Every small and local business owner knows that their competition isn’t limited to fellow small businesses. There are giant brands represented in cities and towns across the country, meaning you’re left to compete with both other local shops and corporations with big marketing budgets and even bigger name recognition.
These larger companies can easily overshadow small businesses, both physically and in the digital world. But, while it may seem like you’re fighting an uphill battle, there are plenty of advantages that small businesses have over their larger competitors.
It may seem like you’re fighting an unwinnable battle, but there are plenty of advantages that small businesses have over their larger competitors.
However, small business owners must identify and leverage them to their advantage.
We are all aware of the big names in the market – in tech, for example, there are Apple, Google, Facebook, and Microsoft. In the fast-food space, there are McDonald’s, Burger King, and KFC, and in retail, you have Amazon, Walmart, and Reliance. Most of them are multinationals and have a global presence.
Jaw-dropping products and services
According to a new study from Microsoft, since the year 2000, the average attention span of humans has dropped from 12 seconds to 8 seconds.
As a business owner, you have less than 8 seconds to convince a customer about your products wherever they find them. Your website should catch customers’ attention and allow them to understand your products or business.
Incredible Customer service
One huge advantage of being a small business is the ability to interact with customers directly, removing the bottlenecks and bureaucracy of larger businesses. This creates space to deliver better experiences and exceed customer expectations.
Create a social media presence
According to Oberlo, 54% of social media users use social media to research products, and that number is continuously increasing.
Having a social media presence helps build brand awareness and trust with your customers. Daily updates will help promote your business to the right people and enhance your brand image. It’s a free tool that no company should skip.
Take your store online
No matter the size of your business, having an online store is essential. E-commerce is slowly taking over, making up 22% of global retail sales. Customers will often browse online stores before coming into the physical store.
Plan scalability
As a small business owner, you have to know both how to think small and how to think big. To establish yourself in your niche, you have to think small, about the details that will allow you to win over a very specific crowd. However, a successful business model doesn’t end with satisfying one need of one niche.
Cost structure
While large enterprises have the advantage of economies of scale and smooth cash flow, small businesses enjoy the benefit of a comparatively lower cost structure.
This advantage mainly comes from having lower overheads compared to large enterprises that suffer from huge overheads in the form of higher salaries and benefits, investments in infrastructure and facilities, and so on.
We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.