Running a small business is a tough but rewarding job. But launching in a market that is full of big businesses can make the job even tougher. How does a small business owner stay competitive? Here are four ways:
1. Take the Battle Online
Due to having a substantial marketing budget, big businesses dominate traditional marketing channels. Luckily, one area where small businesses can get ahead is through digital marketing. By using social media advertising and PPC ads, small businesses can reach a wider audience on a budget. Furthermore, SEO provides low-cost (even free) ways to draw in organic traffic for your website.
2. Focus on a Niche
Big businesses have the financial resources to take on multiple larger niches at once while small businesses do not. As a small business owner, it is much better to focus on smaller niches that big businesses have completely ignored or don’t really care about. This will prevent you from spreading yourself too thin trying to compete with the big boys across multiple avenues.
3. Make Customer Service a Priority
Customer service is extremely important when trying to attract and retain customers. As a small business, you are in a much better position to build and sustain relationships that lead to positive experiences.
Just how important is customer service? Here are a few statistics to put things into perspective:
- 90% of consumers say customer service is a major consideration when planning to buy from a business
- 93% of consumers are likely to return for repeat purchases after receiving excellent customer service.
4. Use Customer Feedback to Improve
As a business, you exist to serve the people – you’re not making products and services for yourself. Listen to what your customers are saying and implement any feedback to improve your offerings. This will show them that you care and are willing to do anything to provide them with positive customer experience. In the end, your customers will reward you with further business and their loyalty.
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