Competition for small business owners can be quite fierce. Unlike large corporations, who have a large budget for marketing, every monetary investment must turn a profit. The good news is that you can sustain steady growth and achieve annual goals.
Finding Your Niche
In order to achieve the wealth you desire as a small business owner, you need to separate your company from competitors. This means that you need to carve out a niche, giving potential clients a reason to pick you over others in the same field. When you’re out and about you may come up with ideas. This can happen at dinner or while picking up your morning latte. A note taking app lets you stop and jot down your thoughts as they come to you. When you get to the office you can recall it quickly and finish the thought.
While your website provides product information and company history, it often fails to engage the customer and satisfy their need for knowledge. Business blogs are becoming the new norm for small business owners. For example, if you’re in the insurance business, you can blog about inclement weather and ways to protect your family. Or, you can provide stats for accidents and teen drivers. A blog will not only provide valuable information that benefits your clients but will also help you achieve brand recognition.
Stay in Touch
Many small businesses don’t utilize their customers to their full potential. Customers want to feel special. One way to achieve this is through follow-up emails or a simple postcard. For a small investment, you will retain a strong loyal base that promotes new business. It’s a fact that when a customer likes your business they will tell others in need of similar services or products. By remaining in contact with your existing customers, you’re actually creating new business for short money.
As a small business in a highly competitive environment, gaining name recognition can be difficult. However, it doesn’t have to be. Staying connected to the community who supports your business is an effective tool in achieving company branding. The local music festival or annual fair provides a fantastic opportunity to meet your customers face-to-face. Set up a tent and make sure to have products available and a list of the services you provide.
There’s nothing more frustrating to a small business owner than spending months training an employee only to have them leave to work for another company. All your hard efforts now go out the door. What’s more, it can subconsciously prevent you from putting a full effort into training new hires going forward. First, you need to figure out why you have a low retention rate. What are the benefits of working for your business? Do you offer retirement plans, paid sick time and annual bonuses? Most companies offer at least two out of the three. Re-evaluating the benefits package is essential to keeping good employees.
Find Out What Competitors are Doing
Any business, small or large, has competition. In most cases, this is a good thing. Competitors keep you striving to improve your business and your bottom line. Many businesses offer the same services, yet customers flock to their doors. Maybe they provide better customer service, they are more personal, or they provide better craftsmanship. Trade shows are good for two reasons. They provide an open forum that puts your business in the public eye. Secondly, there are many other similar businesses giving you the opportunity to walk around and meet with your competitors.
Small business owners represent over 70 percent of the businesses in the states. If you want to brand your business and achieve success, you need to find a niche, stay in the public eye and keep up with your competitors.