How to Beat the Competition

Having competition is democratic, but if the competition races ahead, it can mean dictatorship. Small businessmen catering to a niche, national market will often find themselves out of sorts if a powerful competitor enters their turf and starts dominating. The consumer too is getting more price sensitive by the day and even a buck or two drop in price is enough for him to make a switch. Every business must robustly face the competition, retain existing customers and bring in new customers if it has to survive. Here is a guide on how small business marketing tactics can be tweaked around to face a strong competition:

Pricing

There's an economic recession all around. People are spending less and saving up for a rainy day. Credit card companies and banks are facing huge bad debts and the property market is going nowhere. The economy is almost at a standstill and therefore it is natural that people would like to buy cheaper products. So, the first thing to do is work on the product's cost structure, cut out all the superfluous expenses, thereby making the product more affordable. Try and price the product lower than the competition.

Frills and freebies

It can take just one freebie to nudge the shopper to buy a product. Fast and free shipping, promo codes that give away decent discounts, reward points, money-back guarantees, 2-for-1 offers, free samples, trial period, etc., can help lure the customers away from your competitors. Small business marketing departments must analyse their customers' desires and try and build in a special incentive with every purchase.

Convenient shopping

Though the economy is in a downturn, ecommerce sales are rapidly growing. This implies that customers want to buy from a convenient location - their home. So, if a business has not gone online and mobile yet, it must do so without further delay. Going online or mobile is not the panacea though - the ecommerce website must feature simple and easy navigation and a robust and trusted payment gateway. The business's customer relations management must be strong as well - every business must provide online and offline support. If it caters to global customers, then the support must be 24/7.

Reputation management

No customer will buy from an ecommerce website unless it compares the product and reads the reviews and testimonials. Online reputation management is a big thing and if a store has good reviews as compared to its competitors, then it will surely get more business. Getting an online reputation is not very easy. Savvy business marketing tactics that help increase online reputation employ a host of tactics like inviting reviewers, free sampling of products, gathering testimonials, etc.

Corporate social responsibility

Companies that do good to the community get business from the community in return. Small businesses must go green (as much as possible) and make their customers aware that they are eco-friendly, they must help the needy by organizing or part-sponsoring community events, and do little helpful things that don't cost much but catch the eye.

These business marketing tactics will help small businesses differentiate from their competitors. If these marketing tactics are executed efficiently, then the business can expect a surge in business, and therefore, more profits.

----------------------------------------------------
Michael Griffiths is the CEO and Founder of My Small Business Marketing Guru. Helping small business owners generate more leads, clients and increase profits with relationship based marketing strategies. We invite you to get your free black mask marketing resources and DVDs when you visit http://www.mysmallbusinessmarketingguru.com.au

EasyPublish this article: http://submityourarticle.com/articles/easypublish.php?art_id=211061