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Strategies To Compete Against Bigger Competitors

As a smaller business there a number of issues that impact on growth and being competitive. Common issues include having a limited marketing budget and lack of specialist marketing and sales skills.

Reasons given for small business failure

  • 19% pushed out by competition
  • 14% struggled with marketing
  • 29% ran out of cash

Benefits smaller businesses have over larger competitors

  • Individual service that can lead to improved customer service
  • The ability to personalise and customise a product / service to suit the customers needs
  • Expertise – the people with the knowledge and decision making ability deal directly with the customer
  • A passion for success – small business owners are prepared to make significant sacrifices to achieve business goals
  • They can draw in “people” through their values
Strategies To Compete Against Bigger Competitors

3 Small Business Competitive Strategies

Strategy 1 – Go Niche & Embrace Unique

  • Standard Unique Selling Propositions (USP’s) no longer cut it
  • You need to stand out – being a generalist doesn’t give you any edge
  • Being niche allows you to target a distinct segment of the market
    • New, Niche, Different, Unique = Exciting

Strategy 2 – Embrace purpose and give a dam

  • You need to be meaningful and build an emotional connection
  • “Mattering” is as important as “Marketing”

Strategy 3 – Innovate

  • Be the first to market
  • Make fast decisions
  • Have a shared goal
  • Smaller companies have the capability to develop an innovation culture
    • The hard truth about innovation cultures is that creativity and innovation can be messy ( not something larger businesses like)
    • . It needs discipline and management
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