As an SME, it’s easy to be obscured by the large companies with their deep pockets and market authority.
There are still some competitive advantages SMEs have over the large ones. You need to be focusing your leveraging on these advantages to improve the odds of winning your customers hearts in ways that the large companies can’t.
The Personal Touch:
When your customers are happy with you, they develop trust with you; this makes them 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 essential for your marketing strategy, which should extend to your online presence as well.
Use that online presence to introduce your story and engage with potential customers.
Responsive to the changing conditions
Small and medium businesses are more agile than large companies which is why it is easier for SMEs to adapt to the changing market conditions.
As small businesses are closer to the customers, they can get more feedback and observe the changing conditions.
They can shift gears easier than the larger ones because they typically haven’t invested in obsolete infrastructure.
When you have a small business, the staff are likely to be more cross-trained. Often, the smaller companies don’t have such resources and all employees have to wear multiple hats.
They can come in handy when you need to rethink parts of your business model and draw from their knowledge of your customer base.
Take more risks
SMEs can take risks that would be costly for large companies. They can test new procedures on small markets and with minimal investment, observing the obstacles and variables before you are deciding to try out an idea that is on a bigger scale.
There is no denying that large companies have now become socially conscious in recent years. However, SMEs have a community bond that large companies cannot replicate.
Being a 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. In large businesses, they have an idea that often gets misplaced around their department doors and complex procedures.
The large companies needed to put effort into maintaining their vision and keeping their excitement, whereas the SME can stay true to the company vision due to the simplicity of their daily operations.