Most small businesses, especially new ones, operate on a limited marketing budget. And they need to maximize that marketing budget while still competing with big companies for their target audience’s attention. If you are one of those small businesses, how do you stay competitive in the market while on a tight budget? Ever planned and monitored your competitive research and marketing strategies?
Why You Need Competitive Research and Marketing Strategies
There are a handful of small business research and marketing strategies in brand competition that help you stay competitive. These marketing tactics allow you to do a lot more with a lower limited budget, as they deliver a high return on your investment no matter what industry your competing business is in.
Let’s take a look at how to make your business stand out among the big players. Each of the following factors has worked well in numerous companies.
Provide Awesome Customer Service
Keeping this point at first has a reason. Your returning visitors and their feedback are most important to start building a strong foundation for your competing business. Thirty-three percent of consumers say they will relocate their business after just one bad experience with a business. In today’s competitive market, you cannot afford to lose customers due to poor service. 78% of consumers see customer service as a real test of a company’s suitability.
Almost 58% of respondents of a survey said unprocessed negative reviews were the number one reason for ‘breaking’ with a brand. If you cannot provide perfect personalized customer service, then you should try to solve the problem by responding to negative customer reviews.
Following and responding to negative and positive reviews is essential for building customer loyalty. Studies show that customers are 14% more likely to return to a company that responded to their reviews.
About 76% of customers say they see customer service as a real test of a company’s competence. Well-known companies with excellent customer service do even better and grow their business more. Small businesses can do much better in this area as they have discovered the retention power of great customer service.
Research & Brainstorm For Unique Selling Point(S) Of Your Product/Service
The first place to distinguish your competing business is the product you sell or the services you provide. If you are a local retailer, offer items that your customers cannot easily find anywhere else.
You must have a selling point for your product or service. Already available products and services need some extra spice to get noticed in the market.
A local boutique can sell a collection of one-of-a-kind items the owner finds while shopping from distributors, combined with items made by local artisans or bakers. Not only does this have the benefit of giving your customers something they can’t get anywhere else, but it also supports local artists and bankers, pumping money back into the local economy.
If you are a service provider, you have to add that extra something to compete with the big brands. Customers often choose local suppliers because of word of mouth and online reviews. You will have to work hard to keep customers happy so that the word is spread about the service you provide.
For small restaurants, cafes, and diners, food usually attracts customers first. You will have to work hard to ensure that every customer has a consistently good experience at your restaurant to avoid scaring potential customers.
Do Personalized Marketing
One of the biggest frustrations that customers have with large companies is that when they need help, they often have to go through miles of paperwork to get it. They call the customer support hotlines but are then put on hold for extended periods to eventually speak to an indifferent customer service representative. Over time, customers have a lot of time to patronize a company that treats them as people rather than numbers.
To put yourself ahead of the brand competition, you need to focus on personalizing the experience for each of your customers.
If you have a competing business in the eCommerce industry, you should get to know your customers’ names and buying preferences and use that information. When you see a product that you know your customer will love, buy it and let them know you have something in stock that they might want to see. These little extras in competitive research and marketing strategies ensure brand loyalty that will last for many years to come.
Branding That Stands Out: The Best of Research and Marketing Strategies
The first impressions of a brand arise in the first few seconds. That’s why it’s so important to customize your brand image. When it comes to recognition, you need to stand out from your competition and by doing the right branding, you can stand out in brand competition. Take Starbucks for example, the world’s largest coffeehouse chain uses a mermaid for its logo. This is what sets its brand apart from its competitors.
Color is another key factor in branding. Color increases brand recognition by up to 83%. Adhering to consistent brand color and font improves brand recognition. When 92% of purchasing decisions are made unconsciously, brand recognition is important.
Get An Amazing Looking Website
Don’t you have a website yet? That’s not good! About forty-five percent of the world is online, businesses that don’t have a website are likely missing out on a significant portion of the market. You don’t have to sell your products on your website, it is your presence that matters there. Data and analytics are the basics of measuring the success of your website, such as how many visitors it attracts, how long visitors stay on your site, and how they find your website. Simply turning it into an online portal to share information about your brand, customer stories, awards, and expertise will put your business in the spotlight worldwide.
Sharp Social Media Campaign
It’s free and it’s competitive. Being present on some of the many social media platforms allows small businesses to build relationships with customers. By posting engaging content on social media, you can promote your services or products to a wide audience. Use personal analytics of social media platforms with Google Analytics to track the success of your marketing campaigns. Social media marketing campaigns are the effective factors or strategies you can adopt for brand competition.
Write Savvy Content And Market It
Content marketing is central to most small business competitive research and marketing strategies. Content marketing is the process of creating and publishing quality content that is relevant to your target audience and provides valuable time for readers or viewers. The key to developing great content marketing knows what interests your audience most, including their biggest challenges, needs, and wants.
Enlist in Directories
Do you want to get top ranking for your small business? “Google My Business” following business listing on other directories such as HighFive Listings is one of the most effective things you can do for your business. Enlisting in directories helps in brand competition and can make your competing business earn more. If you run a local business targeting local customers, we would venture to say this is one of the most powerful competitive research and marketing strategies available to you.