Only about 50% of small businesses that open shop today will still be here in five years. When you take into consideration that there are more than half a million new businesses each month, you will finally start to grasp the gravity of this situation. Sure, this has to do with one’s organizational abilities and capacities but it is also important to keep in mind the question of competitiveness. In a segmented market, those who can stand out are usually the ones with the most attention.
If you know what you’re doing, this attention easily translates to sales. Where some see the problem, others see an opportunity. Here are a couple of tips to help you make your small business stand out in 2021.
1. Extraordinary customer service
Let’s face it, when everything is running as it’s supposed to, barely anyone will notice your efforts. However, when there’s a problem, this is your chance to shine. Just think about it, roughly 33% of all your customers threaten to leave after a single bad experience with your company. Great customer service will help you keep some of these potentially lost customers.
Moreover, if you ever tried to check the reviews of the business you just heard of, you would notice that the majority of reviews revolve around the performance of the customer service. So, this can also be a way for you to get some great reviews early on.
2. Branding is not as important as you think
As a small business, chances are that it will take you ages to build up your brand awareness and even brand recognition. The good thing is that this is not nearly as important as you would expect it to be. Previously, we’ve already mentioned that one-third of all your customers leave after a single bad experience with your business. You see, brand loyalty is not what it used to be.
We live in a digital world, where customers can compare prices and services in a matter of seconds. This means that even if they did business with you several times before, they probably won’t hesitate to switch teams if they see a superior offer elsewhere. In other words, focus on service, keep your prices competitive, and keep up with the innovation.
3. Reinvent your marketing
When it comes to your marketing, there are a couple of basic principles you need to master. First, whatever you do, make sure to go mobile-first. Roughly 78% of offline purchases are a result of a quick mobile search. In order to benefit from this, you need two things – a good website and a solid social media presence.
Other than this, you definitely shouldn’t ignore the power of old-school marketing. You see, as a small, local business, distributing flyers, paying for local radio and TV commercials, as well as hiring a billboard might be incredibly effective. You can also use acrylic display stands to help you stand out. After all, you’re targeting the local populace which is your target audience, to begin with.
4. Use storytelling for your businesses
The most important thing you need to do is tell a story but how you phrase it and how you use various storytelling techniques may completely change the perspective on your business. First, start with an introduction. Tell your audience who you are and stress out all your potential goals and achievements.
First, your story should have the audience as the protagonist and your business as an agent to the solution of their problem. In other words, the story is client-centric, not business-centric. Another big issue is that you need to find your USP (unique selling point). What is it that your audience will use as a criterion to choose you instead of your competitor? Are you more frugal? Do you offer a higher quality service? Determining this should be a top priority.
5. Know the challenges of the market
Around 42% of all small businesses and startups fail because they didn’t do proper market research. Sure, knowing the challenges doesn’t guarantee success but it does drastically increase your odds. Knowing what you’re up against gives you a chance to be proactive. Also, chances are that there’s no market need for their services/products. This would mean that they were fighting an uphill battle from day one.
In the end, standing out may not be the most important thing on your to-do list but it is a way for you to survive in the oversaturated market. Some businesses handle this by being controversial. The thing is that it might be better to be hated by some and loved by others than for everyone to be indifferent to your proposal. This is why getting involved in hot popular topics and participating in events that are under the spotlight might not be a bad idea, to begin with. Standing out is not easy but it is essential both to your success and your survival.