The idea of competing with big corporations can cause a small business to shake its foundation. This is a topic of growing importance as small businesses become dependent on big tech platforms. These might include places like Amazon for fulfillment, Instagram for marketing, Facebook for customer interaction, and Pinterest for content.
When you grow and execute a strategy using Amazon, you’re laying out a private playbook on Amazon’s network. Now, Amazon can use its resources to mirror their most successful sellers to get in on the action.
Figuring out a sound strategy that combines technology and the right people can allow small companies to thrive in any economy. Consider some of the ways that small businesses are rising to the top.
Making Changes Faster
Many companies that prize productivity and innovation use smaller groups to help them make faster decisions in essential areas. In this new era, ambitious small business owners turn into entrepreneurs who can take advantage of opportunities much quicker than slower, old-fashioned corporations.
Being flexible gives small businesses a chance to compete before a larger company can gather, concur, and then command its forces. Any small business that adapts its products and services quickly in the marketplace can keep up or get ahead.
Often, small businesses get a head start in different product markets because they can be nimble. The downside is that once a corporation sets their sights on your industry, they can often do it just as well for less. This leaves a small company at a disadvantage. But by then, many will have moved on to a new trend to escape the grind versus a larger organization.
Using Data-Driven Software
In the past, many small and midsize businesses were comfortable using less software to conduct business. As the modern consumer started to use more technology in their day-to-day life, businesses were forced to adapt and answer the call. Once seen as a choice, it’s now considered a need for normal operations and building a successful company strategy.
Many small businesses now rely on master data management to provide competitive customer service. The best state-of-the-art software allows them to compete with major corporations worldwide by utilizing data to take care of their customers.
Hiring Skilled Hands to Help
Major corporations have always had a larger budget to recruit skilled talent. With the rise of the freelance marketplace, however, it is now easier for small businesses to connect with independent contractors who have the skills and talents their business needs. They also don’t have to worry about putting freelancers on payroll or providing benefits since they can hire help on a per-project basis.
It also allows the companies and their workers to specialize. If you can parcel out your project parts to freelancers who only excel in that area, it lowers wasted overhead. A full-time staffer will have limitations. They can’t be an expert at everything, so splitting those wages between two or three specialists could double productivity and work quality for the exact same price.
Using Social Networks
No small business should be an island if it wants to thrive. Maintaining social connections with the people you want to become customers is essential. Larger corporations use social media to their advantage and often hire agents to keep their brand online.
Social media allows small businesses to advertise effectively, minimizing marketing waste that big-budget corporations use as a cushion. One of the most valuable social media marketing tools is its targeting.
If you’re a mom and pop store, you have can send all your ads to people within driving distance. If you sell a product, your online ads can be served only to those who already purchased a competing product. Or, they can be served by those who have a track record of spending money on products like yours.
With new content, small business owners can also build relationships directly with their target audiences. They can even get valuable data and leads through social networks.
Reaching Out to the Media
In prior decades, only large corporations could afford to put their advertisements on television and other media outlets. With so many media sources to advertise, small businesses can easily magnify their brand on a local or national level.
Plus, some streaming services and influencers offer additional virtual space for hire. Any CEO who takes advantage of the media for their small business can grow popular quickly.
The competitive business landscape may not change anytime soon, but small businesses can utilize to succeed. A change in perspective and adopting a better path when facing competition is recommended.
Major corporations have many advantages. However, the right strategy, human resources, and technology can turn a small business into a profitable powerhouse.