Big brands dominate a variety of industries, not giving small businesses a chance. It can be difficult to start a business and grow when you don’t have the same authority or budget as the bigger brands in your market. They have big teams and the loudest marketing campaigns, so what are you to do?
The good news is, the marketplace and online world has shifted. Today, small businesses do not need huge resources or expensive campaigns to win. They need precision, personality, and smart growth strategies. Being small can actually be a huge advantage. With intentional decision making and effective strategies, a small business can easily compete with dominant brands.
If you are a small business owner wondering how to compete with large corporations, the answer isn’t to just quit. It is learning how to outmanoeuvre them with precision, personality, and smart strategies. To help you on your journey, here are some practical strategies that can help you compete with big brands.
A competitive advantage
Small businesses have a competitive advantage. Once you know what yours is, you can leverage it. Large corporations move a lot more slowly, and decisions have to pass through layers of people. This means that innovation can get lost, and campaigns take a while to approve. A small business is much more agile. Pricing can be adjusted quickly, launches can come about faster, testing can happen quicker, and you are able to respond to customers more personally and in real time. These are all things your small business can leverage to help you better compete with larger corporations.
Niche positioning
Your small business can compete with bigger brands through specialization. Big brands work hard to appeal to the masses. They cast a wide net and offer a variety of things. Small businesses can leverage this by positioning themselves as an authority on a very specific area. This can help with your budgets and make your business more efficient, so you are not casting too wide a net and stretching your resources too thin. When you then dominate this niche, you will be able to build a strong position for your business in your market.
Leverage artificial intelligence (AI)
AI is being used by companies of all sizes. It is not longer for the tech giants, and small businesses can now increase efficiency and improve decision-making with these tools. However, it is important to consider how you can best use it for your business with intention, not just blindly jumping into it. Vida’s data on AI adoption and customer loyalty is an informative read about the implications of AI within a business, and how it has helped and hindered processes. Consider this information, and your own business data, to see what and where AI can help you. For example, to analyze customer data for buying patterns, to improve email personalization, or to automate repetitive administrative tasks.
Be careful to keep your competitive advantages and not replace these with AI.
In today’s world, size isn’t as important as the strategy. With data and intention, you can outcompete the dominant brands in your industry.
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