Starting and running a home business is very exciting. It is even more exciting to see that small business grow into something big and special; a successful company that is running from the home office you set up a few years ago. As the home business grows, you will start getting more competition from bigger companies. The market is very competitive these days, which means there are some extra challenges to overcome.
Worry not, because competing with bigger companies should not scare you. As a small business, you actually have plenty of advantages to lean on. In this article, we are going to take a look at those advantages and how you can use them to compete with the big boys.
Customer experience is becoming more important than ever. Customers are more selective when it comes to the user experience they get from products and services. Only products with the best experiences can win the heart of customers today, which is why you are actually at an advantage.
As a personalized, home business, you can connect with customers on a more personal level. Instead of a pre-formatted email receipt, for instance, you can use a more personalized set of formats. Instead of a canned email response for a help request, you can offer your customers a warm greeting from a person who knows the product inside out.
These little things matter. They add value to the customer’s experience and will make them love – and prefer – your product even more. A lot of customers are actually basing their purchase decisions on emotional value alone, which is why brands that offer the best user experience are the most successful ones on the market.
According to Sam Ovens, a successful entrepreneur who has built several businesses of his own, the worst thing you can do as a business owner is promise so much more than what you can actually deliver. Even when you have a good product and a solid brand on your hands, it is still impossible to make the customer satisfied when you under-deliver.
On the other hand, striving to exceed expectations brings many great benefits that will help you compete with the bigger companies. Adding an extra small pack or sample, for instance, goes a long way with the customers.
The same tip can also be applied to details about the product itself. Always try to add small yet important touches to the product; you’re leaving customers with small gifts to appreciate when they use the product.
Last, but not least, always remember that you don’t have to do everything yourself. As you start dealing with more orders and helping more customers, it is okay to admit that it is time to have some extra employees helping you with the tasks in hand. In fact, asking for help is a must. After all, it is a sign that your company is growing and you’re getting to the next level.
You can also consider getting help with funding the business at certain times. When you receive a big order and you think it is the right platform to grow your manufacturing capacity, you can find a partner or new sources of funding to make that dream a reality. Take small steps and you will reach the top before you know it.
There are still so many other advantages small businesses have over the larger corporations. The extra flexibility and the ability to adapt to market changes faster are both worth discussing. Be sure to stay tuned for further discussions right here on Power Home Biz.
- Pros and Cons of Financing a Business
- Advantages and Disadvantages of Various Advertising Mediums
- Top 10 Ecommerce Mistakes
- Book: The Last Chance Millionaire
- 12-Step Template to Write an Effective Sales Letter