6 Secrets to Competing with Big Business Without Spending Too Much
For small business owners, the thought of competing with industry giants may seem daunting. With their extravagant marketing efforts, bulk purchasing power, and unlimited working capital, it’s no wonder why larger enterprises usually overshadow small businesses. While competing with bigger companies seem intimidating, it’s not impossible. In fact, here are six secrets to competing with big businesses without having to spend much.
1. Provide Stellar Customer Service and Relationship
Did you know that 70% of consumers choose to support businesses that deliver great customer service? Small businesses have the upper hand when it comes to providing personalized customer service and relationship.
Unlike larger companies, small businesses have the ability to interact with customers directly by responding to emails, sending handwritten notes, and immediately solving customer complaints. By providing amazing customer service to your clients, your business will certainly gain more customers through online reviews and word of mouth marketing.
Small businesses looking to compete with larger companies and generate more clients should strive to provide stellar customer service. It helps to invest in reputable CRM and other customer service apps.
2. Price Your Goods/Services Competitively
In most cases, bigger companies generate more customers because they provide cheaper goods/services. Small businesses should always be aware of the market rates for the products/services you offer. Make sure you price your goods/services below or similar to the current market rate. You can conduct price comparisons online since most businesses display their goods/services and their prices on their website.
Additionally, small businesses should make it easier for customers to pay for their purchases. Most businesses offer an invoicing process that features a one-click online payment. However, you may need to set it up and purchase this feature so you can accept credit card payments. It also helps to have mobile card readers that allow businesses to accept payments through smartphones or tablets. At the end of the day, it’s all about enhancing customer experience.
3. Make Use of Technology
Intelligent business solutions are now available for both small and large businesses. Depending on what you need, there are numerous tools that are priced as low as $20 to $1000 per month. For example, there are drag-and-drop tools that cost around $300, which you can use on multiple databases so you can easily view data. This makes it easier for small business owners to analyze data without the help of IT staff.
Technology is always evolving and small business can definitely use the latest tech to their advantage. You can use cloud tools, such as CRM applications, business intelligence platforms, and accounting software so you can keep an eye on your operations anytime, anywhere.
Make sure to compare different packages before purchasing to get the most out of your money. There is a bunch of software specifically created for small businesses, so you might want to start from there. The pricing and features of these tools are usually in line with the needs of small businesses.
4. Offer Nothing but the Best Products and Services
When it comes to your products and services, offer nothing but the best. Experts say that you have less than eight seconds to persuade potential customers to buy your goods and services. Whether they found your products in-store or online, you should be able to grab their attention, and they should be able to understand your business.
If you have an online store, make sure your website is easy to navigate. It should have a clear description of who you are, a web address that’s easy to remember, easy-to-find information, customer reviews, and fresh content. It shouldn’t take potential customers more than 10 seconds to figure out who you are and what you sell.
5. Don’t Be Intimidated
It’s easy to get intimidated by big businesses; after all, they could spend hundreds of millions on advertising and marketing. But as small business owners, you don’t have to spend that much to compete with them. You can hire professionals who could help you develop and improve your products and services. Keep in mind that it’s okay to ask for help when you need it. When competing with large businesses, you need to believe in yourself, take calculated risks, and exude confidence. You’ll have to fake it ‘til you make it.
6. Apply for a Small Business Loan
If you want to take your business to the next level, you need to have quick access to cash. By applying for small business loans, you’ll have the funds you need to pay for the business expansion, unforeseen expenses, daily operations, taxes, and more. However, small businesses often have a hard time qualifying for traditional bank loans, so business owners turn alternative lenders for financing.
SMB Compass offers a variety of loan programs for small businesses all over the United States. If you want to know more about small business loans, our team of lending experts can answer your concerns. You can give us a call at (888) 853-8922 or email us at info@smbcompass.com.
Sponsored Content by SMB Compass
SMB Compass is a bespoke business financing and growth strategy consultancy. After careers in direct business lending spanning SBA, asset-based and non-bank working capital, our mission is to educate business owners on industry best practices as well as the many paths to be avoided. A trusted business financing consultants with $150 Million+ in direct lending experience across SBA, asset-based and non-bank working capital, keeping our clients away from the noise and in front of exclusive business financing options catered to you. Our services include SBA loans, Business line of credit, Asset-based loans (receivables, invoice, equipment, etc.), Term loans, Short-term working capital, Business debt refinancing & consolidation, Growth strategy.
(97)
