For many new small businesses, it can be extremely difficult to compete against industry giants who have been around for quite some time. How do you attract a customer base that is already loyal to a larger business for more than a decade? The good news is that businesses don’t need to miss out on valuable customers as there are ways to level out the playing field. Below, we’ll give you some tips to help you achieve this for your small business in 2021.
Use Affordable Marketing Tools
One of the great things about social media in 2021 is that it gives small businesses the opportunity to market their business to a massive audience without breaking the bank. Over recent years, many small start-ups have managed to make a name for themselves in a crowded industry by simply using social media marketing. As a new business, you probably won’t be able to afford TV ads or even large billboards, but social media ads are affordable. As long as you target ads carefully, you can level out the playing field and reach those customers!
Understand Why You Need To Do This
To level out the playing field, you need to show others that you are the better option and understand that you aren’t going to steal all of the business from the get-go. If you understand how Asian handicap works in betting, you’ll understand that even in sports, levelling out the playing field is important. You won’t find bookies offering regular odds when low-level teams come up against the giants. No – they level out the playing field in order to make a profit. This is something that you must understand to make your business a success.
Beat Competitors On Value
A big problem that many small businesses face is around pricing its products or services. Often, the industry leaders can afford to undercut SMEs because they have better resources and deals with suppliers. If you can’t afford to drop your prices, you can level out the playing field in other ways. For example, you could offer value in your products – perhaps by adding a warranty, an offer or even simply offering a handmade product. Value is important and often outweighs the price.
In many industries, it is about who you know so you need to get connected and network as much as possible. You could find that attending a networking event regularly works in your favour as you’ll meet some of those larger industry players and can get some expert advice. Sure, they won’t want you to steal their business, but you could learn a lot. Additionally, networking can help you find new opportunities and level out the playing field.
Try These Tips
If you are running a small business, you should do what you can to level out the playing field. Try our tips and you could see some positive results over the next year.