Small business owners have a lot to deal with when first coming into a market where there’s much bigger competitors, but there’s no reason to fret. Big businesses don’t have to deter you from making moves. Your small business can go toe to toe with huge behemoths like Amazon, Walmart and Target. There are many advantages to owning a small business; you just have to find them out individually. In the end, it’s all about strategy—you just have to outdo your competitor. Here’s how to make your small business compete with big businesses.
Focus on Niche Markets
For example, say there’s a sporting goods store specializes in fishing gear. Big competitors also sell these things, but do they specialize in these types of gear? No. Therefore, there’s a lack of a professional opinion when purchasing fishing equipment off of Amazon. They can’t recommend the best type of fishing equipment for you to buy, particularly when you’re a novice. Sure, there are reviews online, but everyone has their own personal opinion.
Also, think about customer service. The staff of large corporations likely cannot assist every individual customer with their specific questions. It’s best when it’s coming from someone whose job it is to sell these types of products. As a business owner who specializes in a particular industry, you’re at an advantage over a corporation. Find your niche, and make sure that your customers know that this is your specialty and that you have the knowledge and the products that they need.
Don’t Obsess About Price
Sure, a big name company can provide a lower price for a product. However, that it doesn’t necessarily mean that it’s going to be better just because it’s cheaper. The best way to compete with a corporation is by making consumers feel great while purchasing your products. People purchase based on their emotions. It’s important to demonstrate why your business is worth coming back to. Customers want quality, great service and assurance. Give all those things to them and they will be a happy, returning customer.
Provide Personalized Customer Service
As we mentioned above, customer service is everything, and this is exactly what many corporations fail to give consumers. For them, it’s about high volumes and low margins. For the typical small business owner, it’s about quality interactions. This is the perfect way to stand out as a business—demonstrate the best customer service before, during and after the sale. You’re not just a corporation, which is a huge advantage. People connect to a small business based on the fact that they can put a face to the name. Each experience you make with a customer has to be special.
Have the Right Insurance
However, while large corporations are likely to have legal teams and substantial defenses, many small businesses are under-insured or uninsured altogether. While many large corporations have withstood lawsuits or claims and come out largely unscathed, just one claim could cripple a small business, particularly a newer one. Don’t let your Glen Rock business be unprotected; make sure you have sufficient coverage for any possible claim. If budgeting is a concern for you, a package policy would be a great solution to provide your small business with insurance coverage for an affordable price.
About David G. Sayles Insurance Services
At David G. Sayles Insurance Services, we strive to protect the investments of homeowners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.