5 ways to set your small business apart from the competition

Simple strategies to help your business stand out and thrive

We all know how unpredictable the business world can be, and the global pandemic and now the cost of living crisis are  a true test of resilience for small businesses. While competition is always fierce, a smart marketing strategy can help you stand out—regardless of industry size.

I’ve put together 5 marketing tips and practical strategies that can give your small business a competitive edge and help you become a market leader. The best part is that many of these can be implemented at no cost. 

Here are some marketing tips for small businesses looking to stay ahead:

1. Develop a true niche

There are a number of ways you can do this.  The most obvious way is to develop a unique product that no one else is offering.  Sounds simple.  You've probably sat around the dinner table with friends and come up with new product ideas that you think haven't been explored before. You may have the most amazing idea, but in order to survive there needs to be enough demand for it and you need to be able to make a profit.  According to BizGrowth Academy, 42% of small businesses fail because there is no market for their product or service. 

The other route is to launch a product or service in a niche market.  By the very nature of the term 'niche', this market could be very small.  However, that isn't to say that this shouldn't be explored.  I've worked with clients that have been able to do this successfully and never looked back. What lies at the heart of both routes is robust market research as I go on to discuss below.

2. Invest in market research

Market research can help in so many ways from benchmarking your business against your competitors to discovering new industry trends. A competitor audit is typically how I start working with a client when developing a marketing strategy and then customer research ensuring you’re in tune with the market and what your customers needs are.  There is nothing more insightful than asking customers what their motivations are, their needs and pain points. You might be surprised at what they have to say.  When you have this information you can develop customer personas and ensure everyone in the business has access to these

In a nutshell, market research will allow you to make informed business decisions as opposed to making knee jerk reactions or assumptions. This will help shape your offering and give you that edge, mitigating risk.

3. Step up your customer service

Offering outstanding customer service makes good business sense.  It’s incredibly rewarding to have customers that truly value what you do and build strong relationships with them.  But even better, if they believe you provide exceptional customer service and have a high quality product that delivers, they will become brand advocates.  You can do this through providing a prompt, speedy service, knowledgeable staff, providing clear transparent and honest communication and a real sense of care to your customers.

Ensure you capture customer feedback and ask how you are performing by measuring your net promoter score.  There are always ways you can improve customer satisfaction and your customers are best placed to advise how.

4. Fully exploit search engine optimisation

Forrester research shows 93% of online experiences begin with a search engine meaning that getting to that first page of Google must be a priority for businesses, especially as 75% of users never view past the first page of search (Hubspot). And it is possible to achieve this with some commitment and hard work.

First and foremost, ensure you are registered with Google Business Profile. This is a free local listings service which helps you be found online. You can also register for other free directory listings.

Don't forget your website needs to be fully optimised too.  Remember to be patient with any search engine optimisation work.  It can take up to a year to start seeing the results.

5. Generate thought leadership

Thought leadership is particularly powerful in business to business due to the complexity of the decision-making process. According to research by Edelman and LinkedIn, nearly half of business decision-makers said thought leadership has directly led them to award business to an organisation, as well as having tremendous PR value.

We all have knowledge, experience and a point of view that can be relevant so why not leverage this and start by providing tips on hot topics you are an expert in and that your audience would like to know more about.

You could demonstrate this expertise by speaking at events and conferences, creating a podcast, and engaging on social media and blogs. Videos are also a highly effective way to get noticed and can have a big viral impact.

Keep going forwards

So now you know how to make a real impact, go on and give it a go. Maybe you can enhance your customer service, or you re-assert your niche. Either way you’ll be taking control of the elements that make you stand out from the crowd.

By carving a new road map for your business you can have the confidence to compete at a new found level of excellence.

Discover more tips on how to develop the perfect sales pitch, how to create a sales strategy and to refresh your website.

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