There’s a common business saying that’s offered as advice but can lead to a problem for young entrepreneurs.
On one hand, entrepreneurs are often told to offer a product or service that a large group of people want or need. But if you offer something that has a lot of demand, then you will probably have a lot of competitors, especially from larger companies.
So, how can a small business survive in a competitive market? Here are three great ways to boost people’s awareness about you and your business.
1. Build your business’ reputation online.
You have many free and low-cost choices for getting your business’ name out there, thanks to social media and the Internet itself. Start by creating social media accounts for your business on one or two social media platforms.
You can also create a simple website by using free platforms such as Wix, Squarespace or WordPress. (Note, though, that there are fees associated with getting the website up and running, and more fees if you want to choose a custom website name.)
2. Give your buyers an amazing customer service experience.
Customers want to buy products and services from someone who seems to know and understand them. Your advantage as an entrepreneur is that you can give your customers more attention compared to a large corporation.
Think about featuring certain customers (with their permission) in your social media posts. You can also have a customer rewards program that offers discounts and other perks for your most loyal customers.
3. Connect with local charities, businesses, and other organizations.
It’s great to have customers in other parts of your country, and maybe even other parts of the world. But don’t forget to reach out to the people who are closer to your home.
Look for and consider going to local events and local group meetings that are related to your type of business, or your products and services.
You can also think about donating your time or some of your products to local charities.
Takeaways on How a Small Business Can Survive in a Competitive Market
Your business doesn’t have to be a popular household name to be successful. Remember these three strategies:
1. Build up your business’ online presence.
2. Offer great customer service.
3. Connect with people in your local community.
Use these tips to help your business make its own unique impact on your customers.