Gaining a competitive advantage as a small business is challenging. Despite your size, you somehow have to showcase your differentiators in unique, exciting ways. When you lack the resources to continually deliver worthwhile marketing materials and sales pitches, this can seem impossible.
Meanwhile, your competitors always seem to have the upper hand. They are constantly boasting their position as a market leader. Content production seems like a walk in the park for them. Oh, and they also continue to report strong growth and a healthy customer base. What gives?
Here are 5 ways your small business can gain a competitive advantage, despite limited resources.
Establish a New Connection to Your Audience
It is easy to continue with the status quo or copy what everyone else is doing. It is, however, not sustainable long-term. You will only fall more behind your competitors trying to soak up whatever deals fall through the cracks.
You have to find a new, exciting way to engage with your target audience in order to stay fresh and top-of-mind.
This requires seeking and establishing new connections to them all the time. What can you provide of value that they do not have already? How can you deliver it to them and where? Once you know the answers to these questions, you’re on your way to success.
Promote New Content All the Time
Creating targeted, valuable content has countless benefits. It helps solidify your position as a thought leader. It supports your SEO efforts. It improves website visits from qualified leads. It keeps your audience engaged. Best of all, it helps you stay relevant. If you want to be more successful than your competition, large or small, content will help immensely.
Repurposing great content can help maximize resources.
An infographic becomes a great e-book, a collection of blog posts become an e-newsletter, and so forth. You may be surprised with how much content you already have that can be recycled or built upon. Keeping an organized content library can help your team stay on top of this for maximum effectiveness.
Optimize Your Marketing on All Fronts
You may have great content, killer emails, and a growing number of social media followers. That does not necessarily mean there is no room for improvement. Often, as small business owners, we overlook optimization opportunities within our current marketing organization. This is low hanging fruit!
There are always ways to improve audience engagement, open rates, conversions, and revenue.
Sometimes, a simple change of subject line or call-to-action (CTA) can boost the performance of your marketing efforts exponentially. The key to great small business marketing lies in the metrics. Just think, if you can double the effectiveness of a single campaign, it can add a handful of new customers to your roster.
Don’t Be Afraid To Spend On Social
As social media continues to evolve and more noise is added all the time from your competitors, paid advertisements can level the playing field. They may even be one of the better ways to gain a competitive advantage quickly today.
Facebook and Instagram in particular are redefining small business success.
The ease of use and affordability of social media advertising is almost too good to pass up. Most platforms have incredibly powerful behavioral targeting tools, which make finding your perfect audience a breeze. All you have to do is spend a half hour creating an ad, and you can make incredible returns, quick (all the while gaining brand visibility over other businesses). Talk about a competitive advantage!
Embrace Marketing Automation (& Assume Everyone Else Is)
If you’re looking to do more in less time, marketing automation is the way to go. While it may cost money to invest in these types of tools, marketing automation is proven to maximize conversions and improve customer retention. It is also beneficial for your budget in the long-term.
If you decide to invest in marketing automation, make sure you take full advantage of all it has to offer.
Every interaction with a new lead should be an active sales opportunity. Current customers should always feel well cared for and appreciated. Above all else, your team should have ample time to deliver on the aforementioned ways to establish and sustain a competitive advantage. The more bandwidth they have for new marketing initiatives, the better!
What are your favorite ways to stay ahead of the competition? Share them in the comments below!