As a SME it can be easy to get lost and forgotten about when the large companies with their deep pockets comes into the market. There are still some competitive advantages over the large ones especially I your own community. You just need to be focusing your leveraging on these advantages that way you can improve the odds of what you are competing for and winning your customers hearts in certain ways that the large companies can come up against.
The personal edge
When your customers are happy with you and consider you someone they like and trust they will be more likely to support your business as long as your services and products meet their wants and needs. Getting to know your customers on a personal level will give your business the marketing edge which is extremely important when the larger companies are dominating the marketplace around you.
Knowing your customers on a personal level is natural and important for your marketing strategy which can extend to the quality of your online presence as well. Use that online presence to introduce your story and yourself to the users.
Responsive to the changing conditions
Small and medium businesses are more agile that those large companies which is why it is easier for SMEs to adapt to the changing market conditions. As a small business is closer to the customers it is in a more better position where you can get feedback and observe the changing conditions. A business that is lean can shift gears easier than the larger ones even if it hasn’t invested largely in an obsolete infrastructure.
When you have a small business, the staff are likely to be more cross-trained and often the smaller companies don’t have such resources that are needed to hire the dedicated staff member for each different business function. They can come in handy when you are needing to rethink parts of your business model which will help you to keep the important staff and to draw their knowledge of your business and your customer base.
Take more risks
SMEs can take certain chances that would be harder for the larger companies. They can test their new products on the small markets and with their minimal investment, observing the obstacles and variables before you are deciding to try out an idea that is on a bigger scale. SME’s are also more likely to be attractive to venture capitalists, who would invest in their projects.
There is no denying that large companies have now become socially conscious in the recent years. Yet there is no way to replace the value of their family. SME have a community bond that the large companies cannot connect to. Being member of the community themselves they are more informed about the local news and events. They can see causes quicker than what the larger companies can.
Have a clear vision
Ensure you always keep your eye on the ball. This doesn’t just apply to sports but also to business. In the large businesses they have a vision that often gets misplaced around their department doors and their procedures. The large companies needed to put effort into maintaining their vision and keeping their excitement whereas the SME are able to stay true to the company vision due to the simplicity of their daily operations.