Competing against the big boys takes more than just inspiration and guts. It takes a focused strategy on building a brand that your potential customers will pay attention to and that your current customers will love. Every next market leader starts off with no brand recognition, and must compete against a category leader that dominates the market awareness.
So, how can smaller companies win their fair share of new customer deals? How can they compete and grow against established market leaders?
You can probably point to a handful of things right off the bat: your application design, your adaptive technology, and customer loyalty.
While these are all great, but there is much more to creating a successful company than simply building a product and amassing an avid customer following. How you engage with prospects and customers is a critical component as well. With that said, we’ve come up with a formula that may help you to challenge the status quo in your own industry.
Here are ways on how small companies can compete and go head to head with large companies:
- Be better than the giants. As a new firm, you’ll need to do something better, cheaper, faster, or amazingly different in a way that won’t put you directly in the crosshairs of a big, powerful company. Who could have imagined Apple or Porsche growing so large in such a comparatively short time when compared to the long lives and world-wide reach of IBM or GM? That is the power of great ideas.
- Let your competition draw out the best in you. There will always Goliaths to face every David in the industry. You can actually make this work to your advantage. if the Goliath is targeting your space, they are also validating and promoting your product or service. This should lift your business, not just theirs.
- Focus on your customers. Your customer base is the most important asset you have. When a bigger business moves into your space, it is even more important to understand your clientele, know who they are and what they need from you. Whether a larger, louder presence has hit your market or not, in these busy times it is essential to stay in touch with your clients and keep them aware of your products and services.
- Outperform your competition on their weaknesses. A well-tuned small business can easily outperform its larger counterparts in customer service, trend identification, product output and quantity control. I always found joy in writing personal letters to our customers, dealing with charities in person, and listening to the youth demographic.
Be confident in yourself and your product, as there is a reason your small business has become competitive enough to “run with the big boys”! You’ve already proved that your business provides what the market needs. Successful businesses are those that continually grow, set goals and seek to be on the list with their top competitors.
Competition keeps your business healthy and your products and/or service current with the needs of your clients or customers. Use to your advantage the fact that a smaller business is more nimble and can adjust more quickly to the market and customer needs. Adaptation is a key to further success; use it to ensure continued demand for your product or services.