicated people’s attention span had dropped from 12 to 8 seconds. This means it is all the time you have to convince someone your product or service is great and that it will benefit them. Learn to grab your customer’s attention before they decide to pop off to another site. Base your product on the requirements of your demographic. It should hold a valuable promise and deliver an unparalleled experience.
Give your customers the best service. Remember, this can be the key difference between your small business and the bigger fish. Bigger companies with its big agendas and strategies may sometimes lack in providing exceptional customer service, it may reply on just a professional relationship. You can make your relationships more personal. Engage with your customers, listen, talk, advice and answer. Make it a top priority when attempting to beat out the competition.