Are you an entrepreneur considering starting your own business but are worried about being crushed by giants? The truth is, small business can, in fact, compete with the big boys.
In his recent article on Entrepreneur, Chirag Kulkarni explains how small business can take on and actually win the battle against big businesses with seemingly infinite marketing budgets.
Think small and win big.
When you don’t have the resources to be as expansive in your offerings as the big players, the alternative is to get as good as possible at a specific niche. The narrower your focus, the easier it will be for you to compete in that space. Trying to advertise for “Shoes” is going to be very expensive, but cornering the market on “Size 6 red sparkle flats for women” will be much easier and much less expensive.
Partner with the major leaguers.
It might seem too good to be true, but plenty of larger companies are not only willing to partner with companies in their fields but are actively pursuing those opportunities. These partnerships help the larger corporations gain new skills, push internal projects to better solutions or grow the next-generation technology for their industry.
Reinvent the game.
What things in your industry are stuck in the past? Here’s a clue — what things are you not yet doing on mobile devices? Focusing on one or two processes can help you reinvent the game in your industry.
Take risks to prove your worth.
It can be hard enough to establish your value to your audience, but when a high-profile competitor is constantly threatening to overshadow you, a bold gesture is almost always necessary. Consider putting your money where your mouth is with a bold approach that both establishes your value and increases the likelihood that you’ll turn heads.
Use intimacy to your advantage.
The beauty of being a small business is that you can really get to know your target market and your customers. This intimate relationship is the key to winning over more customers. Pay close attention to what improves the experience of interacting with your brand for each customer. Use this information to craft a top-notch personalized experience that Amazon or Google never could.
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