It may seem like an impossible task, competing with mega companies that seem to have an endless cache of money and resources. However, there are ways that even small businesses can compete in this David and Goliath story.
Hone the Niche Markets
The big mega online stores don’t corner the market on every specific niche. So, think of narrowing your focus and becoming the expert in that particular niche market. Instead of thinking broad, such as “tables,” think of cornering the market on “cherry wood epoxy end tables.”
Keep the focus narrowed in order to build connections with key niche markets. Don’t try to compete with Amazon or Google. Instead, think of taking your competition to a different playing field where you have the advantage.
Look for Partnership Programs with Large Companies
Why would a large company want to partner with a small niche company? Profit. The Goliath companies know that they can’t corner every niche market and actually rely on smaller companies to fill that void. By partnering with them, they not only improve their overall sales, but they help the smaller companies compete.
There are several larger companies that are actually looking for smaller “expert” companies to partner with such as Microsoft. Sometimes, these larger companies will even provide customer service coaching in order to assist the smaller companies with improving customer interactions and satisfaction.
Be Willing to Take Risks
When competing with a huge competitor, using a bold approach gets your company noticed and establishes value. A high-profile mega competitor can easily overshadow smaller businesses. However, doing things differently, such as cutting out the middle man to provide a custom piece at a lower price, can allow smaller companies to stand out in a sea of competition.
Get to Know Your Customers
Small businesses have an advantage over Goliath competitors: they can get to know the customers and target market on a deeper level. Customers crave an intimate relationship where they feel that a business really understands their wants and needs. Giving that personalized experience is what Amazon or Google can never do.
Pay Attention to What is Inconvenient, Difficult, and Challenging
Want to be adored by your target market? Find out what is frustrating them and eliminate it. Customers adore this type of thoughtfulness. Use tools such as apps, plug-ins, or features that make the shopping experience easier and more convenient for customers and they will reward you with increased sales and loyalty.
Competing with the Goliath’s of the industry may seem an impossible task, but with a little digging into what the customer craves, thinking outside the box, and narrowing your product offerings to a niche market, your small business can compete and win. Doing so will give you an edge over the behemoths of industry.