Being a small fry in an ocean of much larger fish is certainly not anyone’s idea of fun. And when you’re a small company who’s not only worried about the competition but also trying your best to just stay afloat amidst the strong currents of the business world, you feel overwhelmed and find it hard to cope.
Rather than being a drawback all the time, being small in a world of giants does have its advantages.
So if you’re looking to compete with the big boys in the game, here are a few ways to do so:
- Know that personalization pays: Probably the biggest advantage that small businesses have over their larger counterparts is that they’re able to offer personalized services to their customers. People like being made to feel important when they shop for products or services, and when you remember their names and preferences, they want to come back and also refer their friends and family to you. Rather than feel like an anonymous person among a million customers of larger companies, they would prefer to go where they receive service that makes them feel good about the entire shopping experience.
- Make the buying experience convenient for your customers: The easier and more convenient it is for your customers to shop with you, the more likely they are to stick with you even when bigger companies enter the competitive fray. For example, allowing them to shop and pay their bills online, providing them with home delivery, responding to customer service requests promptly and responsibly, and keeping them informed of deals and bargains are a few ways to make their shopping experience with you more convenient and making them less inclined to move to the competition just because they are bigger companies with better reputations.
- Concentrate on quality: At the end of the day, it all boils down to the quality of the goods and services you offer and the kind of customer service you provide. When you concentrate on expanding your operations and in the process forgo on quality and customer service, you’re going to experience a drop in profits and goodwill even if you’re a multi-million dollar corporation who enjoys immense popularity. So no matter what you do or how small or big the size of your operations, ensure that your quality does not suffer.
When competing with larger companies, you must be wise enough to realize when and where to compete instead of going ahead blindly. If you don’t take your budget and other limitations into consideration and expand your operations or promise your customers offers that you cannot hope to deliver or sustain on a long term basis, you’re going to end up with nothing but debt and a bad reputation. So compete wisely, by knowing your strengths limitations, and playing to one while acting within the boundaries of the other.
About The Guest Author: Brenda Harris writes on the topic of online executive mba programs.