One of the great things about business is the limitless opportunities out there. Companies can be founded from ideas of the very niche to the more generic; ideas from all walks of life and all kinds of industries. There is however, one question that all types of business will have to face up to at one point or another. How do you compete with the world’s top brands? Here we will look at a few top tips on how relatively smaller businesses can take on giant corporations and how a business plan is a fantastic place to start.
Keep your advertising niche
If your business is considering a more grandeur marketing campaign, you’ll quickly come to terms with the fact that you simply don’t have the budget to compete with the big boys. Generic terms in any market will cost a lot more to advertise based simply on the fact there will be stiff competition from a vast range of companies. Small businesses must therefore keep one essential question at the front of their minds: what makes us different?
Planning a niche advertising campaign is a fantastic way to compete with much larger companies. It’s more than likely that your business offers a unique range of products and services that customers simply cannot get elsewhere. Setting out how you will approach your niche market is a fantastic way to establish yourself in the market; offering customers through various advertising campaigns a service which the bigger companies simply cannot offer.
Make sure your business is open to change
Industry leading companies are typically huge international corporations and one advantage a smaller business would have over such a company is the ability to change. Change can come in many forms, but a certain level of adaptability could prove to be a huge benefit to a small business looking to carve a way in the market. One such example of change is considering whether a partnership is a viable and beneficial option for your business currently. A vast range of larger companies are actively seeking partnerships with other businesses in their fields in order to gain new skills and find more efficient solutions to any obstacles they may face. On a smaller scale this shouldn’t be any different. Whether your partnership is established to expand your respected customer bases or for a more symbiotic relationship, creating a plan for how you can work together could make you a much more serious threat to bigger businesses.
Customers are also a fantastic source for change. Everyone loves good feedback, but bad feedback is even better. Finding out where your business could improve, and then putting these improvements into place is a great way to stay one step ahead of bigger companies. Such changes would take much longer to filter through a large business, whereas making quick and effective changes to customer feedback will have a great impact on customer satisfaction. Even making larger changes to your business model can be done without major disruption, and a business plan is a fantastic place to start this process.
Provide a personalised service
For smaller companies, a large amount of business is based on the word of mouth and the reviews of local customers. How they talk about your business is based on the experience they have with your company, and as a smaller business this should be focused on personalisation. Really understanding your target market on an intimate level is the primary way you will be able to compete with the world’s leading companies. Your business can provide a level of care a larger company could not. Attention to detail is key and planning how you will ensure the services you provide meet this unrivalled level of care is an effective way to make sure your business can take on industry leading companies.
If you would like help with writing a business plan, we would love to hear from you. Contact us online using the form on the right or call 01604 420 420.