Most businesses fail within the first 18th months. Starting a business is not as easy as you might think. It requires a lot of hard work, great cash flow, and full-time dedication. It also requires you to differentiate and build your own identity in a highly competitive world. Just look at big brands like KFC, Coca Cola, and Apple. They have built their brand identities quite tastefully to stand out from the rest. But as a small business, you might find it challenging to compete against big companies and stay relevant in the market.
Don’t worry, there are ways to go about achieving that. Let’s take a look at 5 ways your small business can stay relevant in a competitive market.
Stay honest about your products & services
Honesty and respect for your customers time and cash should be your main policy. If you can’t deliver a product or service by a specific due date, let your buyers know. Or if one of your employees makes a mistake on a sale, reach out to your customer directly. Share any type of bad news from your business with your customers and follow up with solutions. When customers feel that you are being dishonest, they start losing faith in you and start spreading negative comments about your business. So gain and keep their respect however you can.
Admit mistakes and fix problems
Most customers feel a connection between brands and their shopping experience. If they ever experience bad customer service and never get it resolved, they will avoid that brand at all costs. Also, keep in mind that negative feedback spreads quickly through social media and word of the mount. So it’s best to be on top of your customer experience. Keep them satisfied by accepting mistakes, even if it wasn’t completely your fault. Then take steps to fix those mistakes.
Reinvent by making use of technology
We live in a world of technology. You should consider adopting new technologies and introduce new solutions and products for your business. For instance, most buyers use mobile apps or social media to find and make purchases. So you can come up with a unique idea to grab their attention and leave an impression on them through technology.
Learn about your customers
As a small business, not only should you understand the market but also know your customers wants/ needs. Everyone has wants and needs, and sometimes they can’t afford to meet them. Once you find that void, you can then operate your business in a way that will fill in that gap.
And treat your customers like royalty! They have an expectation of fantastic service and will equate your brand to how they’re treated.
Establish yourself as an expert by blogging
Create a website for your business and stay active online by blogging. You can share fresh ideas online and have your voice heard through blogging — not just for your own website but also for other blogs in your industry. Many companies hire outside writers but you can definitely write the content yourself. This way you can concentrate better on the quality, and provide insightful, entertaining and educational content to your readers.
Starting and operating a small business isn’t an easy task, nor is staying relevant in a crowd of competitors. It gets more difficult by day as new businesses with the same type of product and service emerge in your town or province. But you can still achieve relevancy by using one or more of these tactics and stay one step ahead of the other businesses in the market.
Ready to grow or expand your business? We got you covered. Apply for a business loan today!