Business Tip: How to Grow a Small Business and Compete with the Big Ones

Getting over that first hurdle of starting your own business is a great milestone in itself. Now that you’re settled in your workspace and operating regularly, you can finally look into growing your business into something even greater like establishing strong visibility and brand—one that could potentially compete with the bigger players in your industry. 

Below you’ll find some great ways to grow your small business that can potentially compete with large scale companies.

  1. Stand out with personalized marketing

You may have your business’s USP down to a T, but now that you’re looking to give it a boost, it’s essential to make sure that you’re marketing your product or service well. Personalized marketing is a great way to make this happen. Strengthen your marketing by narrowing down your target audience and communicating with them based on their priorities.

From this, you’ll then be able to do the right research, such as what the current trend is for that group, cultural nuances, and more. In effect, you’ll be able to communicate and structure your business’s offerings in a way that appeals specifically to them.

A great example is Netflix’s personalized approach, which aims to understand user behavior through the habits they develop from watching Netflix shows and movies. An algorithm detects what films and shows the audience have started watching, paused, finished, and more, allowing the company to understand each user. 

  • Connect with your clients on different platforms

Social media is a powerful tool that you can use to connect with your clients. Making your business available on places like Facebook and Instagram sets you at your audience’s ground immediately. 

Being on social media also gives your audience direct access to information about your product or service, making you easily accessible and sends the message that you are approachable. Instead of only putting out more money to attract more customers, they can come to you, too. 

  • Get offline exposure

It’s one thing to be easily accessible online, but it’s another to be visible offline. Being seen in physical locations through billboards and posters makes all the difference. It boosts your business’s recall power, substantially strengthening brand awareness. You also cut through the noise of online ads.

Partnering your online marketing with offline or traditional marketing can actually work wonders in the way consumers perceive and experience what you have to offer. Employing the use of QR codes on printed advertising like posters, or something as simple as coupons, promote both customer engagement and transaction.

  • Upskill with tools that analyze your performance

In relation to identifying your target audience and marketing to them, it’s important to see how they respond to your efforts with data analytics. This way, you can see if what you have produced is effective. 

Equip your business with the right tools that can look into the data you need. Upskilling with platforms like Google Analytics, Kissmetrics, and SAS will empower you with more insight into your audience and what your competitors are doing. From here, you’ll be able to map out actionable items you can do to improve your business.

  • Work with other small businesses

Build up your business by working with a partner that could bring bigger value to what you have to offer. You may be missing a few key pieces to the puzzle of your next project, or it may be too expensive to hire someone new to get the work done. Getting another set of hands on deck, even just for a while, might do the trick.

Platforms like Upwork can help you outsource the additional workforce you need to back your newer ventures. This is also another way to support other small businesses.

  • Put your customers first

Putting your customers first—from the product or service ideation and production, down to the customer experience—helps gain their trust. When they find genuine pleasure in interacting with your business, they are encouraged to come back. In doing so, you create a loyal following of people who would want to transact with you again. 

Some great examples are Google and Apple. Their products are built based on user experience, simplifying complicated things and making them appealing to customers. Their customer service staff are also very easy to talk to.

A survey conducted by AT&T about consumers attitude towards small businesses found that 90% transact with small businesses at least once a month, with more than half being millennials. This means that there’s a clear market in the young generation looking to support local over well-known businesses. All that’s left to do is target them well and win them over with excellent products and services that always puts their experience first.

There are many ways to grow your business. You can explore marketing tactics, upskill with market research and new tech, or safeguard your data with biometrics. However you choose to do it, it’s best to be backed by a small business loan as protection for your business.