Move Over, Big Box Retailer!

In today’s Amazon and big box retailer-dominated marketplace, one would think there is no longer a place for small business. Yet, many small businesses not only survive, but thrive! Here are some ideas to help you compete among the giants.

• Know your point of difference. Why do your customers come to you? Is it convenience? Is it your friendly staff? Is it your added services and help? If you are not sure, start watching, and asking customers. Be curious. The answers are there, so look for them and then focus on what makes your business tick.
• Don’t compete directly. If it was all about price, no small retailer or service provider would exist. While consumers like a lower price, they also want to buy from someone they can talk to and who can actively solve their problem. This is something big box retailers can’t do. And have you ever tried to talk to an actual person at Amazon? Good luck. So don’t go head-to-head on price with a larger rival, focus instead on providing value at competitive prices.
• Capitalize on small business strengths. Small businesses have advantages, too. They’re generally more agile and can adapt quickly to changing trends and market developments. With fewer employees and less bureaucracy, a small company can streamline processes and respond quickly to the needs of its clientele. Unlike the CEO of a Blue Chip company, a small business owner can generate loyalty by interacting directly with customers in person, through personalized emails, or via handwritten thank you notes.
• Tap into niche markets. Big companies tend to focus on broad demographics. They make purchases and investments based on national or regional sales trends. As a small company, you have the opportunity to reach specific markets more effectively. Dig deeper to find untapped subcategories within your market.
• Hire (and retain) the best employees. Small businesses can be great places to work. Workers at small companies often enjoy greater freedom to innovate and may directly share in the firm’s profits. If those benefits are coupled with in-depth training and a pleasant work environment, customers will reap the benefit of outstanding service. A big retailer may have more employees, but your business can have outstanding employees. So be willing to reward the good ones and do not tolerate employees that are not willing to go the extra step to make your customers happy.

Remember, there’s room for a small business that responds to customers immediately, does what they say they will do plus a little more, and always leaves their customers with a smile on their face.