5 Ways to Stay Ahead of Small Business Competition
Small business owners often focus on how to beat big box stores, but staying ahead of other small businesses is just as important for long-term success.
A high level of personal service and local appeal can help small business owners compete with the big box retail market. But other small business competitors likely offer these perks, too. These tips will help you stay ahead of your small business competition.
Be accessible
Excellent customer service is a hallmark of most successful small businesses, but getting to your customers on a personal level can give your business an extra boost of customer loyalty. “All it sometimes takes is one personal interaction with the owner to turn a casual customer into a vocal devotee,” says Kelby Carr, CEO of Gonzo CEO in Asheville, North Carolina. “Show your face. Tell your personal story. Do your customers know why you started the business? They should. Be reachable to the public on social media. Share your direct email address, respond, be real.”
Create a video engagement plan
Social media is an increasingly important part of successful small business marketing plans. For many small business owners, adding high quality video to their social media strategy boosts engagement, and it’s surprisingly affordable and easy to do.
“If you scroll through Facebook, [a majority] of the posts you see will be videos. Thankfully for small businesses, the cost of producing engaging video content continues to decline,” says Andrew J. Chwalik, a videographer in Buckeye Lake, Ohio.
High quality video equipment can be expensive, but small businesses that start small will see benefits with the opportunity for growth. “Test out the waters by utilizing free services like Facebook Live and simple editors like Quik. When you’re ready to step up your production quality, reach out to videographers or contact some film students at your local university,” Chwalik says.
Become a local expert in your field
Being visible in your community can help establish you and your business as experts in your field, attract new local customers, and generate buzz for your brand. “Networking, giving talks and writing articles [can help you] become a thought leader in your industry and increase your visibility and profile relative to your competitors,” says Paige Arnof-Fenn, founder and CEO of Mavens & Moguls in Boston.
Your status as a sought after local speaker and expert can also translate to higher demand and rates for your services, Arnof-Fenn says.
Focus on repeat customers and referrals
Staying competitive isn’t just about attracting new customers. Your existing customers can be your most valuable resource for future business and referrals. “Many small businesses often forget that instead of pursuing new customers, they can upsell to existing customers and ask for referrals to expand their business,” says Rakesh Antala, CEO at Gainbuzz Inc. in New York City.
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Turn your competitors’ weaknesses into your strengths
Engaging in ongoing competitive analysis to know what your competitors are doing and how you might stay one step ahead of them is essential.
“You can learn a lot simply by researching your competitors’ products, marketing campaigns, sales, and websites,” says Harrison Doan, director of analytics for Saatva Mattress in Westport, Connecticut. “Try to determine where their weaknesses are, and be sure to cover that gap with your own offerings. You can also look at what’s working well for them to see if there are any strategies that you could adapt for yourself. Taking the time to perform this type of analysis is essential to edging out the competition.”
