Business
How To Compete With Big Companies As A Start-up Business?
If you are just starting your new business, one of your major concerns right now could be how to professionally present yourself in the field you want to excel and compete effectively among larger business offering the same product or service like yours.
In today’s fast paced environment, every objective can be attained now with the help of the latest technology and of course the much needed revolving fund to keep your business abreast with the current trend and what your competitors are willing to offer to all your target clients.
Here are some techniques that any small or start-up business could try in order to have a competitive edge and perform closely with their rivals—the bigger companies:
1. Invest more in your advertising campaign
If you have adequate capital resources to spend, then invest in a reliable and certified marketing agency that can help you come up with a more realizable marketing plan. The best way to fully utilize your budget is scout for a good deal on all the marketing firms offering their services that promise to have your sales pitch soar high or get the needed traffic back to your site.
2. Avail the latest technology or equipment if needed
Even you are just new in the market, you can also provide what the bigger firms are offering the public. For example, if your business is concentrated into shirt printing, then, investing is a high-tech shirt design maker or equipment will give you more chances to compete with your rivals and provide also the same service that they are giving. The good thing about a start-up business is that you can still lower your prevailing rates, unlike with bigger companies they need to charge higher or maintain their existing rates in order to sustain all their expenditures.
3. Add a personal touch
Whether it is a small rented space for your showroom of your products or an online website featuring your newest product lines being sold, don’t forget to add a personal touch to your start-up business. Making your place well-presented, inviting to your walk-in clients and personally greeting them would make a big difference already as compared to bigger stalls which sometimes look snobbish when no one would even greet the clients, making them feel awkward or put-off to even enter their premises or stalls. Same applies with your websites, be sure you have on online customer service team who will be ready to attend to all your clients concerns and needs.
4. Improve your product or service from time to time
Being a newbie in this business, one aspect that you should never overlook is the continuous improvement of your product or service in order to cope up with the growing demands of your clients and the high rate of competency among your competitors. Strive to be the best in whatever industry you want to focus.
Running your own business really requires hard work, creativity and a lot of discipline. If you think all your best efforts are not enough for your motives to excel, then, the next best thing to do is follow the route of what big companies are doing to succeed. If they are using promotional gimmicks, then, it’s about time you do the same tactic in your own little way to get your consumers full attention. Never give up. Live within your dreams for self-fulfillment.
Tagged Advertising and Marketing, business, Competition, Customer service, marketing plan, Small business
RandomheroApril 7, 2012 at 7:39 pm
I run my own small business and I need more articles like this to learn about how to run my business better!
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ScottyApril 10, 2012 at 12:15 am
I totally agree with all the points! I think the personal touch is very important as lots of big companies become just faceless corporations to most of us, so finding someone you can talk to, and trust, makes the big difference!
LinxApril 11, 2012 at 10:26 pm
Yes! So true. I do think that a vital key in competition is to stay focused on adding value – so much so that you overshadow your better known competitors. People are becoming more savvy, and why are you in business in the first place?
If you are in it in order to serve the greater good and to do it in a manner that gets you ‘out there’, you may not win every battle but you will win the war.
Adding value and reaching as many people as you can with that value is so important for long-term growth…and ultimately for successfully competing with those ‘big’ companies.
Thank you. Great read as always. (-:
TashWordApril 12, 2012 at 1:04 am
AH, there is no way a small business can compete with a big business in advertising budgets. You don’t actually have to pay big bucks in advertising to succeed, and you certainly don’t have to use an expensive marketing agency. There are so many ways to promote your business without that – and many actually suit small businesses better as they rely on the personal touch that gives small business an edge in the first place.
Buying the latest equipment can cost money which means most small start ups cannot charge else than a big company that finds the same expense easy to afford. Yes you need appropriate equipment to give quality to clients but be clever about it – second hand can work as well as new if you shop carefully, for instance.
Copying your competition makes you look like a copycat and silly, and can lead to financial problems.
Rather than focussing on your competition, focus on your customers and making your business good with a solid foundation – it will earn you a good reputation and cause less stress. Awareness of competition is important, but customers must be your focus.
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investorApril 14, 2012 at 9:46 am
I think one of the biggest things you can do is show the customer that they are not just a number with you. Many large businesses have so many clients, that they do not have time to spend one-on-one with each client. For a new business, it is important to show people that you do have that time.
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BIG AwardsMay 1, 2012 at 11:53 am
Agree on all points. We find that small companies are often scared of their own success and afraid to go up against the Goliath’s. To win at business you have to compete. In other words you have to be in it, to win it. Play to your strengths which are usually their weaknesses. Be more nimble. Provide better customer services. Customize your proposal. Be flexible. All things hard for a large company to do.
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akanbiAugust 2, 2012 at 8:33 am
I totally agree with all of the points in this article! Especially the ones about having a personal touch and investing in exposure. I find that my business needs a boost of both. I think that prospects just want to be able to build a relationship and buy from a company they trust.