Right now, starting a business has never been easier, but competing with corporate megaliths has never been harder. However, owning a small company gives you numerous opportunities to stand out from larger competitors and start down the road to success. Here are a few of the best and most effective ways to set your business apart.
Provide personalized customer service
While massive companies have the advantage of widespread exposure and a huge number of employees available around the clock, you can benefit from direct communication with your customers. According to Forbes’ Larry Myler, “around 75% of customers state that they consider customer service a true test of a company’s competence.” When you’re running a smaller operation, you’re uniquely positioned to provide long-standing patrons with far more than an automated service hotline and convert first-timers into loyal customers.
Get involved in your community
If you’re hoping for people to invest their time and money in your business, it may be wise to invest in them as well. Consider sponsoring local events, donating to causes in the area and offering classes or services based on the product you sell. Consumers in the area will begin to associate your company with positive change and recognize that you’re an organization that cares, not just one trying to make some quick money. Myler also suggests that well-planned donations and sponsorships can keep you in the news as well as the forefront of people’s minds.
Understand your market
Strategy+Business’ Isaac Krakovsky states that a company that knows who it’s selling to can customize its marketing efforts to that demographic. Whereas an enormous online retailer needs to cater to as broad an audience as possible, you can dial in on what your customers want, how they think and the best way to communicate with them. As a result, you’ll build a personal connection and develop a higher sense of loyalty.
Never stop innovating
The single best way to separate yourself from other businesses — both big and small — is to realize that nothing is set in stone. If you’re still developing your company, try to come up with a product or idea that nobody else out there is doing. Even when you’re running an established operation, never be afraid to shake things up internally, adopting more efficient management and delivery processes, looking for ways to improve the customer experience and embracing emerging technology.
Lighter Capital’s Rachael Pilcher also suggests that keeping an eye on your competitors’ practices can give you a major leg up. She says, “startup businesses can get caught up in the excitement and pressure of their new venture and forget that they have competition. Realistically – a lot of competition. This could be from other entrepreneurs building similar solutions, or from well-established companies that have a head start. Looking at what your competitors are doing well (and what they’re doing badly) can help you figure out new ideas for your own company and competitive differentiation.”
There’s never a guarantee of success, but if you follow these tips, you’ll have a great chance to stand out in an incredibly crowded market.
