Part of effective digital marketing involves understanding and tracking your competitors. On occasion some of your competition is going to be BIG, have a well established brand and are they are potentially going to have bigger marketing budgets. Sometimes it’s hard to know how to compete with that. Which is why we have put together these 4 key tips below to help your small business take on the big players in your industry and win!
Get in the zone and take it to the next level
If you want to take market share from your competitor you are going to need to know exactly where their customers are. Each target market is a little bit different which is why it’s very important to conduct thorough research and then define a very specific strategy of where you are going to engage these ideal customers. You don’t want to be spending time on the wrong avenues, rather you want to be investing in the channels that are going to generate the most profitable outcomes. Once you identify where your target customers are you are going to need to provide value, find ways to stand out from the crowd and solve problems for your potential customers so they want to do business with you instead of the larger competitor down the road.
Focus your efforts on the tactics that will create a big impact but also things that your competitors won’t be able to do or aren’t willing to do for example are your target market looking for a very personalised service that perhaps a larger bigger company isn’t able to give? If so find ways to meet that expectation thereby creating value and satisfying a need in that customer. It is going to make them more likely to do business with you then your competitor regardless of their current stance in the industry.
Use your size to your advantage
When it comes to big businesses often they are successful in securing quite a large portion of market share however their size also works against them because they do not have the agility that a smaller business may have. In small business you need to use every single advantage that comes your way! A lot of the time business owners in the smaller companies will have direct access to customers therefore knowing exactly what the consumers crave as time goes on and those needs inevitably change. Big business will often have an approval process to go through prior to making any offering changes or system changes which smaller businesses won’t have. This agility means that you have your finger on the pulse and know exactly how to blow customers away consistently into the future because you are able to shift and adapt to fill those needs leaving your competitors behind in the stone ages.
Step back look at the big picture and plan
As they say nothing good comes easy! True success in business can often take quite some time to build. Look at your particular circumstances plan for the future but always utilise the benefits that you have on hand in that moment – don’t miss out on opportunities. You may not currently be one of the big players in your industry however you have so many advantages on your side which will help you to build towards the next goal that you set. So think about long term and how you want to scale your business in the fut and put measures in place so that you can with ease when the time comes. Though you don’t want to behave like you are already in that position you see yourself in the future that’s not how you win you need to play the cards that are currently in your hands until you get dealt another. Plan for the stages of evolution and as you go through these stages over time step back and look at the advantages that you have over the competition at that given time. This is the key to aligning yourself in the best position to secure a larger market share.
Don’t Fear change
As a small player in your industry you need to look at change as opportunity and you need to grab those opportunities with both hands. Your larger competitor is not going to be able to adapt to these changes with the same agility as you and yes industry changes aren’t always the most fun to deal with and it does take additional blood sweat and tears to shift but these are the opportunities that trip the larger businesses over.
As a small business competing with larger businesses it can often feel very hopeless however I’m here to tell you that it is not. Every business starts somewhere don’t compete by trying to mimic their strengths that’s not always the correct approach find their weaknesses and use your strengths against those points to take that market share. Get in touch with our online marketing agency in Melbourne to discuss how to beat your competition with effective digital marketing campaigns.