One large obstacle many entrepreneurs face are the competitors who are worth billions – yes that’s billions with a B. With that kind of value, everyone knows there’s money in the industry, but is there room for another company?
No matter how large the company may seem, there are still ways to fight the big guys. After all, many of these companies could be behind on the times since it can take several layers of management to approve one blog post.
If you plan on competing with the big dogs, it can be done, but you will have to keep these eight things in mind:
#1 – Be fast
Big companies are slow at everything, and this is where you can take advantage of things. This can include responding to emails or hopping on the next hottest thing like Snapchat or Pinterest. If you have dealt with any big company, you know how frustrating it can be to get answers within a day or how poor the customer service can be. The same can be said about the latest trends. How often do you see a Fortune 500 company hopping on board?
#2 – Act big
Just because you’re small doesn’t mean you have to act that way. Don’t be intimidated by the big companies because they spend millions on advertising and research and development. Hire the right people, spend your money in the right place and always have the mindset you can become number one in your field.
#3 – Listen
No big company will be created perfect, and if you want to know what I mean, go to any company’s Facebook page and see what people are complaining about. Sadly, most of this feedback goes unheard and is always welcomed by a copy and paste response, leading to, even more, anger by their customers. This is what you don’t want to be. Consider listening to what others are saying and see if it makes sense to make these changes with your company. If executed properly, new customers could hop on board and spread the word.
#4 – Pamper your customers
Your business won’t be as large as Google overnight; it’s going to take time. As you start to grow with new customers, treat these newcomers like royalty. Develop loyalty programs, listen to their complaints and try your hardest to be the best on the block. If your customers respond positively to these actions, your name could spread like wildfire.
#5 – Focus on a niche
Think about the big companies for a second. What does Walmart sell? Basically everything you can think of, right? While it can be done, it can be a challenge and a lot of work. Instead of focusing on everything, consider narrowing down your business to a certain niche that has a demand. If anything, you can always expand on this niche later on in the future.
#6 – Don’t forget your employees
Pay close attention to your employees if you have them and treat them like gold. Countless studies have shown that companies that treat their employees well often see wonderful results. The problem with many large corporations is that many people just become a number in a pool of thousands of employees, making it hard for those who work hard to stand out.
#7 – Take advantage of the Internet
The Internet has billions of searches performed every day. If your business will be strictly online, consider doing some keyword research to see what people are searching for and try to get your website to rank. While it can take some work, the fundamentals aren’t that hard as all you will need is great content written for your visitors, a well-optimized page and people linking back to you. While other factors are involved, ranking for a handful of traffic-driven keywords could offer a brand-like presence.
#8 – Keep tabs
Lastly, see what your competitors and doing and try to mimic what they do best. While you don’t want to be a copycat, come up with ideas that may work for your business. Don’t forget to be innovative because what your competitors are doing may be a thing of the past.
This is a guest post written by Stephanie Lynch. She is the co-creator of the website Howmuchisit, a cost-helping database which was designed to help consumers find out what unknown things cost in life.