Don’t Fear the Big Boys
6 smart ways to thwart the competition and boost a business development strategy
August 18, 2008
Edited by: Ken Beaulieu in: Getting New Customers
The U.S. economy is built on the backs of entrepreneurs and the owners of growing businesses. That’s a fact. But there’s still a lot of moaning about the impact of national retailers and big-box chains on mom-and-pop stories along Main Street.
Here’s the bottom line: Being smaller and smarter than the giants offers a creative competitive advantage for getting new customers. You must decide whether you want to be a predator or a prey species, a survivor or a victim. Here are 6 ways to battle the big boys as part of a business development process:
- Study the nature of a competitor’s appeal, and be honest about it. You can either run from the truth like a gazelle and end up becoming supper for your competitors, or look the lion in the eye and fight for your life.
- Whatever they do wrong, do it right. You might not be able to beat a huge competitor in price, but customers do place premium value on the intangibles that you can offer. If a rival’s customer service stinks, improve yours immediately and strive to keep making it better.
- Reach out to the local community. It’s difficult for the chains to get involved with the causes that are near and dear to the hearts of your patrons. Be a member of the chamber of commerce and serve on a committee; become a Rotarian; or sponsor a local youth athletic team. Talk to career counselors at local colleges (or high schools) and tell them you have job openings for bright, motivated kids.
- Work the media. Contact the business writer at your local newspaper and him or her to lunch, telling the scribe something interesting about your industry and how it’s important to newspaper readers. You’ll not only develop a good contact, but you might also get quoted in print as an “authority” on a topic.
- Be nimble. Chains are resilient and generally can absorb losses longer, but they cannot adapt to changes in the business environment as quickly as you can because they follow a rigid playbook handed to them by a distant corporate headquarters.
- Put your face on your business. Customers love to personally know the owners who stand behind their products and services. Get to know your clientele on a first-name basis. Interact with them. Ask them what they value about your company. Your sincerity will win more business via word of mouth.
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