{"id":72761,"date":"2023-04-11T11:26:10","date_gmt":"2023-04-11T18:26:10","guid":{"rendered":"https:\/\/www.act.com\/6-ways-your-smb-can-successfully-compete-with-industry-giants\/"},"modified":"2023-04-14T07:24:00","modified_gmt":"2023-04-14T14:24:00","slug":"6-ways-your-smb-can-successfully-compete-with-industry-giants","status":"publish","type":"post","link":"https:\/\/products.act.com\/en-gb\/6-ways-your-smb-can-successfully-compete-with-industry-giants\/","title":{"rendered":"6 Ways Your SMB Can Successfully Compete With Industry Giants"},"content":{"rendered":"

\"Decorative<\/p>\n

Small businesses<\/span> play a crucial role in economic growth and technological advancement. The UK is home to more than 5.5 million <\/span>small businesses<\/span>. These organisations make up nearly <\/span>99.9 percent of all UK businesses<\/span><\/a> and employ 61 percent of the country\u2019s workforce.<\/span><\/p>\n

Nevertheless, running a <\/span>small business<\/span> involves overcoming a series of obstacles. And one of the biggest challenges <\/span>small and medium-sized businesses<\/span> (<\/span>SMBs<\/span>) face is competing against <\/span>big names<\/span> in their industry.<\/span><\/p>\n

Larger businesses<\/span> devote millions of pounds to research and product development. They invest in expensive marketing campaigns to turn their brands into household names. And they have huge teams overseeing different operations. Most <\/span>SMBs<\/span> can\u2019t afford those luxuries.<\/span><\/p>\n

It isn\u2019t surprising, then, that<\/span> one in five<\/span> small businesses<\/span> in the UK shuts down within the first year of operation. Worse still, barely 30 percent of <\/span>small businesses<\/span> make it past the 10-year mark.<\/span><\/p>\n

But that doesn\u2019t mean <\/span>small businesses<\/span> can\u2019t attract and retain customers in a competitive market. <\/span>SMBs<\/span> have several advantages over <\/span>industry giants<\/span> that can help them <\/span>survive and thrive in the long run<\/span><\/a> and can execute the following strategies to compete.<\/span><\/p>\n

\"\"<\/p>\n

Deliver an unparalleled customer experience<\/span><\/h2>\n

High-quality<\/span> customer experience<\/span> is the key to success for any business, regardless of industry or size. While established brands spend thousands or millions on customer acquisition, they\u2019re often notorious for slow or unhelpful customer support. And with a vast <\/span>customer base<\/span>, it isn\u2019t feasible for them to build and maintain individual <\/span>customer relationships<\/span><\/a>.<\/span><\/p>\n

SMBs<\/span> can use their more limited <\/span>customer bases<\/span> to their advantage by delivering <\/span>high-quality<\/span>, frictionless customer journeys. From setting a chatbot and FAQs page on your website to offering prompt, multi-channel support, there are various ways to empower customers throughout the sales funnel.<\/span><\/p>\n

Additionally, you can use a customer relationship management (<\/span>CRM<\/span>) platform to monitor and personalise customer interactions. A <\/span>CRM<\/span> solution can provide you with a comprehensive overview of every customer, including their purchase habits, online behaviour, and complaint history, among other things.<\/span><\/p>\n

A cloud-based <\/span>CRM<\/span> system makes that information available to customer support teams anytime, anywhere, and on any device. It helps them address customer complaints and queries better.<\/span><\/p>\n

A <\/span>CRM<\/span> platform comes in handy for marketing and sales teams, too. <\/span>Marketing teams<\/span><\/a> can use it to monitor how individual customers interact with different content assets and delight them with more personalised messaging.<\/span><\/p>\n

Similarly, sales teams can use data from <\/span>CRM<\/span> software to optimise the sales pipeline, boosting conversions and efficiency. Modern <\/span>CRM<\/span> platforms also offer <\/span>marketing automation integration<\/span><\/a>, meaning you can set up automated lead-nurturing campaigns through email, SMS, and other channels.<\/span><\/p>\n

All these efforts result in a flawless purchase experience tailored to each <\/span>customer\u2019s needs<\/span>. That, in turn, helps boost <\/span>customer loyalty<\/span> and retention.<\/span><\/p>\n

Leverage data to the fullest<\/span><\/h2>\n

\"A<\/p>\n

Small businesses<\/span> typically use a variety of tools, such as <\/span>CRM<\/span>, project management, and accounting software, to run daily operations. These tools generate a ton of <\/span>data that can help<\/span><\/a> you streamline processes and maximise efficiency.<\/span><\/p>\n

For instance, data from project management tools can help you identify potential bottlenecks and sources of delay. Implementing suitable measures to eliminate bottlenecks can speed up execution and time to market.<\/span><\/p>\n

Similarly, <\/span>CRM<\/span> data can give you insights into customer behavior and preferences, which can help you spot emerging trends in consumer habits and spending. You can modify your <\/span>marketing strategies<\/span> accordingly to harness these trends.\u00a0<\/span><\/p>\n

Larger businesses<\/span> have to go through an established hierarchical structure to get new marketing campaigns approved. As an <\/span>SMB<\/span>, you can use your flexibility to your advantage by pivoting strategies as soon as <\/span>CRM<\/span> data indicates a shift in consumer behaviour.<\/span><\/p>\n

Of course, you\u2019ll need to invest in a few data processing and analytics tools. But the benefits of these tools far outweigh their costs<\/span><\/p>\n

Establish a solid online presence<\/span><\/h2>\n

Building a powerful online presence is non-negotiable for <\/span>small businesses<\/span> in 2023. While <\/span>industry giants<\/span> spend millions on paid advertising, you can use organic <\/span>digital <\/span>marketing<\/span> techniques<\/span><\/a> to attract your target <\/span>demographic<\/span> without burning a hole in your pocket.<\/span><\/p>\n

There are several organic ways to connect with <\/span>potential customers<\/span>, from publishing <\/span>high-quality<\/span> blog posts to sharing behind-the-scenes videos on Instagram. Instead of promoting products and services outright, focus on highlighting your brand\u2019s story and vision.<\/span><\/p>\n

Leverage more immersive content formats, such as videos and podcasts, to improve audience engagement. Host live Q&A sessions, polls, and ask-me-anything (AMA) sessions to interact with your audience and make them feel more valued.\u00a0<\/span><\/p>\n

Lastly, invest in a rock-solid <\/span>search engine<\/span> optimisation (SEO) strategy to improve your brand\u2019s visibility in <\/span>search engine<\/span> results.<\/span><\/p>\n

Leverage your employees to help build your brand<\/span><\/h2>\n

Employees are the most valuable asset for every <\/span>small business<\/span>. Unlike larger companies, <\/span>startups<\/span> and <\/span>SMBs<\/span> usually have a small team of driven and skilled professionals who believe in the company\u2019s vision.<\/span><\/p>\n

Nurturing and retaining these employees can turn them into loyal advocates of your brand. It will also motivate them to think outside the box and devise innovative solutions to <\/span>every challenge<\/span><\/a> your company encounters.<\/span><\/p>\n

That emphasises the importance of building your employer brand through positive hiring and onboarding practices. Maximise employee engagement and satisfaction by giving them the freedom to work on their own terms. Even better, provide them with adequate learning and professional development opportunities to help them advance in their careers.\u00a0<\/span><\/p>\n

Recognise employee achievements and milestones on <\/span>social media<\/span> platforms, particularly <\/span>LinkedIn<\/span>. And be sure to collect regular feedback from employees and act on it to improve the work environment.<\/span><\/p>\n

A strong employer brand is a mark of good company culture and highlights how your business values its people. It\u2019s the kind of positioning <\/span>industry giants<\/span> struggle to achieve.<\/span><\/p>\n

Protect your reputation<\/span><\/h2>\n

Despite your best efforts, some customers won\u2019t be satisfied with the quality of your products or customer service. They might use <\/span>social media channels<\/span> or online forums to rant about your brand.<\/span><\/p>\n

And here\u2019s the thing\u2014even a single negative review can destroy your online reputation and drive <\/span>new customers<\/span> away. That makes it crucial to respond to every customer review, good or bad.<\/span><\/p>\n

If it\u2019s a positive review, thank the customer for purchasing from you and share relevant resources they can check to harness your product\u2019s potential. In the case of a negative review, acknowledge your team made a mistake and assure the customer you\u2019ve noted their feedback.<\/span><\/p>\n

Use their feedback to improve product features and eliminate friction in the customer journey. This can ensure that a disgruntled customer eventually becomes a happy one.<\/span><\/p>\n

Similarly, reply to direct messages and comments on your <\/span>social media<\/span> posts. Besides strengthening your brand\u2019s reputation, these efforts also help you earn customer trust and loyalty.<\/span><\/p>\n

\"A<\/p>\n

Get involved in the local community<\/span><\/h2>\n

Big businesses<\/span> with a global presence usually don\u2019t have any natural connection to the local communities they serve. You can stand out from such competitors by actively participating in local events, such as donation drives and fundraisers.<\/span><\/p>\n

Other ways to connect with the local community include:<\/span><\/p>\n