Those who get bored with limitations of regular jobs and want to carve a niche opt for entrepreneurship. Starting a small business is a good idea, but growth is also required. Growing your small venture may not prove to be a cakewalk though. It is not only about competing with existing and upcoming small businesses in your region. You also need to think about the big players! For any small business owner, the threat posed by MNCS and popular big brands looms large. However, that does not mean you should quit the rat race and stop pursuing your dream of becoming an entrepreneur.
5 tricks that can be useful for small business owners in coping successfully with big businesses:
1. Simplicity matters
When you run a small business and there are some big rivals on the horizon, your focus should be on simplicity. The truth is, when you run a small venture you cannot anyways spend too much money on increasing product and service range, in the beginning. So, your focus should be on keeping things simple. Rather than launching too many products to compete with big rivals, keep the product range small but focus more on quality. This actually helps users find what they are looking for easily.
2. Uniqueness sets you apart
when you start a small venture, whether it is related to technology or FMCG products, carving a niche is what sets the brand apart. There could be popular and bigger brands out there. However, if you can offer the customs something they do not usually get from those brands, they will flock to you. Given the fact customer awareness has gone up a lot in recent times, your focus should be on finding a niche for your venture. For example, if your venture deals with snacks, you may think of launching snacks meant for vegans and gluten free snacks. That will help you appeal to a niche target buyers. You may also think of catering to the customers focused on eating organic food.
3. Using technology to the max
Online shopping is very popular nowadays and you definitely need to get a website designed for your venture at the earliest. However, do not be complacent with that. In an age when technology has seeped into each part of human life, you should use technology to the advantage of your venture!
This can be done in a number of ways. First, you can think of, getting an app designed for your venture. Of course, you may do so after profits keep rolling in. Nowadays, a majority of people prefer buying things using the apps. Smartphones and tablet usage has shot up massively. When you have apps for your venture, the reach of your business gets multiplied. You also need to make your website optimized for mobile devices.
Social media integration is also crucial for your brand to cope up with competition from big brands in the segment. With billions of people using social media services to learn about products and services and make purchases, businesses are making the maximum use of these tools. A lot of people use their Google Plus and Facebook accounts to login to e-commerce sites. This is fast and convenient for them. You should also offer robust social media integration option in your company website. Besides, such services can be used to endorse your company products and upcoming offers.
4. Studying the big rivals
To get an edge over the big rivals operating in the same segment as your venture, you should observe their operations and product portfolio with care. When you focus on these, you are able to understand the areas of the market remain to be tapped! You also need to analyze their areas of weaknesses. By offering improvements in those areas, you can make your venture popular. For example, if a big e-commerce service provider is weak on delivery and logistics related issues, you can improve on those areas and get more customers for your venture. Studying their websites, apps and products can give you insight into these aspects.
5. Customer service is where you excel
Initially, it may seem that it is near impossible to match the big players in terms of customer service. However, the reality can be quite different. It is true that those brands spend a lot of money in developing customer care and offer various modes of support including live chat. You may lack the money or set up to compete with them. However, you can offer outstanding customer service to your customer. Sometimes, big brands may fail to cater to specific customer needs owing to their largeness of operations and this is where small ventures get the edge. Agility and promptness of service can please a lot of customers. Professionalism can win you many more customers than you can imagine.
Where It All Leads To
To co-exist in a segment where large sized business rivals operate, a small business owner needs to think innovatively. The aforesaid strategies can help to an extent. However, you can always be creative and experimental to make your venture race ahead of rivals. Of course, it is important to think of resources, practicality before you deploy new ideas into action for your venture. With innovative thoughts and timely deployment of these, a number of small ventures have blossomed into large scale companies in various sectors and so can your venture.