We all know that in business it sometimes means taking on big competitors. This doesn’t necessarily mean that the big business will win. If you remain focused and find your market, it doesn’t really matter who your competition is if you serve that community of people in your niche. The dawn of Social Media has given us access to people like never before and sometimes you have an advantage over the “big boys”.
When the “little guy” wins, it seems that the victory (if you can call it that) is much sweeter.
Researching The Competition Is Vital To Take On The Big Competitors
The 3 simple things to do to help you to beat your competition are:
- Thoroughly research the Competition
Every business has strengths and weaknesses. You need to understand both the competitors’ strong points and their weaknesses. If they have obvious places where they have a weakness, it’s your opportunity to step in and take advantage.
- Be Flexible
Your competitor won’t broadcast his next move so that you can block it. It’s time to be flexible in your approach. Think a step ahead and be ready to outsmart any move the competitor makes.
- Use a little Judo
Being successful at Judo doesn’t mean you have to be big and brawny. Why? Judo is an art that uses requires a little thought and finding a way to entice your opponent into a “trap”. You need to use the competition’s momentum to trip him up. You may not have the same financial “clout” to invest in a campaign. When the competition has invested his money in one, you could easily make a quick about turn and counteract swiftly with a small campaign of your own. It’s possible for your competitor to either forfeit their investment or continue. Continuing on could mean their campaign will lose some of its effect.
Even though you’re taking on the big competitors, you may have advantage over the larger business, which should encourage you. This secret should help you along the way. Big businesses often have a wide variety of products filling their shelves, but they can lack some depth.
Consider this. It may be you visit a local department store to find everything from make-up to camping equipment. What is the problem with that? Good question. There is a good chance they don’t have an extremely wide assortment of these products. Or, they are not specifically targeting people with a “niche specific” campaign. The company still has budgets and limits on their spending. They could be spreading themselves too thin in that marketplace.
You may be an avid outdoorsman. Would you be satisfied choosing between two brands of cheap tents when there is a wide variety on the market? A more niche specific outdoor related business could get one over on the department store by offering a much wider variety of products in a highly targeted field.
Another benefit to being the small guy taking on the big competitors is that it’s easier to make changes quickly. How many managers have to get the ok from their seniors to make a quick decision? It could take weeks for a local department store to send a request from a customer for a certain product to the regional or national management. Is this good for a customer? It may well not be because it takes too long!
As a smaller business, you can have a new product available in a few days. After all, a customer wanting a new tent would prefer not to wait until summer was half over to get it. If you’re running your business online, you may not even have to stock these products if you have a good relationship with a supplier and can order on demand and deliver the goods quickly. This will also mean that you can be paid for the product prior to the final order and change your product options even quicker. This may be a form of dropshipping, but because you are dealing with your supplier directly, you have more control.
If you have a physical store as well as online facilities for your customers to order from, you can still offer this kind of service, but it would be a good idea to have at least one sample of the product for people to check out.
There are a lot of benefits of being the small guy. You have the means for taking on big competitors and come out a winner.