Being a small fish in a big pond isn’t easy, but that doesn’t mean you can’t be successful. Even if you are up against some pretty big competitors, it is possible for your SME to hold its own and even take down the competition, and you don’t have to resort to unethical means to do it. The following are some helpful tips gleaned from years as a professional business coach.
First off, create an individual personality for your business. Just because you may be competing with the big boys doesn’t mean you can’t make yourself stand out. Give your business its own voice and reach out specifically to your target audience so that your brand is relevant to them.
While it is necessary to be aware of what the competition is doing, you need to stay focused on your own business. Make sure you’re doing everything you can to produce the best quality product and to market it effectively. Keep your employees focused as well, so that every effort is going into creating the best product you possibly can and guaranteeing customer satisfaction.
Don’t be afraid to break with tradition and keep pace with the latest trends. No business ever got ahead by standing still. Technology is constantly changing and utilizing the latest technology can help make your business stand out from the rest. So too can taking a risk and being innovative. Sometimes “the way it’s always been done” isn’t the best way to go and by taking a step outside the box you could be leaving the competition in the dust.
Reach out to your local community. As an SME you have a unique ability to make a one-on-one connection with the community that larger businesses just can’t. Get to know your neighbors as well as your customers, become involved in local events or donate to charities. That kind of personal touch resonates with potential customers and will make them more likely to come back to your door.
Make yourself an authority. The internet gives small business owners a real opportunity to make a name for themselves by establishing themselves as experts in their field. Publishing blog posts, engaging in discussions on social media and putting relevant information up on your company’s website can all help potential customers to see you as someone they can trust and someone, they would like to do business with.
When it comes to beating the competition, it helps to remember that it’s not so much about making them look worse as it is making yourself look better. You don’t have to undersell, resort to slander or take any other overt steps to undercut your competitors. In business, as in sports, the best offense is usually a good defense. Do what you can to put yourself in a better light and before you know it, you’ll be winning the game.
Oh, and you want to know one other great way to beat the competition? Get the advice of a business coach to help point you in the right direction. It could make all the difference for you and your business and put you on the road to success.
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